The Income Tax (IT) Rule 2026, recently published through a gazette notification, outlines significant changes for registered valuers of wealth tax under section 34AB in India. While these regulations aim to streamline the valuation profession, they have raised pressing concerns that need addressing.

A primary issue is the upcoming registration process post-April 1, 2026. The new process has introduced uncertainties and potential barriers for current 34AB wealth tax registered valuers. Specifically, the imposition of additional requirements, such as the compulsory exit examination, poses a potential obstacle and disrupts the established professional landscape. The necessity of this examination is strongly contested, as it may not accurately reflect the expertise and experience of seasoned valuers.

Furthermore, the introduction of these new regulations risks the infiltration of private bodies that may exploit or impede the professional domain of 34AB Valuers. The profession must be safeguarded against any external exploitation or attempts by private entities to undermine the integrity and autonomy of valuers in this field.

The petition calls for:
1. A clear, comprehensive, and transparent registration process post-April 2026 that respects the professional standing of current valuers.
2. The removal of the 'exam' clause from the new registration mandate, ensuring that experienced valuers are not subject to unnecessary testing.
3. Mechanisms to protect the field of valuation from exploitation, ensuring that only qualified and genuine professionals are allowed to practice without undue interference from private bodies.

We urge policymakers to address these concerns promptly and provide a viable framework that protects the interests of 34AB wealth tax registered valuers in India. By signing this petition, you stand with 34AB valuers to ensure a fair and just professional environment.