Wealth-tax
Amendment of Act 27 of 1957.
79. In section 3 of the Wealth-tax Act, 1957, in sub-section (2), with effect from the 1st day of April, 2016, after the words, figures and letters “from the 1st day of April, 1993”, the words, figures and letters “but before the 1st day of April, 2016” shall be inserted.
Notes on Clauses:
Clause 79 of the Bill seeks to amend section 3 of the Wealth tax Act relating to charge of wealth-tax.
The existing provisions contained in sub-section (2) of the aforesaid section provides that wealth-tax in respect of net wealth of every individual, Hindu undivided family and company is charged at the rate of one per cent. of the amount of taxable net wealth for the assessment year commencing on 1st day of April, 1993 and subsequent assessment years.
It is proposed to amend the said sub-section (2) so as to provide that wealth-tax shall not be charged in respect of assessment year commencing on or after 1st day of April, 2016.
This amendment will take effect from 1st April, 2016 and will, accordingly, apply in relation to the assessment year 2016-17 and subsequent years.
