Section 3 - Charge of wealth-tax - Wealth Tax Act, 1957

CHAPTER II CHARGE OF WEALTH-TAX AND ASSETS SUBJECT TO SUCH CHARGE Charge of Wealth-Tax 3. 1 [ (1) ] 2 [ Subject to the other provisions contained in this Act ] , there shall be charged for every 3 [ assessment year ] commencing on and from the first day of April, 1957 4 [ but before the first day of April, 1993 ] , a tax (hereinafter referred to as wealth-tax) in respect of the net wealth on the corresponding valuation date of every individual, Hindu undivided family and company 5 at the rate or rates specified in 6 [ Schedule I ] . 7 [ (2) Subject to the other provisions contained in this Act, there shall be charged for every assessment year commencing on and from the 1st day of April, 1993, 9 [but before the 1st day of April, 2016] wealth-tax in respect of the net wealth on the corresponding valuation date of every individual, Hindu undivided family and company, at the rate of one per cent of the amount by which the net wealth exceeds fifteen lakh rupees. ] 8 [Provided that in the case of every assessment year commencing on and from the 1st day of April, 2010, the provisions of this section shall have effect as if for the words fifteen lakh rupees , the words thirty lakh rupees had been substituted.] ************* Notes: 1. Section 3 renumbered as sub-section (1) of section 3 by the Finance Act, 1992, w.e.f. 1-4-1993. 2. Amendment introduced by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989, has become redundant in view of omission of provision relating to additional wealth-tax. 3. Substituted vide Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965., before it was read as:- financial year 4. Inserted vide Finance Act, 1992, w.e.f. 1-4-1993. 5. Levy of wealth-tax was withdrawn on companies by the Finance Act, 1960, w.e.f. 1-4-1960. However, levy of wealth-tax was revived in a limited way by section 40of the Finance Act, 1983, w.e.f. 1-4-1983. Section 40of the 1983 Act, was omitted by the Finance Act, 1992, w.e.f. 1-4-1993. 6. Substituted vide Finance Act, 1976, w.e.f. 1-4-1977., before it was read as:- the Schedule 7. Inserted vide Finance Act, 1992, w.e.f. 1-4-1993. 8. Inserted vide Finance (No.2) Act, 2009, w.e.f. 1-4-2009 9. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016