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of <h1>Finance Act 1974 Amends Income-tax Act 1961: Key Changes in Tax Rates Effective April 1, 1975</h1> The Finance (No. 2) Act, 1974 amends the Income-tax Act, 1961 with changes effective from April 1, 1975. In section 80T, clause (b), sub-clause (i) changes the tax rate from thirty-five percent to twenty-five percent, and sub-clause (ii) modifies the rate from fifty percent to forty percent. Section 115 is amended to specify tax rates on long-term capital gains: forty-seven percent for public companies with income not exceeding one hundred thousand rupees, fifty-five percent for other cases, and forty-five percent on remaining gains.
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