3. Charge of wealth-tax .- [(1)] [Inserted by Act 18 of 1992, Section 89 (w.e.f. 1.4.1993). ][Subject to the other provisions (including provisions for the levy of additional wealth-tax) contained in this Act] [ Substituted by Act 4 of 1988, Section 129, for " Subject to the other provisions contained in this Act" (w.e.f. 1.4.1989).], there shall be charged for every [assessment year] [ Substituted by Act 46 of 1964, Section 3, for " Financial year" (w.e.f. 1.4.1965).] commencing on and from the first day of April, 1957 [but before the 1st day of April, 1993] [ Inserted by Act 18 of 1992, Section 90 (w.e.f. 1.4.1993).], 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 [at the rate or rates specified in Schedule I] [ Substituted by Act66 of 1976, Section 27, for " at the rate or rates specified in the Schedule" (w.e.f. 1.4.1977).].
(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, 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:] [ Inserted by Act 18 of 1992, Section 90 (w.e.f. 1.4.1993).][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.] [ Inserted by Act 33 of 2009, Section 83 (w.e.f. 1.4.2010).]
