Clause 101 - Charge of wealth-tax - Direct Taxes Code Bill, 2009

PART - D WEALTH-TAX CHAPTER - VIII CHARGE OF WEALTH-TAX Charge of wealth-tax 101. (1) Subject to the provisions of this Code, every individual, Hindu undivided family and private discretionary trust shall be liable to wealth-tax on the net wealth on the valuation date in the financial year at the rate specified in Paragraph D of The Second Schedule. (2) The liability to wealth-tax shall be discharged by payment of pre-paid taxes in accordance with the provisions of this Code. (3) Without prejudice to the foregoing and subject to the provisions of this Code, every individual, Hindu undivided family and private discretionary turst may be charged in respect of his liability to wealth-tax referred to in sub-section (1). (4) The wealth-tax charged under the foregoing provisions shall be collected after allowing credit for pre-paid taxes, if any, in accordance with the provisions of this Code.