Section 40(a)(iia) - Wealth Tax - Income Tax - Ready Reckoner - Income Tax

Section 40(a)(iia) : Wealth Tax Any sum paid on account of wealth tax under the Wealth Tax Act and any tax of a similar character chargeable under any law in force in any country outside India shall not be allowed as deduction. Note: Valuation fees paid for valuation of assets of business or profession does not represent wealth tax and is allowable as deduction. The tax paid by tea companies on their tea gardens under the UP Large Land-holding Tax Act, 1957 is not a wealth tax or any other tax referred to in section 40(a)(iia) .