# The Finance Act, 1971, Section 36: Amendment of Sixth Schedule

- Act: The Finance Act, 1971 (Act 32 of 1971)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1971/section/36/

## Text

Amendment of Schedule. 36. In the Schedule to the Wealth-tax Act, with effect from the 1st day of April, 1972, in Part I— (a) in Paragraph A,— (i) for items (1) and (2), the following item shall be substituted, namely: — Rate of tax "(1) In the case of every individual or Hindu undivided family— (a) where the net wealth does not exceed Rs. 5,00,000 | 1 per cent of the net wealth; (b) where the net wealth exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 | Rs.5,000 plus 2 per cent of the amount by which the net wealth exceeds Rs. 5,00,000; (c) where the net wealth exceeds Rs. 10,00,000 but does not exceed Rs. 15,00,000 | Rs. 15,000 plus 3 per cent of the amount by which the net wealth exceeds Rs. 10,00,000; (d) where the net wealth exceeds Rs. 15,00,000 | Rs. 30,000 pluS 8 per cent, of the amount by which the net wealth exceeds Rs. 15,00,000: Provided that for the purposes of this item,-— (i) no wealth-tax shall be payable where the net wealth does not exceed the following limit, namely:— (A) Rs. 1,00,000, in the case of an individual; (B) Rs. 2,00,000, in the case of a Hindu undivided family; (ii) the wealth-tax payable shall, in no case, exceed 10 per cent of the amount by which the net wealth exceeds the limit specified in sub-clause (A) or, as the case may be, sub-clause (B) of clause (i) of this proviso."; (ii) item (3) shall be re-numbered as item (2); (b) in Paragraph B, for the word, brackets and figure "item (3)", wherever they occur, the word, brackets and figure "item (2)" shall be substituted. [Finance (No. 2) Act, 1971] © Copyright. Taxmann Publications Pvt. Ltd.

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