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of <h1>Net Worth Defined: Total Assets Minus Liabilities, Excluding Revaluation Changes, per Income Tax Act 1961.</h1> Net worth is defined as the aggregate value of total assets minus liabilities as recorded in the books of an undertaking or division, excluding any changes due to asset revaluation, per the Income Tax Act of 1961. Various sources provide similar definitions: it is the excess of assets over liabilities, representing shareholder interest in a company, or the sum of paid-in capital, retained earnings, and surplus in a corporation. The British equivalent is often termed total equity or stockholders' equity. This concept is further elaborated in legal and accounting dictionaries and case law references.
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