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The Following Schedule.
"In the case of every individual, Hindu undivided family,
firm, association of persons or body of individuals, whether incorporated or not, and a
company:-
(1) On that portion of net wealth which comprises "agricultural assets":-
| (i) |
on the first Rs. 500,000 of net wealth |
0.5% |
| (ii) |
on the next Rs. 500,000 of net wealth |
1% |
| (iii) |
on the next Rs. 500,000 of net wealth |
1.5% |
| (iv) |
on the next Rs. 500,000 of net wealth |
2% |
| (v) |
on the balance net wealth |
2.5% |
(2) On that portion of net wealth which comprises assets other than agricultural
assets:-
| (i) |
on the first Rs. 500,000 of net wealth |
0.5% |
| (ii) |
on the next Rs. 500,000 of net wealth |
1% |
| (iii) |
on the next Rs. 500,000 of net wealth |
1.5% |
| (iv) |
on the next Rs. 500,000 of net wealth |
2% |
| (v) |
on the balance net wealth |
2.5% |
Provided that-
(a) no tax shall be payable by an assessee on that portion of his net wealth to which this
sub-paragraph applies and which does not exceed Rs. 1,000,000;
(b) if any assessee avails of an option under clause
(12) of Part I of the Second Schedule to have
one house owned and occupied for the purposes of his own residence excluded from his
assets, proviso (a) to this sub-paragraph shall not apply;
(c) the tax
payable by an assessee shall be set off against unadjusted capital value tax paid by him,
if any, during the year ending on the valuation date relevant to the assessment year to
which the tax payable relates and in the two years immediately succeeding that year. ; and
shall be substituted by Ordinance
No. XXII Dated 17th December 1999.
