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of <h1>Income Tax Act Section 40(a)(iia): Wealth Tax Non-Deductible, Asset Valuation Fees Deductible, Tea Garden Taxes Exempt.</h1> Section 40(a)(iia) of the Income Tax Act specifies that any sum paid as wealth tax under the Wealth Tax Act, or any similar tax charged under foreign laws, is not deductible. However, fees for asset valuation related to business or profession are deductible. Additionally, taxes paid by tea companies on tea gardens under the UP Large Land-holding Tax Act, 1957, are not classified as wealth tax or any other tax mentioned in Section 40(a)(iia), and thus do not fall under this non-deductible category.
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