8. The following amendments shall be made in the Wealth Tax Act, 1963 (XV of 1963), namely:- (1) throughout the Act, for the words “rupee” or “rupees” the word “Taka” shall be substituted; (2) in section 14A the existing provision shall be renumbered as sub-section (1) and after sub-section (1) renumbered as aforesaid, the following new sub-section shall be added, namely:- “(2) If any person has, without reasonable cause, failed to pay the tax under sub-section (1), he shall be deemed to be an assessee in default.”; (3) in section 27,- (a) throughout the section, except in sub-section (7), for the words “High Court” the words “High Court Division” shall be substituted; and (b) for sub-section (7) the following shall be substituted, namely:- “(7) Where the amount of any assessment is reduced as a result of any reference to the High Court Division, the amount, if any, overpaid as wealth-tax shall be refunded with such interest as the Commissioner may allow, unless the High Court Division, on intimation given by the Commissioner within thirty days of the receipt of the result of such reference that he intends to ask for leave to appeal to the Appellate Division, makes an order authorising the Commissioner to postpone payment of such refund until the disposal of the appeal by the Appellate Division.”; (4) In section 28,- (a) for the words “a case has been stated” the words “an application has been made” shall be substituted and shall be deemed to have been so substituted on and from the first day of July, 1971; and (b) for the words “High Court” the words “High Court Division” shall be substituted; (5) after section 28, the following new section shall be inserted, namely:- “29. Appeal to Appellate Division.- (1) Appeal shall lie to the Appellate Division from any judgment of the High Court Division delivered on a case referred to under section 27 in any case which the High Court Division certifies as a fit case for appeal to the Appellate Division. (2) Where the judgment of the High Court Division is varied or reversed on appeal under this section, effect shall be given to the order of the Appellate Division in the manner provided in sub-section (6) of section 27. (3) The High Court Division may, on application made to it for the execution of any order of the Appellate Division in respect of any costs awarded by it, transmit the order for execution to any Court subordinate to the Supreme Court.”; (6) section 31B shall be omitted; (7) section 31C shall be omitted; (8) for the Schedule the following shall be substituted, namely:-

ÔÇ£THE SCHEDULE	┬á
(See Section 3)	 
 	 
RATES OF WEALTH-TAX	 
1.     On the first Taka two lakhs of net wealth, or where an assessee, being a person owning and occupying a house for purposes of his own residence, exercises the option to have the value of such house being excluded from his assets, on the first Taka one lakh of net wealth	Nil
2.     On the next Taka two lakhs of net wealth ..  	1%
3.     On the next Taka five lakhs of net wealth ..  	2%
4.     On the next Taka five lakhs of net wealth ..  	3%
5.     On the next Taka five lakhs of net wealth ..  	3› %
6.     On the next Taka five lakhs of net wealth ..  	4%
7.     On the next Taka five lakhs of net wealth ..  	4›%
8.     On the next Taka five lakhs of net wealth ..  	5%
9. ┬á┬á┬á On the balance of net wealth ..┬á┬á	6% .ÔÇØ