Section 4 - Wealth-tax not deductible in computing the total income for certain assessment years - Income Tax (Amendment) Act, 1972

4. Wealth-tax not deductible in computing the total income for certain assessment years. Nothing contained in the Indian Income-tax Act, 1922 (11 of 1922) shall be deemed to authorise, or shall be deemed ever to have authorised, any deduction in the computation of the income of any assessee chargeable under the head Profits and gains of business, profession or vocation or Income from other sources for the assessment year commencing on the 1st day of April, 1957 or any subsequent assessment year, of any sum paid on account of wealth-tax. Explanation. For the purposes of this section, wealth-tax shall have the same meaning as is assigned to it in the Explanation to sub-clause (iia) of clause (a) of section 40 of the principal Act.