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of <h1>Wealth-tax Act 1957 Update: New Annuity Definition, Exemptions on Agricultural Land and Insurance, Revised Tax Rates</h1> The amendment to the Wealth-tax Act, 1957, effective from April 1, 1975, modifies several sections. It revises the definition of annuities in section 2, clause (e), and updates exemptions in section 5, including agricultural land and insurance policies. The Schedule's tax rates for individuals and Hindu undivided families are adjusted, with progressive rates based on net wealth brackets. The amendment also specifies conditions under which no wealth-tax is payable and caps the maximum tax at 10% of the excess over specified limits. These changes aim to refine wealth-tax calculations and exemptions.
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