Amendment of Act 27 of 1957

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....i) for Part I of the Schedule, the following Part shall be substituted, namely :- 'PART I Paragraph A (a) In the case of every individual :- Rates of Tax (i) on the first rupees one lakh of net wealth ... Nil (ii) on the next rupees four lakhs of net wealth ... 0.5% (iii) on the next rupees five lakhs of net wealth … 1.0% (iv) on the next rupees ten lakhs of net wealth … 2.0% (v) on the balance of net wealth … 2.5% (b) In the case of every Hindu undivided family :- (i) on the first rupees two lakhs of net wealth ... Nil (ii) on the next rupees three lakhs of net wealth ... 0.5% (iii) on the next rupees five lakhs of net wealth .. 1.0% (iv) on the next rupees ten lakhs of net wealth .. 2.0% (v) ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....alue of such assets as determined under paragraph B excees rupees seventeen lakhs . . . . Rs. 30,000 plus 4 % of the amount by which the total value of such assets as so determined exceeds rupees seventeen lakhs Explanation : For the purposes of this Part "business premises" means any building or land or part of such building or land, or any right in building or land or part thereof, owned by the assessee and used throughout the previous year for the purposes of his business or profession, and includes any building used for the purpose of residence of persons employed in the business or any building used for the welfare of such persons as a hospital, creche, school, canteen, library, recreational centre, shelter, rest-room or l....