RATES OF WEALTH-TAX

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....p;  ½  per cent of the amount by which the net wealth exceeds Rs. 2,50,000; (c) where the  net wealth exceeds Rs  10,00,000 but does not exceed Rs. 20,00,000      Rs. 3,750 plus  1 per cent of the amount by which the net wealth exceeds Rs. 10,00,000; (d) where the net wealth exceedsRs. 20,00,000     Rs. 13,750 plus  2 per cent of the amount by which the net wealth exceeds Rs. 20,00,000. (2) In the case of every Hindu undivided family which has at least one member whose net wealth assessable for the assessment year exceeds Rs. 2,50,000,- Rate of tax (a) where the net wealth does not exceed Rs. 1,50,000     ....

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....See section 3]" 3. Substituted vide Finance Act, 1985, w.e.f. 1-4-1986. Earlier, Part I was substituted by the Finance Acts, 1964, 1976, 1977, 1979 and amended by the Finance (No. 2) Act, 1980, w.e.f. 1-4-1980. Prior to its substitution by the Finance Act, 1985, Part I, it stood as under: "PART I (1) In the case of every individual or Hindu undivided family, not being a Hindu undivided family to which item (2) of this Part applies- Rate of tax (a) where the net wealth does not exceed Rs. 2,50,000 ½ per cent of the net wealth; (b) where the net wealth exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000 Rs. 1,250 plus 1 per cent of the amount by which the net wealth exceeds Rs. 2,50,000; (c) where ....

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....he net wealth exceeds Rs. 10,00,000 : Provided that for the purposes of this item,-   (i)  no wealth-tax shall be payable where the net wealth does not exceed Rs.1,50,000;  (ii)  the wealth-tax payable shall, in no case, exceed 5 per cent of the amount by which the net wealth exceeds Rs. 1,50,000." 4. Inserted by the Finance Act, 1988, w.e.f. 1-4-1988. 5. Before omission, Part II read as under : 'PART II In the case of every company,-   (i) on the first rupees five lakhs of net wealth Nil,  (ii) on the balance of net wealth ½% : Provided that in the case of a company which has incurred a net loss in any year computed in the manner hereinafter provided and which has not....