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of <h1>Wealth-tax Act's Section 17B Amended: Tax Rate Reduced from 1.25% to 1% by 2003 Taxation Laws Amendment.</h1> Section 17B of the Wealth-tax Act, 1957, is amended by the Taxation Laws (Amendment) Act, 2003. The amendment involves changing the tax rate mentioned in sub-sections (1) and (3) from 'one and one-fourth per cent.' to 'one per cent.' This modification reduces the applicable tax rate under the specified sections of the Wealth-tax Act.
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