(1) Notwithstanding any judgement, decree or order of any Court, subject to the provisions of this Act, there shall be levied and collected for every year commencing :-
[(a) in relation to the municipal corporations referred to in clause (a) of sub-section (3) of section 1, on the 1 April 1974 ; and
(b) in relation to a municipal corporation referred to in clause (b) of sub-section (3) of section 1, on the 1 April of the year in which the notification under the said clause (b) is issued, a tax on all buildings or parts thereof situated in Corporation areas, containing any residential premises :-]
[(i)] if, situated in Greater Bombay area, the floorage of such premises is more than 125 square metres and the rateable value thereof is more than rupees one thousand and five hundred ;
[(ii)] if, situated in other Corporation area, the floorage of such premises is more than 150 square metres and the rateable value thereof is more than rupees one thousand and five hundred.
(2) No tax shall be leviable in respect of any residential premises, if situated in Greater Bombay, where the floorage is 125 square metres or less or the rateable value thereof is rupees one thousand and five hundred or less, and, if situated in any other Corporation area, where the floorage is 150 square metres or less or the rateable value thereof is rupees one thousand and five hundred or less.
(3) The tax shall be levied and collected in respect of taxable residential premises, on the basis of the rateable value, at the rates set out in column 2 of the Schedule, in the areas set out in column 1 thereof.