Taxation laws amendment updates Income-tax and Wealth-tax legislation and prescribes commencement and applicability under the Amendment Act. Amends provisions of the Income tax Act, 1961 and the Wealth tax Act, 1957 by means of the Taxation Laws (Amendment) Act, 1978; the Act declares its short title and fixes a commencement date for when the amended provisions become operative, and records receipt of legislative assent and publication.