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What's New Important due dates for the month of September 2021     

45. Act not to apply in certain cases.

[No tax shall be levied under this Act in respect of the net wealth of—]

(a) to (e)   [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]
(f)   any company registered under section 25 of the Companies Act, 1956 (1 of 1956);
[(g)   any co-operative society;]
[(h)   any social club;]
[(i)   any political party.
    Explanation.—For the purposes of clause (i), "political party" shall have the meaning assigned to it in the Explanation to section 13A of the Income-tax Act;]
[(j)   a Mutual Fund specified under clause (23D) of section 10 of the Income-tax Act;]
[(k)   the Reserve Bank of India incorporated under the Reserve Bank of India Act, 1934 (2 of 1934).]


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