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of <h1>Wealth-tax Act Section 18 Amended: New Deductions for Individuals, Hindu Families, and Companies Effective April 1, 1972.</h1> Section 18 of the Wealth-tax Act is amended effective April 1, 1972. In sub-section (1), clause (i), sub-clauses (A) and (B) are revised to address net wealth assessment under sections 16 and 17, factoring in reductions specified in sub-section (1A). A new sub-section (1A) is introduced, detailing the amounts to be deducted: Rs. 1,00,000 for individuals, Rs. 2,00,000 for Hindu undivided families, and Rs. 5,00,000 for companies.
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