Political party inclusion in wealth-tax Act extends clause to cover political parties defined by income-tax law. A new clause (i) is inserted in section 45 of the Wealth-tax Act, 1957 to include 'any political party,' accompanied by an Explanation adopting the meaning of 'political party' from the Explanation to section 13A of the Income-tax Act, thereby aligning the Wealth-tax Act's terminology with the income tax definition.
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Political party inclusion in wealth-tax Act extends clause to cover political parties defined by income-tax law.
A new clause (i) is inserted in section 45 of the Wealth-tax Act, 1957 to include "any political party," accompanied by an Explanation adopting the meaning of "political party" from the Explanation to section 13A of the Income-tax Act, thereby aligning the Wealth-tax Act's terminology with the income tax definition.
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