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<h1>Expenditure-tax Act, 1987: Tax rate reduced from 1.5% to 1.25% effective June 1, 2001, under Finance Act, 2001.</h1> Section 14 of the Expenditure-tax Act, 1987, is amended by replacing the tax rate from 'one and one-half per cent' to 'one and one-fourth per cent.' This amendment, enacted under the Finance Act, 2001, takes effect from June 1, 2001.