JKNP & ASSOCIATES

25. Exemption from tax on wealth and income.

Notwithstanding anything contained in the Wealth-tax Act, 1957 (27 of 1957), the Incometax Act, 1961 (43 of 1961) or any other enactment for the time being in force relating to tax on wealth, income, profits or gains—

  (a) the Board;

  (b) the existing Securities and Exchange Board from the date of its constitution to the date of establishment of the Board, shall not be liable to pay wealth-tax, income-tax or any other tax in respect of their wealth, income, profits or gains derived.