The Wealth-Tax Act, 1957Central Act · Act 27 of 1957
CHAPTER II
CHARGE OF WEALTH-TAX AND ASSETS SUBJECT TO SUCH CHARGE
Charge of wealth-tax.
[(1)] [Subject to the other provisions contained in this Act], there shall be charged for every [assessment year] commencing on and from the first day of April, 1957 [but before the first day of April, 1993], a tax (hereinafter referred to as wealth-tax) in respect of the net wealth on the corresponding valuation date of every individual, Hindu undivided family and company at the rate or rates specified in [Schedule I].
[(2) Subject to the other provisions contained in this Act, there shall be charged for every assessment year commencing on and from the 1st day of April, 1993[but before the 1st day of April, 2016], wealth-tax in respect of the net wealth on the corresponding valuation date of every individual, Hindu undivided family and company, at the rate of one per cent of the amount by which the net wealth exceeds fifteen lakh rupees:]
[Provided that in the case of every assessment year commencing on and from the 1st day of April, 2010, the provisions of this section shall have effect as if for the words "fifteen lakh rupees", the words "thirty lakh rupees" had been substituted.]
Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.
substituted. Section 3 renumbered as sub-section (1) of section 3 by the Finance Act, 1992, w.e.f. 1-4-1993.
other. Amendment introduced by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989, has become redundant in view of omission of provision relating to additional wealth-tax.
substituted. Substituted for "financial year" by the Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965.
inserted. Inserted by the Finance Act, 1992, w.e.f. 1-4-1993.
omitted. Levy of wealth-tax was withdrawn on companies by the Finance Act, 1960, w.e.f. 1-4-1960. However, levy of wealth-tax was revived in a limited way by section 40 of the Finance Act, 1983, w.e.f. 1-4-1983. Section 40 of the 1983 Act was omitted by the Finance Act, 1992, w.e.f. 1-4-1993.
substituted. Substituted for "the Schedule" by the Finance Act, 1976, w.e.f. 1-4-1977.
inserted. Inserted by the Finance Act, 1992, w.e.f. 1-4-1993.
inserted. 64a. Inserted by the Finance (No. 2) Act, 2009, w.e.f. 1-4-2010.
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