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<h1>Wealth-tax threshold increase reduces taxable base for individuals, HUFs and companies from specified assessment year.</h1> Amendment increases the Wealth-tax Act threshold so that wealth-tax at one percent is charged only on net wealth exceeding a higher prescribed threshold for individuals, Hindu undivided families and companies on the relevant valuation date; the change applies from the commencement of the specified assessment year and to subsequent years, narrowing the taxable base.