Wealth tax exemption for initial equity shares - company can obtain a certificate enabling shareholders to claim exemption. Equity shares issued as an initial equity issue that satisfy the statutory company type criteria and timing may be exempt from wealth tax for shareholders; the company may apply to its assessing Income tax cum Wealth tax Officer for a prescribed certificate, which when issued and furnished to shareholders enables them to produce it to claim exemption for the specified assessment years following the company's commencement of operations.