Wealth tax treatment of specified equity shares changed, providing temporary exemption for qualifying initial-issue manufacturing shares.

Amendments increase a proviso threshold, exclude trees standing on agricultural land (not in orchards or plantations), replace "held by the assessee" with "owned by the assessee" throughout, and add a temporary valuation exception for initial-issue equity shares of companies established mainly for manufacture or production of items in the tax schedule, applicable for five successive assessment years following first issue.

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