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of <h1>Wealth Tax Act: 1% wealth tax on net wealth over 15 lakh from 1993, raised to 30 lakh in 2010.</h1> The Wealth Tax Act, 1957, mandates a wealth tax on the net wealth of individuals, Hindu undivided families, and companies for assessment years starting from April 1, 1957, to April 1, 1993, as per specified rates in Schedule I. From April 1, 1993, to April 1, 2016, a 1% tax is levied on net wealth exceeding fifteen lakh rupees, later amended to thirty lakh rupees from April 1, 2010. The provisions have undergone various amendments affecting the applicability and rates of wealth tax over the years.
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