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Section 45 – The Wealth-Tax Act, 1957

The Wealth-Tax Act, 1957

 

 

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.]

 

——————————————–

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).

 

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The Wealth-Tax Act, 1957

 

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