TMI BlogRATES OF WEALTH-TAXX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d amended by the Finance (No. 2) Act, 1980, w.e.f. 1-4-1980. Prior to its substitution by the Finance Act, 1985, Part I, it stood as under: " 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 per cent of the net wealth; ( b ) where the net wealth exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000 Rs. 1,250 plus 1 per cent of the amount by which the net wealth exceeds Rs. 2,50,000; ( c ) where the net wealth exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 3,750 plus 2 per cent of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 10,00,000 : Provided that for the purposes of this item, ( i ) no wealth-tax shall be payable where the net wealth does not exceed Rs.1,50,000; ( ii ) the wealth-tax payable shall, in no case, exceed 5 per cent of the amount by which the net wealth exceeds Rs. 1,50,000." 4. Inserted by the Finance Act, 1988, w.e.f. 1-4-1988. 5. Before omission, Part II read as under : 'PART II In the case of every company, ( i ) on the first rupees five lakhs of net wealth Nil , ( ii ) on the balance of net wealth % : Provided that in the case of a company which has incurred a net loss in any year computed in the manner hereinafter provided and which has not declared any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dia, the wealth-tax payable by the assessee in respect of any assessment year shall be reduced by an amount which bears to the amount of tax that would have been payable by the assessee if the rates of tax had been reduced to one-half of the rates specified in this Schedule the same proportion as the value of the assets located outside India as reduced by the debts located outside India bears to the net wealth of the assessee. Rule 5 - Where the profits of a company in respect of any year, before deducting any of the allowances referred to in the second paragraph of the proviso to Part II, are less than the amount of wealth-tax payable by it in respect of the relevant assessment year, the wealth-tax payable by the company for such asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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