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of <h1>New Wealth-Tax Rates for HUFs with Net Wealth Over Rs. 1 Lakh Effective from April 1, 1974.</h1> The circular addresses the application of a new rate schedule for ordinary wealth-tax concerning Hindu Undivided Families (HUFs) with members having independent net wealth exceeding Rs. 1 lakh, as per the Finance Act, 1973. Effective from April 1, 1974, these rates apply to the assessment year 1974-75 onwards. The Board highlights issues where these rates were not correctly applied and instructs assessing officers to ensure proper implementation and take necessary remedial measures for rectification.
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