9911796707
TMI BlogRATES OF WEALTH-TAXX X X X Extracts X X X X X X X X Extracts X X X X ..... ,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 plu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (a) where the net wealth does not exceed Rs. 2,50,000 ½ 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 amount by which the net wealth exceeds Rs. 5,00,000; (d) where the net wealth exceeds Rs. 10,00,000 but does not exceed Rs. 15,00,000 Rs. 13,750 plus 3 per cent of the amount by which the net wealth exceeds Rs. 10,00,000; (e) where the net wealth exceeds Rs. 15,00,000 Rs. 28,750 plus 5 per cent of the amount by which the net wealth exceeds Rs. 15,00,000 : Provide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2;% : 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 dividend on its equity capital in respect of that year, the rate of tax for the relevant year shall be nil. The loss referred to in the above proviso shall be computed in accordance with the provisions of Chapter IV of the Income-tax Act other than the provisions under the heads of Income "A - Salaries" and "E - Capital gains" thereof, but without deducting the allowances referred to in sub-section (2) of section 32, section 33 and section 34 of that Act or the allowance in respect of any losses brought forward from earlier years.' 6. Before omission, rules 1, 3, 4 and 5, read a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
