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Section36
The Finance Act, 1971

Amendment of Sixth Schedule

In force Act 32 of 1971 As on 18 Oct 2026

Act 32 of 1971 Ministry Finance Enacted 10 Aug 1971 Cited by 3 provisions

Section 36 of the Finance Act, 1971 deals with amendment of Sixth Schedule. 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) The Act was enacted on 10 Aug 1971.

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. 5,00,0001 per cent of the net wealth;
(b) where the net wealth exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000Rs.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. 15,00,000Rs. 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. 15,00,000Rs. 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.

Section 36, The Finance Act, 1971 (Act 32 of 1971).

Cross-references

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

Referred to by 3

  1. s. 8 Amendment of section 36
  2. s. 10 Amendment of section 40A
  3. s. 17 Amendment of section 80L

Questions about Section 36

What does Section 36 of the Finance Act deal with?

Section 36 of the Finance Act is headed "Amendment of Sixth Schedule". 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)

How do I find court cases under Section 36 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 1971 36, section 36 Finance Act 1971, section 36 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 36 of the Finance Act, and has it changed?

3 other provisions in this corpus refer back to it.

When was Section 36 of the Finance Act enacted?

Section 36 of the Finance Act, cited as Finance Act 1971 36, was enacted on 10 Aug 1971 as Act 32 of 1971. 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.