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of <h1>Equity Shares May Qualify for Wealth-Tax Exemption: Section 5(1)(xx) Details and Certificate Process Explained.</h1> Equity shares issued by a company may qualify for a wealth-tax exemption under section 5(1)(xx) if they are part of the initial issue after March 31, 1964, for five assessment years following the start of company operations. To simplify the exemption process for shareholders, the company can apply for a certificate from the Income-tax Officer, who also serves as the Wealth-tax Officer. This certificate, once issued, can be provided to shareholders for their wealth-tax exemption claims. The application and certificate formats are specified in Annex A and Annex B of the circular.
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