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of <h1>Finance Act 1970 Amends Wealth-tax Act 1957: New Asset Exemptions, Revised Rates, Urban Tax Rules, Commissioner Jurisdiction Updated.</h1> The amendment to the Wealth-tax Act, 1957, introduced by the Finance Act of 1970, modifies several provisions effective from April 1, 1969, and April 1, 1971. Key changes include adjustments to asset definitions and exemptions, particularly concerning Jammu and Kashmir, and the introduction of new clauses for asset exemptions, such as residential properties and agricultural buildings. The amendment also revises tax rates based on net wealth for individuals and Hindu undivided families, introduces urban asset taxation rules, and clarifies the jurisdiction of Commissioners. Additionally, it specifies conditions for wealth-tax on indeterminate or unknown beneficiary assets and modifies the tax schedule.
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