https://www.taxtmi.com/acts?id=50412 Amendments revise asset treatment and exemptions under the Wealth-tax Act: annuity exclusions narrowed; agricultural land explicitly exempt as belonging to the assessee; dwelling-house proviso limited to store or livestock use; life insurance policies with premiums payable for less than ten years receive a prorated non-inclusion based on the proportion of ten years; clause cross-references adjusted. The Schedule replaces rates and creates progressive net-wealth bands with minimum non-liability thresholds for individuals and Hindu undivided families and a statutory cap on tax payable above those thresholds. en-us Mon, 24 Mar 2025 17:57:44 +0530 Mon, 24 Mar 2025 17:57:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=50412 Amendments revise asset treatment and exemptions under the Wealth-tax Act: annuity exclusions narrowed; agricultural land explicitly exempt as belonging to the assessee; dwelling-house proviso limited to store or livestock use; life insurance policies with premiums payable for less than ten years receive a prorated non-inclusion based on the proportion of ten years; clause cross-references adjusted. The Schedule replaces rates and creates progressive net-wealth bands with minimum non-liability thresholds for individuals and Hindu undivided families and a statutory cap on tax payable above those thresholds. Act-Rules F. Acts / Amendment Acts Mon, 24 Mar 2025 17:57:44 +0530 https://www.taxtmi.com/acts?id=50412