CBDT releases draft notification on determination of FMV of inventory converted into capital asset

CBDT releases draft notification on determination of FMV of inventory converted into capital asset Finance Act, 2018 has been amended toprov

CA Deepak Gupta

May 3, 2018

Last update on May 3, 2018

CBDT releases draft notification on determination of FMV of inventory converted into capital asset

Finance Act, 2018 has been amended toprovide that any profit and gains from conversion of inventory into capital asset or its treatment as capital asset shall be charged to tax as business income. It has been provided that for this purpose the FMVof inventory on the date of conversion or treatment will be determined in prescribed manner & it shall be deemed to be the full value of consideration. Rule11UAB shall prescribe the manner of determination of fair market value of the inventory which has been converted into, or treated as, capital asset. CBDT has released a draft notification prescribing draft rule11UAB.Stakeholders are requested to submit their comments/ suggestions on the draft notification by 14.05.2018 at the e-mail address [email protected]. Click here to download the draft notification Click here to download the press release inviting suggestions You May Also Like:Annual Return In GST Act 2017 | All about GSTR-9

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CA Deepak Gupta

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CA Deepak Gupta,is Co-founder of Studycafe. He is Microsoft Office Specialist and Corporate Trainer of AI Tools, Microsoft Excel. He is Finance Influencer having more than 250K followers on Social Media. CA Deepak Gupta, is Having more than 14 plus years of experience, and he has Worked with best brands Like, Hero, Wipro, Ericsson before Starting Studycafe. He has Trained more than 20000 Persons in Microsoft Excel, PowerPoint, Power BI, Google Sheet, Google Forms and Other Tools.