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of <h1>Amendment to Section 5 of Wealth-tax Act: Changes to Professional Fees, Foreign Exchange Assets, and Capital Investment Bonds.</h1> The amendment to section 5 of the Wealth-tax Act, effective April 1, 1984, revises clauses concerning the treatment of professional fees and foreign exchange assets. It specifies that professionals maintaining cash accounting can include fees due for services rendered. It introduces clauses for Indian citizens or persons of Indian origin regarding foreign exchange assets, differentiating between residents and non-residents. Additionally, it amends the treatment of Capital Investment Bonds for individuals and Hindu undivided families and exempts certain awards or medals from wealth tax if received from recognized entities, with provisions retroactive to April 1, 1983.
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