Amendment of Act 27 of 1957

Section 20 of the Finance Act, 1973 deals with amendment of Act 27 of 1957. Wealth-tax Amendment of Act 27 of 1957 20. The Act was enacted on 11 May 1973.

Wealth-tax

Amendment of Act 27 of 1957

20. In the Schedule to the Wealth-tax Act, 1957, in Paragraph A of Part I, with effect from the 1st day of April, 1974,—

(a) in item (1), for the words "In the case of every individual or Hindu undivided family—", the words, brackets, figure and letter "In the case of every individual or Hindu undivided family, not being a Hindu undivided family to which item (1A) of this Paragraph applies—" shall be substituted;

(b) after item (1), the following item shall be inserted, namely:—

“(1A) In the case of every Hindu undivided family which has at least one member whose net wealth assessable for the assessment year exceeds Rs. 1,00,000—

Rate of tax
(a)	where the net wealth does, not exceed Rs. 5,00,000	2 per cent, of the net wealth;
(b)	where the net wealth exceeds Rs. 5,00,000 but does not exceed Rs, 1.0,00,000	Rs. 10,000 plus 3 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	Rs. 25,000 plus 8 per cent, of the amount by which the net wealth exceeds Rs. 10,00,000:

Provided that for the purposes of this item,—

(i) no wealth-tax shall be payable where the wealth does not exceed Rs. 2,00,000;

(ii) the wealth-tax payable shall, in no case, exceed 10 per cent, of the amount by which the net wealth exceeds Rs. 2,00,000.”.

[Finance Act, 1973]

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Section 20, The Finance Act, 1973 (Act 21 of 1973).