Section 33 - Amendment of Section 18 - Finance (No. 2) Act, 1971

33. Amendment of Section 18 In section 18 of the Wealth-tax Act, with effect from the 1st day of April, 1972, - (a) in clause (i) of sub-section (1), for sub-clauses (A) and (B), the following sub-clauses shall be substituted, namely :- (A) the net wealth assessed under section 16 as reduced by the amount specified in sub-section (1A), or (B) the net wealth assessed under section 17, where assessment has been made under that section, as reduced by - (1) the net wealth, if any, assessed previously under section 16 or section 17, or (2) the amount specified in sub-section (1A), whichever is greater, ; (b) after sub-section (1), the following sub-section shall be inserted, namely :- (1A) The amount referred to in sub-clause (A) and sub-clause (B)(2) of clause (i) of sub-section (1) shall be, - (a) in the case of an individual, Rs. 1,00,000; (b) in the case of a Hindu undivided family, Rs. 2,00,000; and (c) in the case of a company, Rs. 5,00,000. .