Wealth-tax rate structure revised for individuals and Hindu undivided families, with exemption and maximum levy capped. Amendment substitutes Part I of Schedule I to the Wealth-tax Act, 1957, revising the wealth-tax rate structure for individuals and Hindu undivided families by prescribing tiered bands with base amounts plus percentage charges on excess wealth, and preserving an exemption threshold together with an overall ceiling limiting tax payable to a fixed percentage of the amount by which net wealth exceeds that threshold.
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Provisions expressly mentioned in the judgment/order text.
Wealth-tax rate structure revised for individuals and Hindu undivided families, with exemption and maximum levy capped.
Amendment substitutes Part I of Schedule I to the Wealth-tax Act, 1957, revising the wealth-tax rate structure for individuals and Hindu undivided families by prescribing tiered bands with base amounts plus percentage charges on excess wealth, and preserving an exemption threshold together with an overall ceiling limiting tax payable to a fixed percentage of the amount by which net wealth exceeds that threshold.
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