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of <h1>Wealth Tax Act, 1957: Tax Rates for Individuals and HUFs Before April 1993, Including Surcharge Details</h1> The Wealth Tax Act, 1957, outlines the rates of wealth tax applicable to individuals and Hindu undivided families (HUFs) before April 1, 1993. For individuals and HUFs, no tax is levied on net wealth up to Rs. 2,50,000. Tax rates increase progressively from 0.5% to 2% for wealth exceeding Rs. 2,50,000. For HUFs with a member having net wealth over Rs. 2,50,000, no tax applies up to Rs. 1,50,000, with rates rising from 1% to 3% above this threshold. A 10% surcharge was applicable for the assessment year starting April 1, 1988. Subsequent amendments and omissions were made by the Finance Act, 1992.
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