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of <h1>Finance Act 1973 amends Wealth-tax Act 1957: New rates for Hindu undivided families with net wealth over Rs. 1,00,000.</h1> The Finance Act of 1973 amends the Wealth-tax Act of 1957, effective April 1, 1974. It modifies Paragraph A of Part I in the Schedule by replacing the existing wording in item (1) to exclude certain Hindu undivided families (HUFs). It introduces item (1A) for HUFs with a member whose net wealth exceeds Rs. 1,00,000. The amendment specifies tax rates: 2% for net wealth up to Rs. 5,00,000, Rs. 10,000 plus 3% for wealth between Rs. 5,00,000 and Rs. 10,00,000, and Rs. 25,000 plus 8% for wealth over Rs. 10,00,000. No tax is due if net wealth is under Rs. 2,00,000, and tax cannot exceed 10% of wealth over Rs. 2,00,000.
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