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<h1>Income-tax Act Section 80T: Tax Rates Cut from 45% to 35% and 65% to 50%, Effective April 1, 1972.</h1> Section 80T of the Income-tax Act has been amended by the Finance (No. 2) Act, 1971, effective April 1, 1972. In clause (b), sub-clause (i), the tax rate is reduced from forty-five percent to thirty-five percent. Additionally, in sub-clause (ii) and the proviso, the tax rate is reduced from sixty-five percent to fifty percent.