Notification No. 15

Wealth-tax (First Amendment) Rules, 2009 - Substitution of rule 8C

What this is

Notification No. 15 was published on 30 January 2009. Its subject is Wealth-tax (First Amendment) Rules, 2009 - Substitution of rule 8C.

The provisions it speaks to

Left, the provision of the Income-tax Act, 1961 as the instrument itself names it. Right, the section of the Income-tax Act, 2025 that the department’s own concordance maps it to — which is where the same ground is now covered.

Under the 1961 Act	Now
s.46	s.68

The instrument, as the Board published it

The words below are the department’s own, reproduced from its published text. Where the department’s copy carried a publisher’s notes after the instrument, those are not reproduced.

WEALTH-TAX (FIRST AMENDMENT) RULES, 2009 - SUBSTITUTION OF RULE 8C
NOTIFICATION NO. 15/2009, DATED 30-1-2009

In exercise of the powers conferred by section 46 of the Wealth-tax Act, 1957 (27 of 1957), the Central Board of Direct Taxes hereby makes the following further amendments in the Wealth-tax Rules. 1957, namely:—
1. (1) These rules may be called the Wealth-tax (First Amendment) Rules, 2009.
(2) They shall come into force with effect from 1st April, 2009.
2. In the Wealth-tax Rules, 1957, for rule 8C, the following rule shall be substituted, namely :—

Scale of fees to be charged by a registered valuer.
8C. (1) Subject to the provisions of sub-rules (2) and (3), the lees to be charged by a registered valuer for valuation of any asset shall not exceed the amount calculated at the following rates, namely :—

(a) On the first Rs.5.00.000 of the asset as valued

1/2 per cent of the value;

(b) On the next Rs. 10 lakhs of the asset as valued

1/5 per cent of the value;

(c) On the next Rs.40 lakhs of the asset as valued

1/10 per cent of the value;

(d) On the balance of the asset as valued

1/20 per cent of the value.

(2) Where two or more assets are required to be valued by a registered valuer at the instance of an assessee all such assets shall be deemed to constitute, a single asset for the purposes of calculating the fees payable to such, registered valuer.
(3) Where the amount of fees calculated in accordance with sub-rules (1) and (2) is less than Rs.500, the registered valuer may charge Rs.500 as his fees.

[F. No. 149/144/2008-TPL]

What it names

Rules it names. Rule 8C of the Income-tax Rules, 1962. The 1962 Rules were replaced by the Income-tax Rules, 2026, which renumbered nearly everything: a rule number quoted here almost never means the same rule today.

On the same provision

Other instruments in this library that name the same provision of the 1961 Act. They are not necessarily still operative, and a later one may have replaced an earlier one without saying so.

Notification No. 101/2019 [F.No.370142/25/2019-TPL]/GSR 885(E) — Ministry of Finance 29 November 2019
Notification No. 16 — Wealth-tax (Second Amendment) Rules, 2009 - Amendment in rule 3A 13 February 2009
Notification No. 216 — Wealth-tax (First Amendment) Rules, 2007 - Amendments in rule 4A, substitution of rule 4AA and Form DA; insertion of For 7 August 2007
Circular No. 262 — 1218. Board’s instruction contained in Circular dated 15-7-1963 to the effect that no penalty be levied if, at the time 14 September 1979

What a notification is. A notification is made under a power the Act itself gives, and within that power it is law — unlike a circular, which only binds the department. Its reach is the reach of the enabling provision and no wider, and the date it carries decides from when it works.

Source: the Income Tax Department’s own published text — its page for this instrument.