TMI BlogTEXT OF SECTION 40 OF THE FINANCE ACT, 1983X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 1st day 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 net wealth : Provided that the amount of wealth-tax computed in accordance with the provisions of this sub-section shall, in relation to the assessment year commencing on the 1st day of April, 1988, be increased by a surcharge calculated at the rate of ten per cent of such wealth-tax. Explanation . For the purposes of this sub-section, "company in which the pub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... whether or not containing any precious or semi-precious stone, and whether or not worked or sewn into any wearing apparel; ( iv ) utensils made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals; ( v ) land other than agricultural land : Provided that nothing in this clause shall apply to any unused land held by the assessee for industrial purposes or for construction of a hotel for a period of two years from the date of its acquisition by him; ( vi ) building or land appurtenant thereto, other than building or part thereof used by the assessee as factory, godown, warehouse, cinema house, hotel or office for the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d as stock-in-trade in such business or registered as taxies and used as such in a business of running motor-cars on hire carried on by the assessee. Explanation . Where any question arises as to whether all or any of the assets referred to in clause ( i ), ( ii ), ( iii ) or ( iv ) are held by the assessee as stock-in-trade in a business carried on by it, the question shall be decided in accordance with such directions as the Board may, by general or special order, issue for the guidance of the Assessing Officer, having regard to the ratio which the yearly turnover of a business of trading in such assets bears to the average of the stocks of such assets held from time to time during the year in such business ordinarily and othe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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