Inclusion of foreign exchange assets and cash-based professional fees under wealth-tax law affects treatment of assets for net wealth. Amendments to section 5 revise excluded or included items for net wealth computation: fees due to professionals who regularly maintain books on the cash system are specified; foreign exchange assets are brought within specified clauses for citizens or persons of Indian origin who are non-resident or resident during the year ending on the valuation date (with definitions tied to the Income-tax Act and section 115C); Capital Investment Bonds wording is broadened to include individuals and Hindu undivided families; medals, trophies and awards in kind from Government, specified universities or approved institutions are exempted from net wealth.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Inclusion of foreign exchange assets and cash-based professional fees under wealth-tax law affects treatment of assets for net wealth.
Amendments to section 5 revise excluded or included items for net wealth computation: fees due to professionals who regularly maintain books on the cash system are specified; foreign exchange assets are brought within specified clauses for citizens or persons of Indian origin who are non-resident or resident during the year ending on the valuation date (with definitions tied to the Income-tax Act and section 115C); Capital Investment Bonds wording is broadened to include individuals and Hindu undivided families; medals, trophies and awards in kind from Government, specified universities or approved institutions are exempted from net wealth.
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