THE ARCHITECTS PUBLISHING CORPORATION OF INDIA
51, Sujata Bldg, Ground Floor, Rani Sati Marg,
Behind Malad Sahakari Bank, Near Railway Bridge (Goregaon side bridge),
Malad East, Mumbai - 400097
Tel : 91- 22 - 2883 5510, 2883 4442
Email : firstname.lastname@example.org
(Office Time : 10.00 A.M. to 1.00 P.M., 4.00 P.M. to 7.00 P.M.)
All the Valuers Registered with the Income Tax Department Under Section 34AB of Wealth tax Act, 1957 on or after 01/06/1988 and upto 15/02/2011 are listed in this directory.
GOOD NEWS FOR REGISTERED VALUERS OF PUNJAB, HARYANA & CHANDIGARH
CBDT has accepted our contention that valuers should be registered for life time.
The Profession of valuers in India is neither regularized by any act of Parliament nor by any government controlled association, which can enforce professional ethics and conduct on valuers. This is because it is not mandatory for a valuer to register with any such organization or hold recognized qualification on the subject of valuation. Anybody prepares a valuation report and the same is accepted by the client due to their ignorance.
There is cutthroat competition amongst the valuers themselves and reports are given mainly on the basis of Area x Rate which serves the immediate purpose of clients and even the bankers do not realize its consequences. Even the branch manages do not know the difference between the valuer for real estate and plant and machinery, leave aside that valuation can not be accepted from companies dealing in real estate. There are few foreign and multinational companies doing valuation and corporate feels proud of getting valuation work done by them and support the same with great force, in spite of the Reserve Bank of India's policy guidelines for empanelment of independent valuers by banks and financial institutions.
The only saving grace is Section 34AB of Wealth Tax Act, 1957 under which various categories of valuers are registered by Income Tax Department all over India. In absence of any other legislation or government formed association for valuers, Valuers registered by Income Tax Department are considered to be government registered valuers.
One should know that all the registered valuers are authorized to value a particular class of property only for which they were registered, in view of their educational and other qualifications. Unfortunately this condition is not followed by the valuers themselves in their self interest and submit the report for any class of asset. Even the assessing officers and valuation officers of the valuation cell of the income tax department is not able to detect this irregularity. There is reason for this irregularity. A valuer is registered for the life time and he is authorized to submit report any where in India. A report submitted in Gawhati by the Mumbai Valuer can not be verified for it's authenticity by the assessing officer there, in absence of any authentic check list with him. In view of this lapse many valuers submit the report for immovable property, for which they are not registered, and the same gets through causing great loss of revenue to the exchequer.
This matter was brought to the notice of the Central Board of Direct Taxes, which instructed all the Chief Commissioners of Income Tax to prepare a list of all the valuers in their jurisdiction, and make it available to all the assessing officers under their jurisdictions, with the instruction to check the valuers authenticity before accepting their report. This direction remained on paper only, because it was not possible for the Chief Commissioners to prepare such list due to many reasons. Till date no assessing officer has the complete list of valuers registered under section 34AB of Wealth Tax Act 1957, yet they are completing the assessment. This is because it is impossible for them to check whether a particular valuer is registered for that class of asset or not. More over valuers can submit report any where in India but there is no any means to know, by which Chief Commissioner of Income Tax the particular valuer was registered. Till date this problem remained unsolved.
The Direct Taxes Code coming into force from 1-4-2013 will bring great opportunities to registered valuers for capital gains tax valuation. This is because the present cut-off date for long term capital gains which is 1.4.1981 is being extended to 1.4.2000. Due to this amendment all the properties sold during these 20 years will get the benefit, hence will require a valuation report from a government registered valuer to claim the benefit of long term capital gains tax. The profession will be flooded with the valuation work for which an authentic list of valuers is badly required. With this background The Architects Publishing Corporation of India has decided to publish a directory of valuers all over India, of different classes registered from 1.6.1988 with the help of all the Chief Commissioners all over India. All registered valuers prior to this date were de-registered and are no more recognized as registered valuers, unless they have re-registered after 1-6-1988. The listing of valuers will be free of cost and will include name, full address, Reg. No, place of registration and class of registration. Those who wished to have their listing in bold/box type with additional contact information had done so on a nominal payment. The Directory is priced at Rs.500, however to all the valuers it was offered at Rs.300 only on advance booking. Postage, packing and forwarding was done free of cost.
This directory is useful to all the income tax officers all over India, advocates, chartered accountants, tax consultants, corporate, banks, NRIs, courts and even the valuers for their professional consultation all over India.