Central Government Act
Section 3 in The Wealth- Tax Act, 1957
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.