The Wealth-tax Act, 1957

Chapter VII — PAYMENT AND RECOVERY OF WEALTH-TAX [30. Notice of demand.—When any tax, interest, penalty, fine or any other sum is payable in consequence of any order passed under this Act, the [Assessing Officer] shall serve upon the assessee a notice of demand in the prescribed form specifying the sum so payable.

Section 34ABRegistration of valuers

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Section 34AB: Registration of valuers

34AB. Registration of valuers

(1)

The [Chief Commissioner or Director General] shall maintain a register to be called the Register of Valuers in which shall be entered the names and addresses of persons registered under sub-section (2) as valuers.

(2)

Any person who possesses the qualifications prescribed in this behalf may apply to the [Chief Commissioner or Director General] in the prescribed form for being registered as a valuer under this section:

Provided that different qualifications may be prescribed for valuers of different classes of assets.

(3)

Every application under sub-section (2) shall be verified in the prescribed manner, shall be accompanied by such fees as may be prescribed and shall contain a declaration to the effect that the applicant will—

(i)

make an impartial and true valuation of any asset which he may be required to value;

(ii)

furnish a report of such valuation in the prescribed form;

(iii)

charge fees at a rate not exceeding the rate or rates prescribed in this behalf;

(iv)

not undertake valuation of any asset in which he has a direct or indirect interest.

(4)

The report of valuation of any asset by a registered valuer shall be in the prescribed form and be verified in the prescribed manner.