# The Finance Act, 1962, Section 12: Amendment of Act 27 of 1957

- Act: The Finance Act, 1962 (Act 20 of 1962)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1962/section/12/

## 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.

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Published by eCourtsIndia together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957.