Section 45: Act not to apply in certain cases.

No tax shall be levied under this Act in respect of the net wealth of— [Omitted]

(f) any company registered under section 25 of the Companies Act, 1956 (1 of 1956); (g) any co-operative society; (h) any social club; 5[(i) any political party.

Explanation.—For the purposes of clause (i), “political party” shall have the meaning assigned to it in the Explanation to section 13A of the Income-tax Act;] (j) a Mutual Fund specified under clause (23D) of section 10 of the Income-tax Act; (k) the Reserve Bank of India incorporated under the Reserve Bank of India Act, 1934 (2 of 1934).