# The Finance Act, 1985, Section 40: Amendment of Schedule l

- Act: The Finance Act, 1985 (Act 32 of 1985)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1985/section/40/

## Text

Amendment of Schedule l. 40. 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, 1986, namely:— "PART I (1) In the caste 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 | Nil; (b) where the net wealth exceeds Rs. 2,50,000 but does not exceed Rs. 10,00,000 | 1/2 per cent. of the amount by which the net wealth exceeds Rs. 2,50,000; (c) where the net wealth exceeds Rs. 10,00,000 but does not exceed Rs. 20,00,000 | Rs. 3.750 plus 1 per cent. of the amount by which the net wealth exceeds Rs. 10,00,000; (d) where the net wealth exceeds Rs. 20,00,000 | Rs. 13,750 plus 2 per cent. of the amount by which the net wealth ex ceeds Rs. 20,00,000. (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. 2,50,000— Rate of tax (a) where the net wealth does not exceed Rs. 1,50,000 | Nil; (b) where the net wealth exceeds Rs. 1,50,000 but - does not exceed Rs. 5,00,000 | 1 per cent. of the amount by which the net wealth exceeds Rs. 1,50,000: (c) where the net wealth exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 | Rs. 3,500 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 | Rs. 13,500 plus 3 per cent. of the amount by which the net wealth exceeds Rs. 10,00,000.", [Finance Act, 1985] © Copyright. Taxmann Publications Pvt. Ltd.

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