Amendment of Act 27 of 1957

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..... rt I of the Schedule, the following Part shall be substituted, namely :- PART I Paragraph A (a) In the case of every individual :- Rates of Tax (i) on the first rupees one lakh of net wealth ... Nil (ii) on the next rupees four lakhs of net wealth ... 0.5% (iii) on the next rupees five lakhs of net wealth 1.0% (iv) on the next rupees ten lakhs of net wealth 2.0% (v) on the balance of net wealth 2.5% (b) In the case of every Hindu undivided family :- (i) on the first rupees two lakhs of net wealth ... Nil (ii) on the next rupees three lakhs of net wealth ... 0.5% (iii) on the next rupees five lakhs of net wealth .. 1.0% (iv) on the next rupees ten lakhs of net wealth .. 2.0% (v) on the balance of net wealth .. 2.5% (c) In addition, in the ca .....

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..... lakhs . . . . Rs. 30,000 plus 4 % of the amount by which the total value of such assets as so determined exceeds rupees seventeen lakhs Explanation : For the purposes of this Part business premises means any building or land or part of such building or land, or any right in building or land or part thereof, owned by the assessee and used throughout the previous year for the purposes of his business or profession, and includes any building used for the purpose of residence of persons employed in the business or any building used for the welfare of such persons as a hospital, creche, school, canteen, library, recreational centre, shelter, rest-room or lunch-room. Paragraph B Rule 1 - The total value of assets for the purposes of clause (c) o .....

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..... in any area falling in Category C falls short of Rs. 3,00,000, or, in each case, an amount of Rs. 2,00,000, whichever is less. Rule 2 - For the purposes of this Part, all cities and towns in India, the population of which, including the population of the contiguous municipalities and cantonments according to the census held in the year 1961 - (i) exceeds sixteen lakhs shall be treated as falling in Category A; (ii) exceeds eight lakhs but does not exceed sixteen lakhs shall be treated as falling in Category B; (iii) exceeds four lakhs but does not exceed eight lakhs shall be treated as falling in Category C; and (iv) exceeds one lakh but does not exceed four lakhs shall be treated as falling in Category D.'. - statute, statutory prov .....

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