Tax Titbits

Abstract

Reader CMA Utpal K. Saha would like to know whether a CMA can be a valuation officer for purposes of valuation of any asset under section 142A of the Income-tax Act, 1961? Apart from answering the query posed, opportunities for a CMA in the field of valuation may be scanned. Section 247 under Chapter XVII of the Companies Act, 2013 recognises valuation by registered valuers of any asset for which a request may be made to him for valuation. The draft rules issued under the Companies Act, 2013 places a Cost Accountant on par with Chartered Accountants and Company Secretaries along with any member of Indian Corporate Law Service or any person holding equivalent Indian or foreign qualification as Ministry of Corporate Affairs may recognize.