ICAI opposes move to exclude CAs from carrying out valuation

The Institute of Chartered Accountants of India (ICAI) and four other accounting associations have written to the Central Board of Direct Taxes (CBDT) opposing the latter’s move to amend Section 11 UA of the Income Tax (I-T) Act. 

The step will pave the way for excluding chartered accountants from carrying out valuation of unquoted shares.

Rule 11UA provides for determining the fair market value of various specified assets under Section 56 of the Income-tax Act, 1961. 

One of its sub-rules provides an option to the assessee to determine the fair market value (FMV) of unquoted shares with the help of a merchant banker