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Section 3 – The Wealth-Tax Act, 1957

The Wealth-Tax Act, 1957

 

 

3. Charge of wealth-tax. —

 

 

1[(1)] 2 [Subject to the other provisions (including provisions for the levy of additional wealth-tax) contained in this Act], there shall be charged for every 3[assessment year] commencing on and from the first day of April, 1957 4[but before the 1st day of April, 1993], a tax (hereinafter referred to as wealth-tax) in respect of the net wealth on the corresponding valuation date of every individual, Hindu undivided family and company 5[at the rate or rates specified in Schedule I].

 

6[(2) Subject to the other provisions contained in this Act, there shall be charged for every assessment year commencing on and from the 1st day of April, 1993, wealth-tax in respect of the net wealth on the corresponding valuation date of every individual, Hindu undivided family and company, at the rate of one per cent. of the amount by which the net wealth exceeds fifteen lakh rupees.]

 

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1. Section 3 renumbered as sub-section (1) thereof by Act 18 of 1992, sec. 90 (w.e.f. 1-4-1993).

 

2. Subs. by Act 4 of 1988, sec. 129, for “Subject to the other provisions contained in this Act” (w.e.f. 1-4-1989).

 

3. Subs. by Act 46 of 1964, sec. 3, for “Financial year” (w.e.f. 1-4-1965).

 

4. Ins. by Act 18 of 1992, sec. 90(a) (w.e.f. 1-4-1993).

 

5. Subs. by Act 66 of 1976, sec. 27(1), for “at the rate or rates specified in the schedule” (w.e.f. 1-4-1977).

 

6. Ins. by Act 18 of 1992, sec. 90(b) (w.e.f. 1-4-1993).

 

 

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The Wealth-Tax Act, 1957

 

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