# The Finance Act, 1971, Section 33: Amendment of section 18

- Act: The Finance Act, 1971 (Act 32 of 1971)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1971/section/33/

## Text

Amendment of section 18. 33. In section 18 of the Wealth-tax Act, with effect from the 1st day of April, 1972 — (a) in clause (i) of sub-section (1), for sub-clauses (A) and (B), the following sub-clauses shall be substituted, namely:— " (A) the net wealth assessed under section 16 as reduced by the amount specified in sub-section (1A), or (B) the net wealth assessed under section 17, where assessment has been made under that section, as reduced by— (1) the net wealth, if any, assessed previously under section 16 or section 17, or (2) the amount specified in sub-section (1A), whichever is greater,"; (b) after sub-section (1), the following sub-section shall be inserted, namely: — "(1A) The amount referred to in sub-clause (A) and sub-clause (B) (2) of clause (i) of sub-section (1) shall be,— (a) in the case of an individual, Rs. 1,00,000; (b) in the case of a Hindu undivided family, Rs. 2,00,000; and (c) in the case of a company, Rs. 5,00,000.". [Finance (No. 2) Act, 1971] © Copyright. Taxmann Publications Pvt. Ltd.

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