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of <h1>Annuities Under Deposit Scheme Exempt from Wealth Tax; Retrospective Amendment Proposed to Section 5(1) of Wealth-tax Act.</h1> The circular clarifies that annuities receivable under the annuity deposit scheme are generally non-commutable and thus exempt from wealth tax under section 2(e)(iv) of the Wealth-tax Act. It proposes a retrospective amendment to section 5(1) through the Taxation Laws (Amendment) Act, 1970. Pending assessments will exclude the value of such annuities from net wealth, and completed assessments may be rectified to remove any included commuted value. The circular references a previous clarification and details the calculation of commuted annuity values based on the Annuity Deposit Scheme, 1964 and 1966.
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