CHAPTER II
CHARGE OF WEALTH-TAX AND ASSETS SUBJECT TO SUCH CHARGE
Charge of wealth-tax
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3.
[(1)] [Subject to the other provisions contained in this Act], there shall be charged for every [assessment year] commencing on and from the first day of April, 1957 [but
before the first day of April, 1993], a tax (hereinafter referred to as
wealth-tax) in respect of the net wealth on the corresponding valuation
date of every individual, Hindu undivided family and company at the rate or rates specified in [Schedule I].
[(2) Subject to the other provisions contained in this
Act, there shall be charged for every assessment year commencing on and
from the 1st day of April, 1993, [but before the 1st day of April, 2016],
wealth-tax in respect of the net wealth on the corresponding valuation
date of every individual, Hindu undivided family and company, at the
rate of one per cent of the amount by which the net wealth exceeds
fifteen lakh rupees:]
[Provided that in the case of every assessment
year commencing on and from the 1st day of April, 2010, the provisions
of this section shall have effect as if for the words "fifteen lakh
rupees", the words "thirty lakh rupees" had been substituted.]