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of <h1>Tax Intimation Time Limits Extended: 2-Year Window for Assessments and 20% Additional Levy on Undisclosed Wealth</h1> The amendment modifies section 16 of the Wealth-tax Act, introducing time limitations for tax intimations and additional tax provisions. It establishes a two-year limitation for sending tax intimations from the end of the assessment year. The amendment also introduces a 20% additional wealth-tax on excess net wealth discovered during assessments, with provisions for adjusting refunds and serving demand notices based on subsequent changes in assessed wealth.
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