{"act":{"id":"finance-act-1962","short_title":"The Finance Act, 1962","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 1962-1963.","act_number":"20","act_year":1962,"enact_date":"1962-06-22","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":16,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-1962/"},"unit":"section","section":{"number":"12","heading":"Amendment of Act 27 of 1957","text":"Amendment of Act 27 of 1957 12. In the Wealth-tax Act, 1957,- (1) clause (xx) of sub-section (1) of section 5 shall be omitted; (2) in the Schedule, for Part I, the following Part shall be substituted, namely: - \"PART I Rate of tax (a) In the case of every individual: - (i) on the first rupees two lakhs of net wealth .. | Nil (ii) on the next rupees eight lakhs of net wealth .. | 1 % (iii) on the next rupees ten lakhs of net wealth .. | 1.75% (iv) on the balance of net wealths .. | 2.5% (b) In the case of every Hindu undivided family: - (i) on the first rupees four lakhs of net wealth .. | Nil (ii) on the next rupees seven lakhs of net wealth .. | 1% (iii) on the next rupees ten lakhs of net wealth .. | 1.75% (iv) on the balance of net wealth.. | 2.5%\" (3) in the Schedule, Part II, in Rule 2, for the figure and words \"2 per cent.\", the figures and words \"2.5 per cent.\" shall be substituted. [Finance (No. 2) Act, 1962] © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><strong>Amendment of Act 27 of 1957</strong></p><p>12. In the Wealth-tax Act, 1957,-</p><p>(<i>1</i>) clause (<i>xx</i>) of sub-section (<i>1</i>) of section 5 shall be omitted;</p><p>(<i>2</i>) in the Schedule, for Part I, the following Part shall be substituted, namely: -</p><p>\"PART I</p><p>Rate of tax</p><p>(<i>a</i>) In the case of every individual: -</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>) on the first rupees two lakhs of net wealth ..</td><td><i>Nil</i></td></tr><tr><td>(<i>ii</i>) on the next rupees eight lakhs of net wealth ..</td><td>1 %</td></tr><tr><td>(<i>iii</i>) on the next rupees ten lakhs of net wealth ..</td><td>1.75%</td></tr><tr><td>(<i>iv</i>) on the balance of net wealths ..</td><td>2.5%</td></tr></table></div><p>(<i>b</i>) In the case of every Hindu undivided family: -</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>) on the first rupees four lakhs of net wealth ..</td><td><i>Nil</i></td></tr><tr><td>(<i>ii</i>) on the next rupees seven lakhs of net wealth ..</td><td>1%</td></tr><tr><td>(<i>iii</i>) on the next rupees ten lakhs of net wealth ..</td><td>1.75%</td></tr><tr><td>(<i>iv</i>) on the balance of net wealth..</td><td>2.5%\"</td></tr></table></div><p>(<i>3</i>) in the Schedule, Part II, in Rule 2, for the figure and words \"2 per cent.\", the figures and words \"2.5 per cent.\" shall be substituted.</p><p>[Finance (No. 2) Act, 1962]</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":198,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1962/section/12/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}