Chapter II
Charge of wealth-tax and assets subject to such charge
Charge of wealth-tax.
3. 55[(1)] 56[Subject to the other provisions contained in this Act], there shall be charged for every 57[assessment year] commencing on and from the first day of April, 1957 58[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 59 at the rate or rates specified in 60[Schedule I].
61[(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, 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.]
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