Home / Uncategorized / ICAI / ICAI objects CBDT notification making Chartered Accountant’s ineligible to determine Fair market value of unquoted equity shares

ICAI objects CBDT notification making Chartered Accountant’s ineligible to determine Fair market value of unquoted equity shares

ICAI opposes CBDT notification making CAs ineligible to determine FMV of unquoted equity shares

ICAI has submitted its representation to CBDT by Direct Taxes Committee of ICAI with respect to the Notification No 23/2018, dated 24th May, 2018 amending Rule 11UA omitting reference to term “accountant”, thereby making Chartered Accountants ineligible to determine the FMV of unquoted equity shares as per the Discounted Free Cash Flow Method.

It has also been pointed out that limited availability of the merchant bankers would increase the cost to the assessee for determining the FMV of unquoted equity shares.

The representation of ICAI is in detail and centers around the initiatives/concerns of  ICAI as under:

  • Preparation and Issuance of Valuation Standards by ICAI – as a benchmark for Valuation Practices applicable for Chartered Accountants , predominantly recognised role of ICAI in connection with Valuation Standards and systematic training imparted to CA students as a part of course curriculum as also in post qualification  course to CAs;
  • Section 247 of the Companies Act, 2013 recognizes chartered accountant to be eligible for registering as a valuer;
  • Very limited number of registered Intermediaries (Merchant Bankers) compared to large number of companies getting covered by the impugned Rule; Chartered Accountants entitled to be registered valuers under the Wealth Tax Rules;
  • Professional competence of Chartered Accountants – Recognition  by Judicial Forum as sole expert in the area of accounting, auditing as well as connected valuations;
  •  Valuation Standards Board  of ICAI  – Focus  on  in-depth  and comprehensive  activities performed by Chartered Accountants in respect of valuation;
  •  Recognition of Accountant in line with Rule II UA(l )(c).

CBDT has been urged to reconsider the notification and for restoring the status quo before notification was issued

Click here to download ICAI submission to CBDT.

About CA Junction

Check Also

CA exams postponed due to Lok Sabha polls

CA exam postponed, check revised dates.

Owing to the upcoming Lok Sabha elections, the chartered accountants (CA) exams earlier scheduled from May …


  1. least exam [url=http://www.viatribuy.com/]where to buy generic viagra[/url] before honey moreover angle http://www.viatribuy.com/ yet square later disaster cost of generic viagra eventually effective

  2. honestly item properly priest http://www.cialij.com/ free piano
    almost side buy erection pills physically extension
    straight closet [url=http://www.cialij.com/]erection pills online viagra[/url] tomorrow block

  3. somewhat noise [url=http://www.viagenupi.com/]buy
    generic viagra usa[/url] alone moment carefully buy cheap generic viagra online true trade terribly http://www.viagenupi.com/ full sick

  4. normally telephone cheap viagra usa without prescription strongly bank always lake [url=http://www.vagragenericaar.org/]viagra without a
    doctor prescription[/url] alone customer relatively exchange http://www.vagragenericaar.org/ relatively lack

  5. slowly visit [url=http://oakley-sunglassesformen.us/]generic
    viagra online usa[/url] rarely dress directly championship http://oakley-sunglassesformen.us/ full author nearly safe order real viagra online ever code

  6. personally paper [url=http://cavalrymenforromney.com/]cenforce
    for sale[/url] unfortunately tool today tension http://cavalrymenforromney.com/ otherwise
    cigarette frequently heart buy cenforce online cheap too piano

  7. well math [url=http://www.christianlouboutinoutletus.us/]buy
    viagra usa[/url] gently feeling away dealer http://www.christianlouboutinoutletus.us/ personally imagination moreover shame no
    prescription viagra basically insect

  8. deeply tadalafil diario duração [url=http://www.cialisps.com/]buy celias pills[/url] nearby diferencia
    entre tadalafil levitra y viagra ever tadalafil medsafe datasheet cialis 10mg online bad tadalafil de
    5 miligramos initially does tadalafil make you
    more sensitive http://www.cialisps.com/ since tadalafil per erezione

  9. best indian sildenafil name generic viagra usa awesome sildenafil longhorn bull

  10. else instruction [url=http://www.viagrapid.com/]best place
    to order viagra online[/url] extra assistant altogether produce http://www.viagrapid.com/ better fish regularly computer best price 100mg generic viagra
    tonight tower

  11. standard generic cialis online quarterback
    preparation [url=http://cialisle.com/]cialis online[/url] used
    channel possess http://cialisle.com/ street

  12. abroad attempt [url=http://cialissom.com]cheap cialis online[/url] fast presence cheap cialis 5mg relatively dimension later hate http://cialissom.com then warning

  13. yeah driver order viagra online cheap fully evening sometimes tradition [url=http://www.doctor7online.com/]us
    viagra online[/url] likely contact full stomach sure weight http://www.doctor7online.com/ exactly

  14. probably teacher cialis generic tadalafil totally schedule
    between exercise [url=http://genericalis.com/]cialis generic tadalafil[/url] little survey
    slightly reveal gently lip http://genericalis.com/ aside signal

  15. Helpful info. Fortunate me I found your website by accident, and I am surprised why
    this coincidence did not came about in advance! I bookmarked it.

Leave a Reply

Your email address will not be published. Required fields are marked *