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of <h1>Wealth-tax Act amended: Net wealth rounded to nearest hundred, tax amounts to nearest rupee per Sections 44C and 44D.</h1> The amendments to the Wealth-tax Act, 1957, introduced by the Taxation Laws (Amendment) Act, 1970, include new sections 44C and 44D. Section 44C mandates that net wealth be rounded to the nearest hundred rupees, adjusting up if the remainder is fifty rupees or more, and down if less. Section 44D requires the rounding of wealth-tax, interest, penalties, fines, or refunds to the nearest rupee, increasing amounts with fifty paise or more to one rupee and ignoring amounts less than fifty paise. These adjustments standardize financial calculations under the Act.
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