RATES OF WEALTH-TAX
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[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 Nil;
(b) where the net wealth exceeds Rs. 2,50,000 but does
not exceed Rs. 10,00,000
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 exceeds Rs. 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 Nil;
(b) where the net wealth exceeds Rs. 1,50,000 but does
not exceed Rs. 5,00,000
1 per cent. of the amount by which the net wealth
exceeds Rs. 1,50,000;
(c) where the net wealth exceeds Rs. 5,00,000, but does
not exceed Rs. 10,00,000
Rs. 3,500 plus 2 per cent. of the amount by which
the net wealth exceeds Rs. 5,00,000;
(d) where the net wealth exceeds Rs. 10,00,000 Rs. 13,500 plus 3 per cent. of the amount by which
the net wealth exceeds Rs. 10,00,000.]
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[Surcharge on wealth-tax
The amount of wealth-tax computed in accordance with the provisions of this Part shall, in relation to
the assessment year commencing on the 1st day of April, 1988 be increased by surcharge calculated at the
rate of ten per cent of such wealth-tax.]
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