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CBDT unveils norms for computing trust assets’FMV

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The tax department on Tuesday came out with draft rules for valuation of assets of charitable institutions for taxation after they convert in to non-charitable entities. The draft norms,on which the Central Board of Direct Taxes has sought comments by October 31,prescribed if ferent methods for computing the aggregate fair market value of total asset softrusts and charitable institutions.The Finance Act,2016,added a new chapter in the Income Tax Act, specifying provisions relating to levy of additional income tax where charitable institutions exempt under the Act cease to exist as charitable organisations or convert intonon-charitable entities.
Business Standard New Delhi,26th October 2016

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