Wealth tax rate revision updates slab structure and raises a scheduled percentage rate under the Wealth Tax Act. The amendment omits clause (xx) of sub section (1) of section 5 of the Wealth Tax Act, 1957; substitutes Part I of the Schedule with a revised slab structure prescribing nil and progressive percentage rates for specified wealth bands for individuals and Hindu undivided families; and replaces the figures and words '2 per cent.' with '2.5 per cent.' in Schedule Part II Rule 2.
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Wealth tax rate revision updates slab structure and raises a scheduled percentage rate under the Wealth Tax Act.
The amendment omits clause (xx) of sub section (1) of section 5 of the Wealth Tax Act, 1957; substitutes Part I of the Schedule with a revised slab structure prescribing nil and progressive percentage rates for specified wealth bands for individuals and Hindu undivided families; and replaces the figures and words "2 per cent." with "2.5 per cent." in Schedule Part II Rule 2.
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