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<h1>Individuals and trusts must pay wealth-tax on net wealth by valuation date; rates in Second Schedule apply.</h1> Every individual, Hindu undivided family, and private discretionary trust is liable to pay wealth-tax on their net wealth as of the valuation date within the financial year, at rates specified in the Second Schedule. This liability is fulfilled through pre-paid taxes as per the Code's provisions. The wealth-tax is collected after accounting for any pre-paid taxes, ensuring compliance with the Code's stipulations.