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of <h1>Tax Law Overhaul: Section 16 Amendments Reshape Wealth Assessment Procedures and Taxpayer Notification Protocols</h1> Amendments to the Wealth-Tax Act, 1957 modify section 16 with effect from April 1, 1989. Changes include requirements for intimating assessees after adjustments, modifications to assessment procedures, and provisions for handling tax payments and refunds during regular assessments. The amendments clarify procedural aspects of tax assessment, introducing new guidelines for serving notices, making adjustments, and managing tax liabilities under specific circumstances.
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