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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 1990 Amends Wealth-tax Act: New Sub-section 1B Allows Revised Returns to Adjust Tax Liabilities and Refunds.</h1> Section 16 of the Wealth-tax Act has been amended by the Finance Act, 1990, with changes effective from April 1, 1989. A new sub-section (1B) is added, allowing for the amendment of intimation or refund based on a revised return filed by an assessee. If the revised return results in a higher tax liability, the assessee will receive an amended intimation, which acts as a notice of demand. Conversely, if the revised return shows a reduced tax liability, any excess paid will be refunded. Additionally, adjustments in the revised return may lead to additional wealth-tax liability. Sub-section (4) is also amended to change the timeframe for certain actions.
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