Exemption of cooperative societies: amendment replaces wording to state no tax shall be levied under the Act on net wealth. Amendment revises Section 45 to state that no tax shall be levied under this Act in respect of the net wealth of specified persons, and inserts (deemed ... Summary
Exemption of cooperative societies: amendment replaces wording to state no tax shall be levied under the Act on net wealth.
Amendment revises Section 45 to state that no tax shall be levied under this Act in respect of the net wealth of specified persons, and inserts (deemed always to have been inserted) a clause exempting any co-operative society from wealth-tax liability on its net wealth.
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