Section 45
Act not to apply in certain cases. Repealed
About this Act
An Act to provide for the levy of wealth-tax.
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) a Mutual Fund specified under clause (23D) of section 10 of the Income-tax Act;
7 (k) the Reserve Bank of India incorporated under the Reserve Bank of India Act, 1934 (2 of 1934).
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) a Mutual Fund specified under clause (23D) of section 10 of the Income-tax Act;
7 (k) the Reserve Bank of India incorporated under the Reserve Bank of India Act, 1934 (2 of 1934).
Notes
1. Subs. by Act 16 of 1972, s. 50, 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, s. 99 (w.e.f. 1-4-1993).
3. Ins. by Act 16 of 1972, s. 50 (w.r.e.f. 1-4-1957).
4. Subs. by Act 18 of 1992, s. 99, for clause (h) (w.e.f. 1-4-1993). Earlier clause (h) was inserted by Act 25 of 1975, s. 28 (w.r.e.f. 1-4-1957).
5. Ins. by Act 29 of 1978, s. 3 (w.e.f. 1-4-1979).
6. Ins. by Act 4 of 1988, s. 158 (w.e.f. 1-4-1988).
7. Ins. by Act 23 of 2012, s. 118 (w.r.e.f. 1-4-1957).
2. Clauses (a) to (e) omitted by Act 18 of 1992, s. 99 (w.e.f. 1-4-1993).
3. Ins. by Act 16 of 1972, s. 50 (w.r.e.f. 1-4-1957).
4. Subs. by Act 18 of 1992, s. 99, for clause (h) (w.e.f. 1-4-1993). Earlier clause (h) was inserted by Act 25 of 1975, s. 28 (w.r.e.f. 1-4-1957).
5. Ins. by Act 29 of 1978, s. 3 (w.e.f. 1-4-1979).
6. Ins. by Act 4 of 1988, s. 158 (w.e.f. 1-4-1988).
7. Ins. by Act 23 of 2012, s. 118 (w.r.e.f. 1-4-1957).