Charge of wealth-tax
Section 3 of the Wealth-tax Act, 1957 deals with charge of wealth-tax. ] [Subject to the other provisions contained in this Act], there shall be charged for every [assessment year] commencing on and from the first day of April, [but before the first day of April, 1993], a tax (hereinafter referred to as wealth-tax) in respect of the net wealth on the corresponding valu The Act came into force on 01 Apr 1957.
[(1)] [Subject to the other provisions contained in this Act], there shall be charged for every [assessment year] commencing on and from the first day of April, 1957 [but before the first day of April, 1993], a tax (hereinafter referred to as wealth-tax) in respect of the net wealth on the corresponding valuation date of every individual, Hindu undivided family and company [at the rate or rates specified in Schedule I]. [(2) Subject to the other provisions contained in this Act, there shall be charged for every assessment year commencing on and from the 1st day of April, 1993, [but before the 1st day of April, 2016], wealth- tax in respect of the net wealth on the corresponding valuation date of every individual, Hindu undivided family and company, at the rate of one per cent. of the amount by which the net wealth exceeds fifteen lakh rupees:] [Provided that in the case of every assessment year commencing on and from the 1st day of April, 2010, the provisions of this section shall have effect as if for the words “fifteen lakh rupees”, the words “thirty lakh rupees” had been substituted.]
Section 3, The Wealth-tax Act, 1957 (Act 27 of 1957).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Referred to by 5
Questions about Section 3
What does Section 3 of the Wealth-tax Act deal with?
Section 3 of the Wealth-tax Act is headed "Charge of wealth-tax". ] [Subject to the other provisions contained in this Act], there shall be charged for every [assessment year] commencing on and from the first day of April, [but before the first day of April, 1993], a tax (hereinafter referred to as wealth-tax) in respect of the net wealth on the corresponding valu
How do I find court cases under Section 3 of the Wealth-tax 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: Wealth Tax Act 3, section 3 Wealth Tax Act, section 3 of the Wealth-tax 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 3 of the Wealth-tax Act, and has it changed?
5 other provisions in this corpus refer back to it.
When did Section 3 of the Wealth-tax Act come into force?
Section 3 of the Wealth-tax Act, cited as Wealth Tax Act 3, came into force on 01 Apr 1957, having been enacted on 12 Sep 1957. It is in force as at the date shown on this page.
Other sections of this Act
- 37A. Power of search and seizure2438 words
- 2. Definitions2369 words
- 4. Net wealth to include certain assets1796 words
- 18. Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc1680 words
- 22D. Procedure on receipt of an application under section 22C1492 words
- 21. Assessment when assets are held by courts of wards, administrators-general, etc1354 words
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. Recovered from the consolidated text published by India Code on the Act's own item (3fd2ecf9-23b2-4ae9-b5fe-a23fd3c0080f). India Code lists this Act but publishes no sections for it, so there was nothing to harvest, only a document to read. This page is not a substitute for legal advice.