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of <h1>Wealth Tax Act Amendment: Clause (xx) Removed, Revised Tax Rates for Individuals & HUFs in Section 5, Rule 2 Updated</h1> The amendment to the Wealth Tax Act, 1957, involves the removal of clause (xx) from subsection (1) of section 5. It revises the tax rates in the Schedule, specifically Part I, setting different rates for individuals and Hindu undivided families. For individuals, the first two lakhs of net wealth are tax-free, with increasing rates up to 2.5% on wealth exceeding ten lakhs. For Hindu undivided families, the first four lakhs are tax-free, with similar incremental rates. Additionally, in Part II, Rule 2, the tax rate is increased from 2% to 2.5%.
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