Section 36 - Amendment of Schedule - Finance (No. 2) Act, 1971

36. Amendment of Schedule In the Schedule to the Wealth-tax Act, with effect from the 1st day of April, 1972, in Part I - (a) in Paragraph A, - (i) for items (1) and (2), the following item shall be substituted, namely :- RATE OF TAX (1) In the case of every individual or Hindu undivided family- (a) where the net wealth does not exceed Rs. 5,00,000 1 per cent. of the net wealth; (b) where the net wealth exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 5,000 plus 2 per cent. of the amount by which the net wealth exceeds Rs. 5,00,000; (c) where the net wealth exceeds Rs. 10,00,000 but does not exceed Rs. 15,00,000 Rs. 15,000 plus 3 per cent. of the amount by which the net wealth exceeds Rs. 10,00,000; (d) where the net wealth exceeds Rs. 15,00,000. Rs. 30,000 plus 8 per cent. of the amount by which the net wealth exceeds Rs. 15,00,000 : Provided that for the purposes of this item, - (i) no wealth-tax shall be payable where the net wealth does not exceed the following limit, namely :- (A) Rs. 1,00,000, in the case of an individual; (B) Rs. 2,00,000, in the case of a Hindu undivided family; (ii) the wealth-tax payable shall, in no case, exceed 10 per cent. of the amount by which the net wealth exceeds the limit specified in sub-clause (A) or, as the case may be, sub-clause (B) of clause (i) of this proviso. ; (ii) item (3) shall be re-numbered as item (2); (b) in Paragraph B, for the word, brackets and figure item (3) , wherever they occur, the word, brackets and figure item (2) shall be substituted.