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        F. Acts / Amendment Acts

        Section 26 - Amendment of Schedule I

        Finance Act, 1979
        WEALTH-TAX

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        Wealth-tax rates revised to a graduated schedule with exemption threshold and a capped maximum liability. Substitution of Part I of Schedule I (effective 1 April 1980) establishes a two-track graduated wealth-tax regime for individuals and HUFs, with progressively higher marginal rates by net-wealth band, a specified exemption threshold below which no tax is payable, and a statutory cap limiting wealth-tax payable to a stated maximum percentage of the excess over that threshold.
                          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 to a graduated schedule with exemption threshold and a capped maximum liability.

                                Substitution of Part I of Schedule I (effective 1 April 1980) establishes a two-track graduated wealth-tax regime for individuals and HUFs, with progressively higher marginal rates by net-wealth band, a specified exemption threshold below which no tax is payable, and a statutory cap limiting wealth-tax payable to a stated maximum percentage of the excess over that threshold.


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