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of <h1>Wealth-tax Act Exemption Process: Section 5(1)(xxa) Clarified for Companies with Equity Shares; Use Form Annexure 'X.</h1> The circular addresses the exemption process under section 5(1)(xxa) of the Wealth-tax Act, 1957. It highlights that companies have reported issues with tax authorities requiring a certificate from the Board for exemptions. The Board refers to Circular No. 69 from 1971, which outlines the procedure for obtaining such certificates. Companies seeking exemption for issuing specific equity shares should apply to the assessing authority using a designated form (annexure 'X'). The certificate format to be issued by tax officers is detailed in annexure 'Y'. The circular instructs all officers to be informed of these procedures.
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