https://www.taxtmi.com/circulars?id=4501 The amendments disallow wealth tax as a deduction in computing income under the heads Profits and gains of business or profession and Income from other sources, with wealth tax defined to include domestic wealth tax, similar foreign taxes, and foreign taxes measured by asset value or capital employed. Taxes levied on particular business assets remain deductible. A saving preserves deductibility for assessment years where the highest appellate court had, before promulgation, held wealth tax deductible for that specific year. en-us Sat, 16 Dec 1972 00:00:00 +0530 Wed, 30 Jul 2008 11:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4501 The amendments disallow wealth tax as a deduction in computing income under the heads Profits and gains of business or profession and Income from other sources, with wealth tax defined to include domestic wealth tax, similar foreign taxes, and foreign taxes measured by asset value or capital employed. Taxes levied on particular business assets remain deductible. A saving preserves deductibility for assessment years where the highest appellate court had, before promulgation, held wealth tax deductible for that specific year. Circulars Income Tax Sat, 16 Dec 1972 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4501