.-(1) If any difficulty arises in giving effect to the provisions of this Act as amended by the Direct Tax Laws (Amendment) Act, 1987, the Central Government may by order, do anything not inconsistent with such provisions for the purpose of removing the difficulty:

Provided that no such order shall be made after the expiration of three years from the 1st day of April, 1988.

(2)

Every order made under sub-section (1) shall be laid before each House of Parliament.]

[SCHEDULE I] [Schedule renumbered as Schedule I thereof by Act 66 of 1976, Section 27 (w.e.f. 1.4.1977).]

[See section 3(1)] [Substituted by Act 18 of 1992, Section 100, for " see section 3" (w.e.f. 1.4.1993).]

RATES OF WEALTH-TAX

[PART I [Substituted by Act 32 of 1985, Section 40 (w.e.f. 1.4.1986). ]

(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 20,00,000

Rs.

13,750 plus 2 per cent . of Rs. 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 10,00,000

Rs.

13,500 plus 3 per cent of the amount by which the net wealth exceeds Rs.

10,00,000.

]

[Surcharge on wealth-tax] [Inserted by Act 26 of 1988, Section 66 (w.e.f. 1.4.1988). ]

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 a surcharge calculated at the rate of ten per cent. of such wealth-tax.

[***] [Part II omitted by Act 18 of 1992, Section 100 (w.e.f. 1.4.1993). ]

[***] [Rules 1,3,4 and 5 omitted by Act 18 of 1992, Section 100 (w.e.f. 1.4.1993). ]

[***] [Omitted by Act 19 of 1970, Section 26 (w.re.f. 1.4.1993). ]

[***] [Rules 1,3,4 and 5 omitted by Act 18 of 1992, Section 100 (w.e.f. 1.4.1993). ]

[***] [Schedule II omitted by Act 18 of 1992, Section 101 (w.e.f. 1.4.1993). ]

[SCHEDULE III ] [Inserted by Act 3 of 1989, Section 78 (w.e.f. 1.4.1989). ]

[See section 7(1)]

RULES FOR DETERMINING THE VALUE OF ASSETS