Section 45:
Act not to apply in certain cases.
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No tax shall be levied under this Act in respect of the net
wealth of—
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* * * * *
(f) any company registered under section 25 of the Companies Act, 1956 (1 of 1956);
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(g) any co-operative society;
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(h) any social club;
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(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;
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(j) a Mutual Fund specified under clause (23D) of section 10 of the Income-tax Act;
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(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).