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<h1>Wealth-tax Act Amends Section 34C: Clarifies Proceedings for Net Wealth Assessment and Adjusts Time Limits for Settlements.</h1> In the Wealth-tax Act, section 34C is amended to include an explanation in sub-section (1) clarifying that proceedings under sub-section (5) of section 37A are considered as proceedings for assessing net wealth, including any wealth that has escaped assessment. Additionally, in sub-section (2), a new proviso is added to exclude the period from the application for settlement under section 22C to the issuance of an order under section 22D(1) from the time limits specified in the preceding proviso.