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of <h1>Wealth-tax Act amendment revises tax rates for individuals, Hindu undivided families; effective April 1, 1972.</h1> The amendment to the Wealth-tax Act, effective April 1, 1972, revises the tax rates for individuals and Hindu undivided families. For net wealth up to Rs. 5,00,000, the tax rate is 1%. For wealth between Rs. 5,00,000 and Rs. 10,00,000, the tax is Rs. 5,000 plus 2% of the excess over Rs. 5,00,000. For wealth between Rs. 10,00,000 and Rs. 15,00,000, the tax is Rs. 15,000 plus 3% of the excess over Rs. 10,00,000. For wealth exceeding Rs. 15,00,000, the tax is Rs. 30,000 plus 8% of the excess. No tax is payable if net wealth is below Rs. 1,00,000 for individuals and Rs. 2,00,000 for Hindu undivided families, with a maximum tax cap of 10% over these limits. Item (3) in the schedule is renumbered as item (2).
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