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Section12
The Finance Act, 1962

Amendment of Act 27 of 1957

In force Act 20 of 1962 As on 14 Oct 2026

Act 20 of 1962 Ministry Finance Enacted 22 Jun 1962

Section 12 of the Finance Act, 1962 deals with amendment of Act 27 of 1957. 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; The Act was enacted on 22 Jun 1962.

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.

Section 12, The Finance Act, 1962 (Act 20 of 1962).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. s. 5 Substitution of new sections for sections 70 and 71

Questions about Section 12

What does Section 12 of the Finance Act deal with?

Section 12 of the Finance Act is headed "Amendment of Act 27 of 1957". 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;

How do I find court cases under Section 12 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1962 12, section 12 Finance Act 1962, section 12 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 12 of the Finance Act, and has it changed?

Its own text turns on section 5 (Substitution of new sections for sections 70 and 71), so none of them can safely be read on its own.

When was Section 12 of the Finance Act enacted?

Section 12 of the Finance Act, cited as Finance Act 1962 12, was enacted on 22 Jun 1962 as Act 20 of 1962. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.