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Saturday, March 10, 2012

Direct tax Law 2010 (Solved)


Valuation Date Sec.2 (q)
Valuation date is 31st March immediately proceeding the assessment year. Thus, for assessment year 1st April 2011 to 31st March2012 valuation date is 31st March2011. Valuation date is very important because:
a) It is the tax base for the charge of wealth tax.
b) The residential status of an assessee is determined with reference to the year ending on valuation date.
c) The value of an asset is determined on valuation date.
d) The wealth as on the last moment of the valuation date is taken to be the net wealth for Taxation purposes.