Section Text
In the Wealth-tax Act, for Part I of Schedule I, the following Part shall be substituted with effect from the 1st day of April, 1986, namely :-
"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, -
RATES OF TAX
| (a) | where the net wealth does not | Nil; |
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| exceed Rs. 2,50,000 |
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| (b) | where the net wealth exceeds | 1/2 per cent. of the amount |
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| Rs. 2,50,000 but does not | by which the net wealth |
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| exceed Rs. 10,00,000 | exceeds Rs. 2,50,000; |
| (c) | where the net wealth exceeds | Rs. 3,750 plus 1 per cent. Of |
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| Rs. 10,00,000 but does not | the amount by which the net |
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| exceed Rs. 20,00,000 | wealth exceeds Rs. 10,00,000; |
| (d) | where the net wealth exceeds | Rs. 13,750 plus 2 per cent. Of |
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| Rs. 20,00,000 | the amount by which the net |
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| 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, -
RATES OF TAX
| (a) | where the net wealth does not | Nil; |
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| exceed Rs. 1,50,000 |
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| (b) | where the net wealth exceeds | 1 per cent. of the amount by |
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| Rs. 1,50,000 but does not | which the net wealth |
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| exceed Rs. 5,00,000 | exceeds Rs. 1,50,000; |
| (c) | where the net wealth exceeds | Rs. 3,500 plus 2 per cent. Of |
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| Rs. 5,00,000 but does not | the amount by which the net |
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| exceed Rs. 10,00,000 | wealth exceeds Rs. 5,00,000; |
| (d) | where the net wealth exceeds | Rs. 13,500 plus 3 per cent. |
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| Rs. 10,00,000 | of the amount by which the |
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| net wealth exceeds Rs. 10,00,000.". |