Revival of wealth-tax for closely held companies imposes tax on specified asset categories and prescribes valuation rules.

Revival of wealth-tax for closely held companies imposes a charge under the Wealth-tax Act on companies not substantially held by the public, defining net wealth as the excess of specified assets over debts secured on or incurred in relation to those assets, valuing assets at the higher of Schedule III valuation or balance-sheet value, and excluding stock-in-trade and certain motor-cars, while enabling government exemptions by notification and requiring conformity adjustments to the Wealth-tax Act.

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