Wealth tax deduction disallowance excludes valuation fees and non-wealth levies from the scope of the provision. Payment of wealth tax is not allowable as a deduction in computing business income. Amounts paid on account of wealth tax under the Wealth Tax Act, and any tax of a similar character chargeable under foreign law, are disallowed. The provision does not extend to valuation fees for valuing business or professional assets, which remain deductible, or to tax paid by tea companies on tea gardens under the UP Large Land-holding Tax Act, 1957.