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of <h1>Wealth Tax on Closely-Held Companies Reintroduced in 1983; 2% Levy on Net Wealth Over Specified Assets</h1> The Finance Act, 1983, reintroduced the levy of wealth tax on closely-held companies, effective from April 1, 1984. The tax is imposed at 2% on the net wealth exceeding the aggregate value of specified assets, excluding debts related to those assets. Exemptions apply to assets held as stock-in-trade or used for specific business purposes. The Act outlines the valuation methods for assets and excludes certain provisions of the Wealth-tax Act, 1957. It also allows the Central Government to exempt specific institutions by notification. Amendments in 1988 and 1991 refined the provisions and exemptions.
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