Wealth tax charge on net wealth: threshold-based liability and rate changes affect taxpayers' obligations post-1993 framework. Wealth-tax is charged on the net wealth of individuals, Hindu undivided families and companies on the corresponding valuation date for each assessment year. Prior to 1 April 1993 the tax was charged at rates in Schedule I; for assessment years from 1 April 1993 (before 1 April 2016) a one per cent rate applied to net wealth exceeding the statutory threshold, with that threshold increased by amendment effective 1 April 2010.