Wealth Tax Act: 1% Tax on Net Wealth Over Rs. 30 Lakhs as per Section 3
The Wealth Tax Act imposes a wealth tax at a rate of 1% on net wealth exceeding Rs. 30 Lakhs. Section 3 of the Act outlines the charge of wealth tax. The tax is applicable only on the amount by which an individual's net wealth surpasses the basic exemption limit of Rs. 30 Lakhs. This information is typically found in manuals, ready reckoners, and reference guides related to wealth tax law and procedure.
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