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of <h1>Wealth-tax Act Amendment Reduces Payment Period to 30 Days and Changes Interest Calculation under Section 31</h1> The amendment to section 31 of the Wealth-tax Act reduces the time period from 'thirty-five days' to 'thirty days' in subsection (1). It modifies the interest calculation in subsection (2) from fifteen percent per annum to one and one-half percent for every month or part of a month for late payments. The amendment adds references to orders from the Wealth-tax Settlement Commission under section 22D(4) to the existing proviso. A new proviso specifies that for periods commencing on or before March 31, 1989 and ending after that date, interest for the portion after that date shall be calculated at one and one-half percent monthly.
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