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of <h1>Finance Act 1965: Section 5 exempts equity shares from wealth tax for five years if issued after March 31, 1964.</h1> The Finance Act of 1965 amends the Wealth-tax Act of 1957, introducing a new clause in Section 5 that exempts the value of equity shares from wealth tax for five years if the shares are part of a company's initial issue post-March 31, 1964. It revises tax rates for individuals and Hindu undivided families, with varying rates based on net wealth brackets. Additional taxes apply to certain assets in specified areas, categorized by population size. The amendment also defines 'business premises' for tax purposes, considering buildings used for business or employee welfare.
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