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<h1>Wealth-tax charge withdrawn for assessment years commencing on or after the Finance Bill's notified effective date.</h1> The Bill amends section 3(2) of the Wealth-tax Act, 1957 to confine the one per cent. charge on taxable net wealth for individuals, Hindu undivided families and companies to the period 'from the 1st day of April, 1993' but before the 1st day of April, 2016, and provides that wealth-tax shall not be charged for the assessment year commencing on or after the effective date, applying to that assessment year and subsequent years.
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