1[(1)] 2[Subject to the other provisions contained in this Act], there shall be charged for every 3[assessment year] commencing on and from the first day of April, 1957 4[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 5[at the rate or rates specified in Schedule I].
4[(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, 6[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:]
7[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.]
1Section 3 renumbered as sub-section (1) thereof by Act 18 of 1992, s. 90 (w.e.f. 1-4-1993).
2Amendment introduced by the Direct Tax Laws (Amendment) Act, 1987 (w.e.f. 1-4-1989), has become redundant in view of
omission of provision relating to additional wealth-tax.3Subs. by Act 46 of 1964, s. 3, for “financial year” (w.e.f. 1-4-1965).
4Ins. by Act 18 of 1992, s. 90 (w.e.f. 1-4-1993).
5Subs. by Act 66 of 1976, s. 27, for “at the rate or rates specified in the Schedule” (w.e.f. 1-4-1977).
6Ins. by Act 20 of 2015, s. 81 (w.e.f. 1-4-2016).
7Ins. by Act 33 of 2009, s. 83 (w.e.f. 1-4-2010).