# The Finance Act, 1963, Section 21: Amendment of Act 27 of 1957

- Act: The Finance Act, 1963 (Act 13 of 1963)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1963/section/21/

## Text

Amendment of Act 27 of 1957 21. In section 5 of the Wealth-tax Act, 1957,— (1) in sub-section (1)— (a) clause (xv) shall be omitted; (b) in clause (xvi), for the words "twelve year national plan savings certificates held by the assessee", the words "twelve year national plan savings certificates, ten year defence deposite certificates and twelve year national defence certificate held by the assessee, to the extent to which the amount of such certificates or deposits do not exceed in each case the maximum amount permitted to be invested or deposited therein" shall be substituted; (2) to sub-section (3), the following proviso shall be added, namely:— "Provided that for the purpose of making any assessment for the financial year commencing on the 1st, day of April, 1963, the provisions of clause (b) shall not apply to ten year defence deposit certificates and twelve year national defence certificates held by the assessee on the relevant valuation date.". [Finance Act, 1963] © Copyright. Taxmann Publications Pvt. Ltd.

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Published by eCourtsIndia together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957.