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<h1>Finance Act 2008 amends Wealth-tax Act: New proviso in Section 17A extends assessment period to minimum one year.</h1> Section 17A of the Wealth-tax Act has been amended by the Finance Act, 2008. A new proviso is added to Explanation 1, effective from June 1, 2007. It states that if a proceeding before the Settlement Commission abates under section 22HA, the limitation period for the Assessing Officer to make an assessment or reassessment order shall be at least one year. If the remaining period is less than one year, it is extended to one year.