This option allows you to alter the existing Price Levels.
To alter a Price Level,
Go to Gateway of Tally > F11: Features > F2: Inventory Features screen.
Tab down to Use Multiple Price Levels field and press Enter to go to Company Price Levels screen.
Follow the same procedure as discussed in Creating Price Levels, to alter the name of a price level. You can simply overwrite the names you specified previously and save the changes.
For more information refer Creating Price Levels.