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<h1>Wealth-tax Act Amendment: Section 31 Interest Rate Changes and New Waiver Provision for Genuine Hardship Cases</h1> The amendment to section 31 of the Wealth-tax Act, 1957, effective from October 1, 1984, modifies sub-section (2) by changing the interest rate from twelve to fifteen percent. Additionally, a new sub-section (2A) is introduced, allowing the Board to reduce or waive interest payments if recommended by the Commissioner. This waiver is contingent upon the Board's satisfaction that the payment would cause genuine hardship, the default was due to uncontrollable circumstances, and the assessee has cooperated in inquiries related to assessment or recovery proceedings.