Section 148 - Amendment of section 31 - Direct Tax Laws (Amendment) Act, 1987

148. Amendment of section 31. In section 31 of the Wealth-tax Act,- (a) in sub-section (1) and the proviso to that sub-section. for the words thirty-five days . in the three places where they occur, the words thirty days shall be substituted; (b) in sub-section (2),- (i) for the words, brackets and figure fifteen per cent. per annum from the day commencing after the end of the period mentioned in sub-section (1) . the words, brackets and figure one and one-half per cent. for every month or part of a month comprised in the period commencing from the day immediately following the end of the period mentioned in sub-section (1) and ending with the day on which the amount is paid shall be substituted; (ii) in the proviso, after the words and figures or section 35 , the words, brackets, figures and letter or any order of the Wealth-tax Settlement Commission under sub-section (4) of section 22D shall be inserted; (iii) after the proviso, the following proviso shall be inserted, namely :- Provided further that in respect of any period commencing on or before the 31st day of March, 1989, and ending after that date, such interest shall, in respect of so much of such period as falls after that date, be calculated at the rate of one and one-half per cent. for every month or part of a month. .