By TIOL News Service

NEW DELHI, JULY 03, 2015: AFTER advancing the implementation of the Black Money Act from April 1, 2016 to July 1, 2015, the CBDT today notified the procedure for rolling out the 'Compliance Window' which will end by September 30, 2015.

As per the Notification No 58 of 2015, the rules have been prescribed to determine the Fair Market Value of various assets such as bullion, artistic work, shares and securities, even unquoted securities, value of an account with a bank, value of immovable property; value of an interest in a partnership firm or an AOP and valuation of other assets.

While prescribing the method for computing fair market value the Board has gone to the extent to determining ways to valuation of archaeological collections, drawings, paintings, sculptures or any work of art. And their value will be higher than the cost of acquisition and the price such artworks may fetch in the open market.

Apart from prescribing the method for valuation of quoted share and securities, the taxmen have taken pain to prescribe the manner in which the valuation of unquoted shares is to be done.

Under this Act, the tax authorities will be JC, CIT(A), CIT, CC and Principal CCIT. The procedure for sending notice of demand and appeals to CIT(A) & ITAT and the Forms have also be prescribed.

Overall, going by the rules framed, it appears that the Board has learnt from the past schemes and tried to lay down rules for the maximum possible areas of disputes so that potential declarants feel encouraged to come out clean by paying interest, tax and penalty.

(See Notification No 58/2015)