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of <h1>Wealth Tax Reinstated for Closely-Held Companies in 1983; 2% Rate with 10% Surcharge from 1988 Under Section 40.</h1> Section 40 of the Finance Act, 1983, reinstated the levy of wealth tax on closely-held companies, despite previous exemptions under the Wealth-tax Act, 1957. The tax applied from April 1, 1984, at a rate of 2% on net wealth, with a 10% surcharge from April 1, 1988. Net wealth was calculated by subtracting secured debts from the aggregate asset value, including precious metals, stones, certain buildings, and motor cars. The section excluded assets held as business stock-in-trade or used in specific business operations. Certain institutions could be exempted by government notification. This provision was omitted by the Finance Act, 1992.
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