Public sector company inclusion expands scope of wealth-tax clause, adding a statutory definition for coverage. The amendment inserts 'or a public sector company' after 'State Government' in clause (xxviic) of section 5(1) of the Wealth-tax Act and adds an Explanation defining 'public sector company' to include corporations established by or under Central, State or Provincial Acts and Government companies as defined in section 617 of the Companies Act, 1956, thereby extending the clause's scope to such entities.
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Public sector company inclusion expands scope of wealth-tax clause, adding a statutory definition for coverage.
The amendment inserts "or a public sector company" after "State Government" in clause (xxviic) of section 5(1) of the Wealth-tax Act and adds an Explanation defining "public sector company" to include corporations established by or under Central, State or Provincial Acts and Government companies as defined in section 617 of the Companies Act, 1956, thereby extending the clause's scope to such entities.
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