Wealth-tax rates revised for individuals and HUFs, with graduated slabs, exemption floors and a cap on payable tax. Amendment revises the Wealth-tax schedule to prescribe a consolidated graduated rate structure for individuals and Hindu undivided families, establishes exemption floors below which no wealth-tax is payable for each taxpayer class, and caps wealth-tax liability by reference to a percentage of the excess over the applicable exemption floor; it also substitutes and renumbers schedule items and updates cross-references accordingly.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Wealth-tax rates revised for individuals and HUFs, with graduated slabs, exemption floors and a cap on payable tax.
Amendment revises the Wealth-tax schedule to prescribe a consolidated graduated rate structure for individuals and Hindu undivided families, establishes exemption floors below which no wealth-tax is payable for each taxpayer class, and caps wealth-tax liability by reference to a percentage of the excess over the applicable exemption floor; it also substitutes and renumbers schedule items and updates cross-references accordingly.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.