Right Value: Quality Business Valuations Service Provider

Blogs

IT Department Starts Issuing Notices For Cash Deposits On Or After 09/11/2016

Category: Notice Date: 2020-09-30 08:56:28

The Prime Minister, Narendra Modi’s has reported demonetisation of old Rs 1,000 and Rs 500 currency on the 8th of November 2016 and after that there was lot of ways where people have started trying to convert their Black Money into White and one such way was by using Bank account of others. Government is watching such development closely and to curb this has issued a notification asking banks to report all the cash deposit between 9 Nov to 30 Dec in AIR

Scared Of Tax Penalties And Imprisonment On Black Money? This May Help You Get Immunity

Category: Notice Date: 2020-09-30 09:01:38

If you deposit large amount of cash in your bank account then the tax department is likely to send you a notice asking you to explain the source from where you have got this amount. If you are unable to produce appreciate proof and satisfy the assessing officer (A.O) about the authority of your cash then you are likely to face penalties and execution as per the Income Tax Act. Therefore, there is some hope. Here are the immunities available from the penalties and execution as per the pr

Tax Officials Are Using An IDS Provision To Question Transactions Beyond 6-Year-Limit

Category: Notice Date: 2020-09-30 09:13:15

Income tax officials are questioning the assesses about the transactions which are older than the 6-year statute of limitations by summoning a provision that was put in place as the part of the just-concluded Income Disclosure Scheme (IDS) into turmoil. A tax official said that there are no fresh notices being issued on such assets, some income tax officials believe t that the IDS-related provision allows them to raise such matters when they plan assessments of r

Banks Can Accept Tax Dues In Cash Under Income Declaration Scheme: RBI

Category: Notice Date: 2020-09-30 09:24:11

The Reserve Bank of India (RBI) directed the banks to accept the tax dues in cash under the domestic black money declaration scheme which will close on 30th September. Under the Income Declaration Scheme 2016, which came into effect on 1st June, one can come clean by paying the tax, penalty and cess totalling 45% of the undisclosed income. It was brought to the RBI's notice by the government that the banks are averse in allowing the

Tax Lens On Luxury Shoppers

Category: Notice Date: 2020-10-01 06:23:03

A top businessman purchased a watch of his dream for Rs 20 lakh year. The watch has become a nightmares for the Income Tax Department and sending him a notice for purchasing that watch. After few days, the government said that the Income Tax Department is scrutinising people who have purchased luxury goods with a transaction of about 7 lakh. Notices are being sent to businessmen, traders and even professionals who have purchased luxury goods by using debit cards and even by

FAQ

When are the provisions of the Valuation Rules applicable?

The provisions of the Valuation Rules are applicable only when,

(i) consideration not in money terms which is either wholly or partly;
(ii) parties are relevant or supply by any stated category of supplier; and
(iii) transaction value is not reliable to be declared.

What does a property valuation
require?

During a property valuation, a valuer should inspect the property physically, measure the land and adequately verify it against the title or plan of subdivision. The appointed valuer will measure the house physically, taking a description of its condition and improvements, taking a photo and review a minimum of three proportionate sales from which to conduct a sales inquiry. This information is further used to regulate the value of the property and then the valuer will prepare a written report depending on his/her findings.

What are the key factors that contribute to a property’s value?

The key factors that contribute to a property’s value are dependent on the land, size, location, topography, shape and aspect can, in some instances, accounts for up to 70% of a property’s value. Also the land component will acknowledge where building structures will always deteriorate. The other factors that can influence the value of the property includes architectural style and uniqueness, design and layout, potential for the future development or renovation, the number of bedrooms and bathrooms, and the quality of the

Other factors which can influence the value of a property include architectural style and uniqueness, design and layout, potential for future development or renovation, the number of bedrooms and bathrooms, and the quality of equipments and fittings, just to mention a few.

Is contract price not sufficient to determine valuation of supply?

Contract price is more accurately referred to as the transaction value and that is the basis for enumerate the tax. Therefore, when the price is determined by the factors such as relationship of the parties or where assertive the transactions are assumed to be supply, which do not have a price, the value has to be settled in conformity with the GST Valuation.