Wealth-tax threshold increase reduces taxable base for individuals, HUFs and companies from specified assessment year. Amendment increases the Wealth-tax Act threshold so that wealth-tax at one percent is charged only on net wealth exceeding a higher prescribed threshold for individuals, Hindu undivided families and companies on the relevant valuation date; the change applies from the commencement of the specified assessment year and to subsequent years, narrowing the taxable base.
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Provisions expressly mentioned in the judgment/order text.
Wealth-tax threshold increase reduces taxable base for individuals, HUFs and companies from specified assessment year.
Amendment increases the Wealth-tax Act threshold so that wealth-tax at one percent is charged only on net wealth exceeding a higher prescribed threshold for individuals, Hindu undivided families and companies on the relevant valuation date; the change applies from the commencement of the specified assessment year and to subsequent years, narrowing the taxable base.
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