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of <h1>Procedure for Companies to Obtain Wealth-Tax Exemption Certificate for Equity Shares u/s 5(1)(xxa) of 1957 Act.</h1> The circular outlines the procedure for companies to obtain a certificate of exemption for equity shares under section 5(1)(xxa) of the Wealth-tax Act, 1957. Companies can apply to the assessing authority using a specified form to receive a certificate from the Income-tax Officer, which confirms that the equity shares qualify for exemption. This exemption applies to shares forming part of the initial equity issue made after March 31, 1964, for five assessment years following the start of the company's operations. The company must provide this certificate to shareholders, who can use it to claim exemptions individually.
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