Section 21 - Amendment of Act 27 of 1957 - Finance Act, 1963

21. Amendment of Act 27 of 1957 In section 5 of the Wealth tax Act, 1957,- (1) in sub section (1) (a) clause (xv) shall be omitted; (b) in clause (xvi), for the words twelve year national plan savings certificates held by the assessee , the words twelve year national plan savings certificates, ten year defence deposit certificates and twelve year national defence certificates held by the assessee, to the extent to which the amount of such certificates or deposits do not exceed in each case the maximum amount permitted to be invested or deposited therein shall be substituted; (2) to sub section (3), the following proviso shall be added, namely : Provided that for the purpose of making any assessment for the financial year commencing on the 1st day of April, 1963, the provisions of clause (b) shall not apply to ten year defence deposit certificates and twelve year national defence certificates held by the assessee on the relevant valuation date.