Section 47. Power to remove difficulties

1[ 47. Power to remove difficulties.— (1) If any difficulty arises in giving effect to the provisions of this Act as amended by the Direct Tax Laws (Amendment) Act, 1987, the Central Government may, by order, do anything not inconsistent with such provisions for the purpose of removing the difficulty: Provided that no such order shall be made after the expiration of three years from the 1st day of April, 1988. (2) Every order made under sub-section (1) shall be laid before each House of Parliament.] 1. Ins. by Act 4 of 1988, s. 159 (w.e.f. 1-4-1988). 1[ SCHEDULE I ] 2[[ See section 3(1)]] RATES OF WEALTH-TAX 3[ PART I (1) In the case of every individual or Hindu undivided family, not being a Hindu undivided family, to which item (2) of this Part applies,— Rate of tax - (a) where the net wealth does not exceed Rs. 2,50,000 Nil; - (b) where the net wealth exceeds Rs. 2,50,000 but does ½ per cent. of the amount by which the net wealth not exceed Rs. 10,00,000 exceeds Rs. 2,50,000; - (c) where the net wealth exceeds Rs 10,00,000 but does Rs. 3,750 plus 1 per cent. of the amount by which not exceed Rs. 20,00,000 the net wealth exceeds Rs. 10,00,000; - (d) where the net wealth exceeds Rs. 20,00,000 Rs. 13,750 plus 2 per cent. of the amount by which the net wealth exceeds Rs. 20,00,000. (2) In the case of every Hindu undivided family which has at least one member whose net wealth assessable for the assessment year exceeds Rs. 2,50,000,— Rate of tax - (a) where the net wealth does not exceed Rs. 1,50,000 Nil; - (b) where the net wealth exceeds Rs. 1,50,000 but does 1 per cent. of the amount by which the net wealth not exceed Rs. 5,00,000 exceeds Rs. 1,50,000; - (c) where the net wealth exceeds Rs. 5,00,000, but does Rs. 3,500 plus 2 per cent. of the amount by which not exceed Rs. 10,00,000 the net wealth exceeds Rs. 5,00,000; - (d) where the net wealth exceeds Rs. 10,00,000 Rs. 13,500 plus 3 per cent. of the amount by which the net wealth exceeds Rs. 10,00,000.] 4[ Surcharge on wealth-tax The amount of wealth-tax computed in accordance with the provisions of this Part shall, in relation to the assessment year commencing on the 1st day of April, 1988 be increased by surcharge calculated at the rate of ten per cent of such wealth-tax.] 5 * * * * * 6* * * * * 7* * * * * 8* * * * * 9* * * * *