Wealth Tax Act, 1957

The wealth tax was replaced with an additional surcharge of 2 per cent on the super rich with a taxable income of over 1 crore annually.

[3] The valuation date was an important component in the calculation of the Wealth Tax.

The net wealth that an assessee possessed on the valuation date determined the amount of tax.

The valuation date was the day of 31 March immediately preceding the Assessment Year.

Wealth tax did not attract any Education Cess[clarification needed] or surcharge.