Section 12 - Amendment of act 27 of 1957 - Finance (No. 2) Act, 1962

12. Amendment of act 27 of 1957 In the Wealth tax Act, 1957, (1) clause (xx) of sub section (1) of section 5 shall be omitted; (2) in the Schedule, for Part I, the following Part shall be substituted, namely : PART I RATE OF TAX (a) In the case of every individual :- (i) on the first rupees two lakhs of net wealth .. Nil (ii) on the next rupees eight lakhs of net wealth.. 1% (iii) on the next rupees ten lakhs of net wealth.. 1.75% (iv) on the balance of net wealth.. 2.5% (b) In the case of every Hindu undivided family :- (i) on the first rupees four lakhs of net wealth.. Nil (ii) on the next rupees seven lakhs of net wealth.. 1% (iii) on the next rupees ten lakhs of net wealth.. 1.75% (iv) on the balance of net wealth.. 2.5% ; (3) In the Schedule, Part II, in Rule 2, for the figures and words 2 per cent. , the figures and words 2.5 per cent. shall be substituted.