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SCHEDULE
I
[See
section 3(1)]
RATES
OF WEALTH-TAX
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
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(a)
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where
the net wealth does not exceed Rs. 2,50,000
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Nil;
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(b)
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where
the net wealth exceeds Rs. 2,50,000 but does not exceed Rs.
10,00,000
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½
per cent of the amount by which the net wealth exceeds Rs. 2,50,000;
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(c)
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where
the net wealth exceeds Rs 10,00,000 but does not exceed Rs.
20,00,000
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Rs.
3,750 plus 1 per cent of the amount by which the net wealth exceeds
Rs. 10,00,000;
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(d)
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where
the net wealth exceedsRs. 20,00,000
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Rs.
13,750 plus 2 per cent of the amount by which the net wealth exceeds
Rs. 20,00,000.
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(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
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(a)
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where
the net wealth does not exceed Rs. 1,50,000
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Nil;
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(b)
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where
the net wealth exceeds Rs. 1,50,000 but does not exceedRs. 5,00,000
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1
per cent of the amount by which the net wealth exceeds Rs. 1,50,000;
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(c)
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where
the net wealth exceeds Rs. 5,00,000, but does not exceedRs. 10,00,000
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Rs.
3,500 plus 2 per cent of the amount by which the net wealth exceeds
Rs. 5,00,000;
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(d)
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where
the net wealth exceeds Rs. 10,00,000
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Rs.
13,500 plus 3 per cent of the amount by which the net wealth exceeds
Rs. 10,00,000.
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Surcharge
on wealth-tax
The
amount of wealth-tax computed in accordance with the provisions of this Part
shall, in relation to the assessment year commencing on the 1st day of April,
1988 be increased by surcharge calculated at the rate of ten per cent of such
wealth-tax.
PART
II
[Omitted
by the Finance Act, 1992, w.e.f. 1-4-1993.]
Rule
1 - [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]
Rule
2 - [Omitted by the Finance Act, 1970, w.r.e.f. 1-4-1969.]
Rule
3 - [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]
Rule
4 - [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]
Rule
5 - [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.]
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