# The Finance Act, 1979, Section 26: Amendment of Schedule I

- Act: The Finance Act, 1979 (Act 21 of 1979)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1979/section/26/

## Text

Amendment of Schedule I. 26. In the Wealth-tax Act, for Part I of Schedule I, the following Part shall be substituted with effect from the 1st day of April, 1980, 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. 2,50,000 | 1/2 per cent, of the net wealth ; (b) where the net wealth exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000 | Rs. 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. 10,00,000 | Rs, 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. 15,00,000 | Rs. 13,750 plus 3 per cent, of the amount by which the net wealth exceeds 10,00,000; (e) where the net wealth exceeds Rs. 15,00,000 | Rs. 28,750 plus 5 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. 2,50,000 | 1 1/2 per cent. of the net wealth ; (b) where the net wealth exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000 | Rs, 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. 10,00,000 | Rs. 8,750 plus 3 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 | Rs. 23,750 plus 5 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 Act, 1979] © Copyright. Taxmann Publications Pvt. Ltd.

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