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TMI BlogRevival of levy of wealth-tax in the case of closely-held companiesX X X X Extracts X X X X X X X X Extracts X X X X ..... Wealth-tax Act, 1957 (27 of 1957) (hereinafter referred to as the Wealth-tax Act), wealth-tax shall be charged under the Wealth-tax Act for every assessment year commencing on and from the 1stday of April, 1984 in respect of the net wealth on the corresponding valuation date of every company, not being a company in which the public are substantially interested, at the rate of two per cent. Of such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y asset belonging to the assessee, the value of such debt shall not be taken into account in computing the net wealth of the assessee. (3) The assets referred to in sub-section (2) shall be the following, namely :- (i) gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals; (ii) precious or semi-precious stones whether or not set in any furni ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enter, shelter, rest-room or lunch room mainly for the welfare of its employees and the land appurtenant to such building or part : Provided that each such employee is an employee whose income (exclusive of the value of all benefits or amenities not provided for by way of monetary payment) chargeable under the head Salaries under the Income-tax Act does not exceed eighteen thousand rupees; (vii) m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be construed so as be in conformity with the provisions of this section. (6) Nothing in this section shall apply to any institution, association or body, whether incorporated or not and whether Indian or non-Indian, which the Central Government may, having regard to the nature and object of such institution, association or body, specify by notification in the Official Gazette and every notificati ..... X X X X Extracts X X X X X X X X Extracts X X X X
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