Basis exemption from wealth tax - computation

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....s because the clerks, in making the calculations of tax, have again excluded the first Rs. 1 lakh or Rs.2 lakhs of wealth, as the case may be. This practice, if continued, is likely to lead to more mistakes for and from the A.Y. 1972-73 because the exemption of Rs. 1 or 2 lakhs of wealth, as the case may be, is not to be given while making the computation of tax. The Board, therefore desire that t....