An estimate by the valuation officer in certain cases

Whenever an estimate of the valuation of any investment referred to in Sections 69 or 69B, or the value of any bullion, jewellery, or other valuable item referred to in Sections 69A or 69B 8, or the fair market price of any real estate referred to in Subsection (2) of Section 56 is required to be created for the purposes of determining an assessment or reassessment under this Act, the assessing officer may involve the valuation officer to make an estimation of such value and report the same to him.

For the objectives of handling a referral made according to a subsection, the valuation officer shall have all the authority provided for in section 38A of the Wealth-tax Act, 1957. (27 of 1957).

You can get more information on tax exemption and 80g exemption list.

After receiving the report from the valuation officer and providing the assessee a chance to be heard, the assessing officer may consider the report while determining the first assessment or the reassessment. Except in situations where a reevaluation is required to be made in pursuance of the requirements of section 153A, nothing in this chapter shall apply with respect to an assessment made on or before the 30th day of September 2004 and where such evaluation has become final and definitive on or before that date.

The tax authorities occasionally need to determine the value of any capital asset, either as part of the process of finishing a taxpayer's assessment or for any other reason. In this situation, the tax authorities may refer for the purpose of determining the capital asset's worth to the valuation officer. The clause pertaining to the tax authorities' ability to refer a matter to the valuation officer for determination of a capital asset's value is found in Section 55A. You can learn about several section 55A provisions in this section. A divisional valuer is another name for a valuation officer. They are approved valuers for the Income-tax Department and are acknowledged by that department. The Income-tax Department has approved or authorised departmental valuers, often known as valuation officials.

These valuers' projected values will be used as leverage by the tax authorities. To put it another way, if the tax authorities need to evaluate the value of an item, they will ask the valuation officer to do so, and the value that is decided by them will be taken into account by the tax authorities.

Pay a visit to URL 80g income tax.