Wealth-tax rate reduction lowers the specified levy under Section 31, replacing the prior higher rate. Amendment revises the specified levy under the Wealth-tax Act by reducing the statutory rate applied in the relevant provision. The amendment substitutes the previously higher rate with a lower flat rate in subsection (2) and makes the identical substitution in the second proviso to that subsection, aligning both operative phrases to the new single rate.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Wealth-tax rate reduction lowers the specified levy under Section 31, replacing the prior higher rate.
Amendment revises the specified levy under the Wealth-tax Act by reducing the statutory rate applied in the relevant provision. The amendment substitutes the previously higher rate with a lower flat rate in subsection (2) and makes the identical substitution in the second proviso to that subsection, aligning both operative phrases to the new single rate.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
TaxTMI 
