Rule 2D - Value of certain assets not to be taken into account - Wealth Tax Rules, 1957

Value of certain assets not to be taken into account. 1 2D. [Omitted by the Wealth-tax (Second Amendment) Rules, 1989, w.e.f. 1-4-1989.] -------------------- Notes:- 1. Before omission rule 2D it was read as under : The value of the following assets which are disclosed in the balance sheet shall not be taken into account for the purposes of rule 2A : ( a ) any amount paid as advance tax under section 18A of the Indian Income-tax Act, 1922, or under section 210 of the Income-tax Act, 1961 ; ( b ) the debt due to the assessee according to the balance sheet or part thereof which has been allowed as a deduction under clause ( vii ) of sub-section (1) of section 36 of the Income-tax Act, 1961 , for the purposes of assessment for the previous year relevant to the corresponding assessment year under that Act; ( c ) the value of any asset in respect of which wealth-tax is not payable under the Act; ( d ) any amount shown in the balance sheet including the debit balance in the profit and loss account or the profit and loss appropriation account which does not represent the value of any asset.