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 ... Summary
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.
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