45. Act not to apply in certain cases :—
Act not to apply in certain cases :- 1[No tax shall be levied under this Act in respect of the net wealth of—]
2[***]
(f) any company registered under section 25 of the Companies Act 1956
(1 of 1956);
3[(g) any co-operative society;]
4[(h) any social club;]
5[(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;]
6[(j) Mutual Fund specified under clause (23D) of section 10 of the Income-tax Act.]
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1. Subs. by Act 16 of 1972, sec. 50(a), for “The provisions of this Act shall not apply to—” (w.e.f. 1-4-1972).
2. Clauses (a) to (e) omitted by Act 18 of 1992, sec. 99(a) (w.e.f. 1-4-1993).
3. Ins. by Act 16 of 1972, sec. 50(b) (w.r.e.f. 1-4-1957).
4. Subs. by Act 18 of 1992, sec. 99(b), for clause (h) (w.e.f. 1-4-1993). Earlier clause (h) was inserted by Act 25 of 1975, sec. 28 (w.r.e.f. 1-4-1957).
5. Ins. by Act 29 of 1978, sec. 3 (w.e.f. 1-4-1979). 6. Ins. by Act 4 of 1988, sec. 158 (w.e.f. 1-4-1989).
