Reduction of prescribed rate in section 17B changes the rate applicable under Wealth-tax Act for specified subsections. Amendment substitutes the words prescribing one and one-fourth per cent. with the words prescribing one per cent. in section 17B of the Wealth-tax Act, ... Summary
Reduction of prescribed rate in section 17B changes the rate applicable under Wealth-tax Act for specified subsections.
Amendment substitutes the words prescribing one and one-fourth per cent. with the words prescribing one per cent. in section 17B of the Wealth-tax Act, 1957, specifically replacing the rate language in sub sections (1) and (3) to alter the statutory prescribed rate used for the levy under those sub sections.
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