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of <h1>Understanding Rule 2E: Excluded Liabilities from Wealth Tax Calculations Before 1989 Omission</h1> Rule 2E of the Wealth Tax Rules, 1957, which was omitted in 1989, previously specified that certain liabilities should not be considered for wealth tax calculations. These excluded liabilities included capital employed in the business not derived from borrowed money, reserves, provisions for future or contingent liabilities, and debts used to acquire non-taxable assets. If the exact debt amount could not be determined, it was proportionally calculated based on the asset's value relative to total business assets. Provisions for non-taxation purposes were classified as reserves.
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