Wealth-tax rate adjustment reduces prescribed rates for specified sub-sections and revises levy computation under the statute.

Amendments to Section 34A of the Wealth-tax Act, effective 1 June 2001, substitute the rate in sub section (3) from fifteen per cent to nine per cent and substitute the rate in sub section (4B)(a) from one per cent to three-fourth per cent, thereby altering the percentage figures used for computation under those clauses.

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