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<h1>New Clause Exempts Political Parties from Wealth Tax Under Section 45 of Wealth-tax Act, Defined by Income-tax Act Section 13A.</h1> The Taxation Laws (Amendment) Act, 1978, modifies the Wealth-tax Act, 1957, by adding a new clause (i) to section 45, which exempts political parties from wealth tax. The term 'political party' is defined as per the explanation in section 13A of the Income-tax Act.