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of <h1>Wealth Tax Act Amendment Clarifies Asset Valuation Methodology Under Section 16A with Enhanced Interpretive Guidance</h1> The amendment modifies section 16A of the Wealth-tax Act, 1957 by inserting additional language in subsection (1). The new text clarifies that when determining market value of assets for assessment purposes, the provisions of section 7 and related rules in Schedule III shall be considered. This amendment provides more specific guidance for valuation of assets under the wealth tax framework.
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