Wealth-tax Act : Charge of wealth tax. Indian Bare Acts :

Wealth-tax Act,1957

Act No : 27

Section : Charge of wealth tax.

3. Charge of wealth tax. Subject to the other provisions contained in this Act, there shall be charged for every 2*[assessment year] commencing on and from the first day of April, 1957, 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 at the rate or rates specified in the Schedule.