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of <h1>Finance Act 1971 Amends Section 21 of Wealth-tax Act, Removes Phrase and Adds New Asset Explanation</h1> Section 21 of the Wealth-tax Act is amended by the Finance (No. 2) Act, 1971, effective April 1, 1972. In sub-section (4), the phrase 'in the case of an individual' is removed from clause (a) and its proviso. Additionally, a new Explanation is added, clarifying that certain assets specified in section 5, sub-section (1), clauses (xv) to (xxix), should not be excluded when computing net wealth under this sub-section, except in cases mentioned in the proviso.
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