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of <h1>Wealth Tax Act Section 18 Overhaul: Refined Penalty Mechanisms Streamline Tax Assessment Compliance and Enforcement</h1> The amendment modifies Section 18 of the Wealth-tax Act, introducing changes to penalty provisions for tax assessment. Key modifications include adjusting penalty amounts, establishing limitations on penalty orders, and specifying conditions for penalty imposition. The amendment provides clearer guidelines for assessing officers regarding penalty assessment, including monetary thresholds and procedural constraints for imposing penalties related to wealth tax returns and assessments.
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