61. Enhancement of the limit for payment of wealth tax
61.1 Under the existing provisions of section 3 of the Wealth-tax Act, wealth tax is charged every year in respect of net wealth, on the 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. This limit was fixed in 1992. With a view to providing for inflation-adjustment, the Wealth tax Act has been amended to raise the threshold limit for the payment of wealth tax from fifteen lakh rupees to thirty lakh rupees.
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