Amendment of section 45.
112. In section 45 of the Wealth-tax Act, after clause (j), the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1957, namely:––
“(k) the Reserve Bank of India incorporated under the Reserve Bank of India Act, 1934.”.( 2 of 1934.)
Notes on Clauses:
Clause 112 of the Bill seeks to amend section 45 of the Wealth-tax Act relating to Act not to apply in certain cases.
The existing provisions of the aforesaid section 45 provide that Wealth-tax shall not be levied in respect of the net wealth of entities enumerated in that section.
It is proposed to insert a new clause (k) in the aforesaid section so as to provide that tax shall not be levied in respect of net wealth of the Reserve Bank of India.
This amendment will take effect retrospectively from 1st April, 1957, and will, accordingly, apply in relation to the assessment year 1957-1958 and subsequent assessment years.
