30[[See section 3(1)]]
RATES
OF WEALTH-TAX
31[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
|
Nil;
|
|
(b)
|
where
the net wealth exceeds Rs. 2,50,000
but does not exceed Rs.
10,00,000
|
½ 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 exceedsRs. 20,00,000
|
Rs.
13,750 plus 2 per cent of the
amount by which the net wealth exceeds 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 exceedRs.
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 exceedRs.
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.]
|
32[Surcharge
on wealth-tax
The amount of wealth-tax
computed in accordance with the provisions of this Part shall, in relation to
the assessment year commencing on the 1st day of April, 1988 be increased by
surcharge calculated at the rate of ten per cent of such wealth-tax.]
PART II
33[Omitted
by the Finance Act, 1992, w.e.f. 1-4-1993.]
Rule
1 - 34[Omitted
by the Finance Act, 1992, w.e.f. 1-4-1993.]
Rule
2 - [Omitted by the Finance
Act, 1970, w.r.e.f. 1-4-1969.]
Rule
3 - 34[Omitted
by the Finance Act, 1992, w.e.f. 1-4-1993.]
Rule
4 - 34[Omitted
by the Finance Act, 1992, w.e.f. 1-4-1993.]
Rule
5 - 34[Omitted
by the Finance Act, 1992, w.e.f. 1-4-1993.]
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