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of <h1>Wealth Tax Act exempts entities like co-ops, clubs, political parties, and mutual funds per section 10(23D).</h1> The Wealth Tax Act, 1957, specifies that no wealth tax shall be levied on certain entities. These include companies registered under section 254 of the Companies Act, 1956, co-operative societies, social clubs, political parties, mutual funds specified under section 10(23D) of the Income-tax Act, and the Reserve Bank of India. The definition of a political party is aligned with section 13A of the Income-tax Act. Previous exemptions for banking companies, insurers, and certain industrial and transport companies were omitted by the Finance Act, 1992.
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