New Provision
Section 514, IT Act 2025
Replaces (IT Act 1961)
287A
Chapter
Chapter XXII — Miscellaneous
Effective From
1 April 2026
Statutory Text — Section 514
he Principal Chief Commissioner or Chief Commissioner, or the Principal Director General or Director General, shall maintain a register of valuers in which the names and addresses of persons registered under sub-section (2) shall be entered. (2) Any person, possessing such qualification for valuing such class of assets, as may be prescribed, may apply to the Principal Chief Commissioner or Chief Commissioner, or the Principal Director General or Director General, for getting registered as a valuer, in such form, verified in such manner and accompanied by such fee, as may be prescribed, along with a declaration stating that the applicant will–– (a) conduct an impartial and true valuation of any asset required to be valued; (b) furnish a valuation report in the prescribed form;
(c) charge fees not exceeding the prescribed rate or rates; and (d) refrain from undertaking the valuation of any asset in which such person has a direct or indirect interest. (3) The valuation report prepared by a registered valuer for any asset shall be in such form and verified in such manner, as may be prescribed.
Shahi & Co. — Our Understanding
This section falls under Chapter XXII (Miscellaneous) which contains general provisions including powers of the Board, rounding off, and savings provisions.
Practical Note: These provisions govern administrative aspects of the Act. Section 533 (power to make rules) and Section 536 (repeal and savings) are particularly important for understanding the transition from the old Act to the new one.
Shahi & Co., Chartered Accountants
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Disclaimer: This is a reproduction of Section 514 of the Income Tax Act, 2025 (No. 30 of 2025) as published in the Official Gazette of India (CG-DL-E-22082025-265620) for informational and reference purposes only. Shahi & Co., Chartered Accountants makes no warranty as to completeness or accuracy. For the official authenticated text refer to
egazette.gov.in or
incometaxindia.gov.in. This does not constitute legal or tax advice.