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Section26
The Finance Act, 1979

Amendment of Schedule I

In force Act 21 of 1979 As on 17 Oct 2026

Act 21 of 1979 Ministry Finance Enacted 10 May 1979

Section 26 of the Finance Act, 1979 deals with amendment of Schedule I. 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 The Act was enacted on 10 May 1979.

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. 2,50,0001/2 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 3 per cent, of the amount by which the net wealth exceeds 10,00,000;
(e) where the net wealth exceeds Rs. 15,00,000Rs. 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. 2,50,0001 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 3 per cent, of the amount by which the net wealth exceeds Rs. 5,00,000 ;
(d) where the net wealth exceeds Rs. 10,00,000Rs. 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]

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Section 26, The Finance Act, 1979 (Act 21 of 1979).

Questions about Section 26

What does Section 26 of the Finance Act deal with?

Section 26 of the Finance Act is headed "Amendment of Schedule I". 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

How do I find court cases under Section 26 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 1979 26, section 26 Finance Act 1979, section 26 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

When was Section 26 of the Finance Act enacted?

Section 26 of the Finance Act, cited as Finance Act 1979 26, was enacted on 10 May 1979 as Act 21 of 1979. 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.