Central Board of Direct Taxes ( CBDT) has issued a Notification No 23/2018 dated 24th May, 2018 to amend the Rule 11U and 11UA of Income Tax Rules, 1962.
Rule 11UA allowed Chartered Accountants (CAs) and Merchant Bankers to calculate the fair value of shares issued by closely held companies for the purposes of Section 56(2)(viib). The amended Rules removes CAs from the list and authorizes only Merchant Bankers to determine the fair value effective 24th May, 2018.
Source: E-Gazette
