Form 170 Income Tax Rules 2026 pdf download and Key points
Form 170 Income Tax Rules 2026 pdf download and Key points
FORM NO. 170
[See rule 248]
Report of valuation of Asset under section 514
Form 170 is governed by section 514 Income Tax Act 2025 and rule 248 of Income tax Rules 2026
Form No. 170 serves as a comprehensive Valuation Report used for estimating and declaring the value of various classes of assets to the Income-tax Department.
Unlike forms filed by regular taxpayers, this form is filled out, verified, and signed by a Valuer, who must formally declare that they have personally inspected the asset and hold no direct or indirect interest in it.
Here is a breakdown of the key points and structure of Form 170:
1. Structure of the Form (Schedules for Different Assets) The form is systematically divided into specific schedules (Part D) based on the “Class of Assets” being valued. The valuer must capture granular details depending on the asset type:
- SCH IP (Immovable Property): Used for properties other than agricultural lands, plantations, forests, or mines. It requires details like town planning or development scheme inclusion, dimensioned site plans, layout of structures, permissible Floor Space Index (FSI), occupant details (owner/tenant), and the method and cost of construction (including basic rates of materials and labor).
- SCH AL (Agricultural Land): Used specifically for valuing agricultural lands.
- SCH PL (Plantations): A dedicated schedule for valuing Coffee, Tea, Rubber, or Cardamom plantations.
- SCH FR (Forests): Requires the exact latitude and longitude of the forest, area in acres, classification in land revenue records, and special features like the kind of timber.
- SCH JW (Jewellery): Captures the gross weight, net weight of the precious metal, description and weight of any precious/semi-precious stones, and the “gold equivalent weight in grams”.
- SCH AW (Works of Art): Used for valuing art, specifically requiring details about the item’s provenance (history of ownership).
- Other Schedules: The form also includes specific valuation schedules for Mines and Quarries, Machinery and Plant, Life Interest, and a general schedule for “Other Assets” (SCH OT).
2. Comparative Valuation (Sale Instances) For many of these assets (like immovable property and forests), the form explicitly asks the valuer to provide details of recent “sale instances” of similar assets in the same locality (including the sale price and area sold) to justify the valuation rate adopted. If no such instances are available, the valuer must document the alternative basis used to arrive at the unit value.
3. Verification and Declaration (Part E) The form concludes with a strict legal declaration by the Valuer. The valuer must provide their Name, Designation, and Permanent Account Number (PAN), and solemnly declare that:
- The information stated is correct and complete.
- They have no direct or indirect interest in the asset being valued.
- They have personally inspected the asset and examined all relevant details.
Form 170 Income Tax Rules 2026 pdf download
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Related Post
Section 514 Income Tax Act 2025 Registration of valuers.
RULE 248 INCOME-TAX RULES 2026 Charging of fee and submission of valuation report under section 514.
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