The Wealth-Tax Act, 1957Central Act · Act 27 of 1957
Act not to apply in certain cases.
[No tax shall be levied under this Act in respect of the net wealth of—]
a) to (e(a) to (e) [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]
(f) any company registered under section 25 of the Companies Act, 1956 (1 of 1956);
30[(g(30[(g) any co-operative society;]
31[(h(31[(h) any social club;]
32[(i(32[(i) any political party.
Explanation.—For the purposes of clause (i), "political party" shall have the meaning assigned to it in the Explanation to section 13A of the Income-tax Act;]
33[(j(33[(j) a Mutual Fund specified under clause (23D) of section 10 of the Income-tax Act;]
33a[(k(33a[(k) the Reserve Bank of India incorporated under the Reserve Bank of India Act, 1934 (2 of 1934).]
Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.
other. See also Letter [F. No. 1/11/59-WT], dated 6-3-1959 and Circular No.11-D (WT), dated 17-11-1958. For details, see Referencer.
substituted. Substituted for "The provisions of this Act shall not apply to—" by the Finance Act, 1972, w.e.f. 1-4-1972.
other. Prior to omission, clauses (a) to (e) read as under: '(a) a banking company as defined in section 5 of the Banking Companies Act, 1949 (10 of 1949); (b) an insurer within the meaning of the Insurance Act, 1938 (4 of 1938); (c) any company established with the object of financing, whether by way of making loans or advances to, or subscribing to the capital of, private industrial enterprises in Ind…
other. For text of section 25 of the Companies Act, 1956, seeAppendix.
inserted. Inserted by the Finance Act, 1972, w.r.e.f. 1-4-1957.
substituted. Substituted by the Finance Act, 1992, w.e.f. 1-4-1993. Prior to substitution, clause (h), as inserted by the Finance Act, 1975, w.r.e.f. 1-4-1957, read as under : "(h) any company incorporated outside India which has no place of business in India;"
inserted. Inserted by the Taxation Laws (Amendment) Act, 1978, w.e.f. 1-4-1979.
inserted. Inserted by the Direct Tax Laws (Amendment) Act, 1987 (as amended by the Finance Act, 1988), w.e.f. 1-4-1988.
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