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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 1986 Updates Wealth-Tax Act: New Exemptions for Public Sector Debentures and Clarified Wealth Calculation Timings.</h1> The Finance Act of 1986 amends the Wealth-tax Act of 1957 by modifying Section 5. A new clause (xvie) is added to exempt certain debentures issued by public sector companies, as specified by the Central Government, from wealth tax for individuals or Hindu undivided families. The definition of a 'public sector company' is clarified. Furthermore, clause (xxxiii) is amended to include specific timing for moneys' inclusion in wealth tax calculations, with an additional explanation regarding Non-resident (External) Accounts. Sub-section (3) is updated to include references to the new clause (xvie) and modifies conditions for Capital Investment Bonds and debentures.
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