Amendment of act 27 of 1957

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..... y occur, the words "two hundred thousand rupees" shall be substituted; (2) after clause (xxv), the following clause shall be inserted, namely :- "(xxva) any deposits under such National Deposit Scheme as may be framed by the Central Government and notified by it in this behalf in the Official Gazette;"; (3) after clause (xxvii), the following clause shall be inserted, nam .....

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..... n clause (xxva), wealth-tax shall not be payable by the assessee in respect of, and there shall not be included in the net wealth of the assessee, so much of the value of such assets as has not been excluded from the net wealth of the assessee under this sub-section; so, however, that the value of the assets excluded under this proviso shall not exceed thirty-five thousand rupees : Provided also .....

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..... ial to the revenue :", the following shall be substituted, namely :- "(i) any part of such property or any income of such trust [whether derived from such property or from voluntary contributions referred to in sub-clause (iia) of clause (24) of section 2 of the Income-tax Act] is used or applied, directly or indirectly, for the benefit of any person referred to in sub-section (3) of s .....

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..... ty were held by an individual who is a citizen of India an resident in India for the purposes of this Act, but without excluding the value of any asset under sub-section (1) of section 5, and at the maximum marginal rate :"; (2) after the second proviso, the following proviso shall be inserted, namely :- Provided also that, - (a) in the case of any association referred to in clause (21) .....

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..... to in clause (22) or clause (22A) or clause (23B) or clause (23C) of section 10 of the Income-tax Act, the provisions of clauses (i) to (iii) shall not apply.'; (3) in the Explanation after clause (a), the following clause shall be inserted, namely :- '(aa) "maximum marginal rate" means the rate of wealth-tax applicable in relation to the highest slab of wealth in the case of .....

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