Section 20 - Amendment of Act 27 of 1957 - Finance Act, 1973

Wealth-tax 20. Amendment of Act 27 of 1957 In the Schedule to the Wealth-tax Act, 1957, in Paragraph A of Part I, with effect from the 1st day of April, 1974, - (a) in item (1), for the words in the case of every individual or Hindu undivided family - , the words brackets, figure and letter in the case of every individual or Hindu undivided family, not being a Hindu undivided family to which item (1A) of this Paragraph applies - shall be substituted; (b) after item (1), the following item shall be inserted, namely :- (1A) In the case of every Hindu undivided family which has at least one member whose net wealth assessable for the assessment year exceeds Rs. 1,00,000 - Rates of Tax (a) where the net wealth does not exceed Rs. 5,00,000 2 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. 10,000 plus 3 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 Rs. 25,000 plus 8 per cent. of the amount by which the net wealth exceeds Rs. 10,00,000 : Provided that for the purposes of this item, - (i) no wealth-tax shall be payable where the net wealth does not exceed Rs. 2,00,000; (ii) the wealth-tax payable shall, in no case, exceed 10 per cent. of the amount by which the net wealth exceeds Rs. 2,00,000. .