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Section30
The Finance Act, 1977

Amendment of Act 27 of 1957

In force Act 11 of 1977 As on 06 Oct 2026

Act 11 of 1977 Ministry Finance Enacted 06 Aug 1977 Cited by 2 provisions

Section 30 of the Finance Act, 1977 deals with amendment of Act 27 of 1957. Wealth-tax Amendment of Act 27 of 1957 30. The Act was enacted on 06 Aug 1977.

Wealth-tax

Amendment of Act 27 of 1957

30. In the Wealth-tax Act, 1957, for Part I of Schedule I [being the Part as substituted, with effect from the 1st day of April, 1977, by sub- clause (a) of clause (6) of section 27 of the Finance Act, 1976 (66 of 1976)], the following Part shall be substituted, namely:—

"PART I

(1) In the case of every individual or hindu undivided family, not being a hindu undivided family to which item (2) of this Part applies,—

Rate of tax

(a) where the net wealth does not exceed Rs. 2,50,0001/2 per cent of the net wealth;
(b) where the net wealth exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000Rs. 1,250 plus 1 per cent of the amount by which the net wealth exceeds Rs. 2,50,000;
(c) where the net wealth exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000Rs. 3,750 plus 2 per cent of the amount by which the net wealth exceeds Rs. 5,00,000;
(d) where the net wealth exceeds Rs. 10,00,000 but does not exceed Rs. 15,00,000Rs. 13,750 plus 2 1/2 per cent of the amount by which the net wealth exceeds Rs. 10,00,000;
(e) where the net wealth exceeds Rs. 15,00,000Rs. 26,250 plus 3 1/2 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 Rs. 1,00,000;

(ii) the wealth-tax payable shall, in no case, exceed 5 per cent of the amount by which the net wealth exceeds Rs. 1,00,000.

(2) 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. 2,50,000l 1/2 per cent of the net wealth;
(b) where the net wealth exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000Rs. 3,750 plus 2 per cent of the amount by which the net wealth exceeds Rs. 2,50,000;
(c) where the net wealth exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000Rs. 8,750 plus 2 1/2 per cent of the amount by which the net wealth exceeds Rs. 5,00,000;
(d) where the net wealth exceeds Rs. 10,00,000Rs. 21,250 plus 3 1/2 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 net wealth does not exceed Rs. 1,00,000;

(ii) the wealth-tax payable shall, in no case, exceed 5 per cent of the amount by which the net wealth exceeds Rs. 1,00,000.".

[Finance (No.

2) Act, 1977]

© Copyright. Taxmann Publications Pvt. Ltd.

Section 30, The Finance Act, 1977 (Act 11 of 1977).

Cross-references

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

This section refers to

  1. Finance Act s. 27 Amendment of Act 27 of 1957

Referred to by 2

  1. s. 1 Short title and commencement
  2. s. First Schedule First Schedule

Questions about Section 30

What does Section 30 of the Finance Act deal with?

Section 30 of the Finance Act is headed "Amendment of Act 27 of 1957". Wealth-tax Amendment of Act 27 of 1957 30.

How do I find court cases under Section 30 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 1977 30, section 30 Finance Act 1977, section 30 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 30 of the Finance Act, and has it changed?

Its own text turns on Finance Act 27 (Amendment of Act 27 of 1957), so none of them can safely be read on its own. 2 other provisions in this corpus refer back to it.

When was Section 30 of the Finance Act enacted?

Section 30 of the Finance Act, cited as Finance Act 1977 30, was enacted on 06 Aug 1977 as Act 11 of 1977. 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.