Wealth tax threshold increase raises exemption limit under section 2 clause (ea)(i)(1), affecting taxable wealth. The amendment substitutes a higher monetary limit in section 2, clause (ea), sub clause (i), item (1) of the Wealth tax Act, thereby increasing the statutory exemption threshold for determining taxable wealth; the substitution takes effect from the start of the relevant fiscal year and alters the benchmark for liability under the Wealth tax law.
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The amendment substitutes a higher monetary limit in section 2, clause (ea), sub clause (i), item (1) of the Wealth tax Act, thereby increasing the statutory exemption threshold for determining taxable wealth; the substitution takes effect from the start of the relevant fiscal year and alters the benchmark for liability under the Wealth tax law.
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