The Wealth-Tax Act, 1957Central Act · Act 27 of 1957
SCHEDULE [I]
[[See section 3(1)]]
RATES OF WEALTH-TAX
[PART I
(1) In the case of every individual or Hindu undivided family, not being a Hindu undivided family, to which item (2) of this Part applies,—
Rate of tax
(2) In the case of every Hindu undivided family which has at least one member whose net wealth assessable for the assessment year exceeds Rs. 2,50,000,—
Rate of tax
[Surcharge on wealth-tax
The amount of wealth-tax computed in accordance with the provisions of this Part shall, in relation to the assessment year commencing on the 1st day of April, 1988 be increased by surcharge calculated at the rate of ten per cent of such wealth-tax.]
PART II
[Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]
Rule 1 -[Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]
Rule 2 - [Omitted by the Finance Act, 1970, w.r.e.f. 1-4-1969.]
Rule 3 -[Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]
Rule 4 -[Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]
Rule 5 - [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]
Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.
inserted. Inserted by the Finance Act, 1976, w.e.f. 1-4-1977.
substituted. Substituted for "[See section 3]" by the Finance Act,1992, w.e.f. 1-4-1993.
substituted. Substituted by the Finance Act, 1985, w.e.f. 1-4-1986. Earlier, Part I was substituted by the Finance Acts, 1964, 1976, 1977, 1979 and amended by the Finance (No. 2) Act, 1980, w.e.f. 1-4-1980. Prior to its substitution by the Finance Act, 1985, Part I, it stood as under: "PART I (1) In the case of every individual or Hindu undivided family, not being a Hindu undivided family to which item (2) of…
inserted. Inserted by the Finance Act, 1988, w.e.f. 1-4-1988.
substituted. Prior to omission, Part II read as under : 'PART II In the case of every company,— (i) on the first rupees five lakhs of net wealth Nil, (ii) on the balance of net wealth ½% : Provided that in the case of a company which has incurred a net loss in any year computed in the manner hereinafter provided and which has not declared any dividend on its equity capital in respect of that year, the rate of…
substituted. Prior to omission, rules 1, 3, 4 and 5, read as under, respectively : "Rule 1 - Where the net wealth of an assessee includes the value of any asset on which wealth-tax is not payable under sub-section (2) of section 5, the amount of tax payable by the assessee shall be an amount bearing to the total amount of wealth-tax which would have been payable on the net wealth had no property been exempt t…
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