Section 5(1)(xxvb) of the Wealth-tax Act, 1957-Whether exemption of the deposits made under the National Savings Scheme, 1987, from wealth-tax contained in clause (xxvb) of sub-section (1) of section 5 of the Wealth-tax Act is not subject to the limit of Rs. 5 lakhs specified in sub-section (1A) of

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..... -tax Act, 1957-Whether exemption of the deposits made under the National Savings Scheme, 1987, from wealth-tax contained in clause (xxvb) of sub-section (1) of section 5 of the Wealth-tax Act is not subject to the limit of Rs. 5 lakhs specified in sub-section (1A) of section 5 of that Act Circular No. 511 Dated 10/5/1988 1. The Finance Act, 1987, introduced a new section 80CCA in the In .....

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..... in sub-section (1A) of section 5 of that Act. The deposits under the Scheme are exempt from wealth-tax without any limits. Accordingly, the last sentence of Paragraph 31.1 of the Board's Circular No. 495 dated 22nd September, 1987-See [1987] 168 ITR (St.) 87, containing the Explanatory Notes on the provisions of the Finance Act, 1987, relating to direct taxes stands modified. - Circular - Trade .....

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