Clause 112 - Tax on net wealth - Direct Taxes Code, 2010

WEALTH-TAX CHAPTER X CHARGE OF WEALTH-TAX Tax on net wealth. 112. (1) Subject to the provisions of this Code, every person, other than a non-profit organisation, shall be liable to pay wealth-tax on the net wealth on the valuation date of a financial year. (2) The wealth-tax shall be charged in respect of the net wealth referred to in subsection (1), on the valuation date of a financial year at the rate specified in Paragraph E of the Second Schedule in the manner provided therein. (3) The liability to wealth-tax shall be discharged by payment of pre-paid taxes in accordance with the provisions of this Code. (4) The wealth-tax charged under this section shall be collected after allowing credit for pre-paid taxes, if any, in accordance with the provisions of this Code.