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of <h1>Amendment to Wealth-tax Act Raises Exemption Salary Threshold for Company Housing to 10 Lakh, Effective April 2013</h1> Clause 109 of the Finance Bill, 2012, proposes an amendment to section 2 of the Wealth-tax Act, 1957. It seeks to modify clause (ea), sub-clause (i), item (1) by increasing the gross annual salary threshold from five lakh rupees to ten lakh rupees. This change pertains to the exclusion of a house allotted for residential purposes by a company to its full-time employees, officers, or directors from wealth-tax calculations. The amendment is effective from April 1, 2013, applicable to the assessment year 2013-2014 and subsequent years.
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