https://www.taxtmi.com/manuals?id=1131 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. en-us Tue, 15 Sep 2015 11:09:00 +0530 Thu, 30 Apr 2026 17:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=1131 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. Manuals Income Tax Tue, 15 Sep 2015 11:09:00 +0530 https://www.taxtmi.com/manuals?id=1131