Chapter II
Charge of wealth-tax and assets
subject to such charge
Charge of wealth-tax.
3. 55[(1)] 56[Subject to the other provisions contained in this
Act], there shall be charged for every 57[assessment year] commencing
on and from the first day of April, 1957 58[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 59 at the rate or rates
specified in 60[Schedule I].
61[(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, 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.]