act 016 of 1940 : Finance Act, 1940 [Repealed]

Section 1. Short title and extent

(1) This Act may be called the Indian Finance Act, 1940.

(2) It extends to the whole of 3[India except 4[the territories which, immediately before the 1st November, 1956, were comprised in] Part B States].

Section 2. Fixation of salt duty

5 [Repealed]

Section 3. Excise duty on sugar

6 [Repealed]

Section 4. Excise duty on motor spirit

7 [Repealed]

Section 5. Import duty on motor spirit

8[Repealed]

Section 6. Inland postage rates

9[Repealed]

Section 7. Income-tax and super-tax

(1) Subject to the provisions of sub-section (2)

(a) income-tax for the year beginning on the 1st day of April, 1940, shall be charged at the rates specified in Part I of Schedule II to the Indian Finance Act, 1939;

(b) rates of super-tax for the year beginning on the 1st day of April, 1940, shall, for the purposes of Section 55 of the Indian Income-tax Act [11 of 1922], be the rates specified in Part II of Schedule II to the Indian Finance Act, 1939:

Provided that in the case of an association of persons being a Co-operative Society, other than the Sanikatta Salt owners' Society in the Bombay Presidency, for the time being registered under the Co-operative Societies Act [2 of 1912], or under an Act of the Provincial Legislature governing the registration of Co-operative Societies, the rates of super-tax for the year beginning on the 1st day of April, 1940, shall be

(1)	On the first Rs. 25,000 of total income	Nil.
(2)	On the balance of total income	One anna in the rupee.

(2) In cases to which Section 17 of the Indian Income-tax Act [11 of 1922], applies, the tax chargeable shall be determined in accordance with the provisions of that section with reference to the rates imposed by sub-section (1).

(3) For the purpose of this section and of the rates of tax imposed by sub-section (1), the expression total income means total income as determined for the purposes of income-tax or super-tax, as the case may be, in accordance with the provisions of the Indian Income-tax Act [11 of 1922].

SCHEDULE I

Schedule to be inserted in the Indian Post Office Act, 1898

[See Section 6]

First Schedule

Inland Postage Rates

[See Section 7]

Letters

For a weight not exceeding one tola		One anna.
For every tola, or fraction thereof, exceeding one tola		Half an anna.

Postcards

Single		Nine pies.
Reply		One and a half annas.

Book, Pattern and Sample Packets

For the first two and a half tolas or fraction thereof		Six pies.
For every additional two and a half tolas, or fraction thereof, in excess of two and a half tolas		Three pies.

Registered Newspapers

For a weight not exceeding ten tolas		Quarter of an anna.
For a weight exceeding ten tolas and not exceeding twenty tolas		Half an anna.
For every twenty tolas, or fraction thereof, exceeding twenty tolas		Half an anna.

In the case of more than one copy of the same issue of a registered newspaper being carried in the same packet

For a weight not exceeding ten tolas		Half an anna.
For every additional five tolas, or fraction thereof, in excess of ten tolas		Quarter of an anna.

Provided that such packet shall not be delivered at any addressee's residence but shall be given to a recognised agent at the post office.

Parcels

For a weight not exceeding forty tolas		Four annas.
For every forty tolas, or fraction thereof, exceeding forty tolas		Four annas.

1. Certain words repealed by Act 6 of 1945, Section 2 and Schedule I.

2. Certain words repealed by Act 6 of 1945, Section 2 and Schedule I.

3. Substituted for British India by A.L.O., 1950, Schedule I (w.e.f. 26-1-1950).

4. Inserted by 3 A.L.O., 1956, dated 31-12-1956, Section 3 and Schedule (w.r.e.f. 1-11-1956).

5. Repealed by Act 6 of 1945, Section 2 and Schedule I.

6. Repealed by Act 6 of 1945, Section 2 and Schedule I.

7. Repealed by Act 6 of 1945, Section 2 and Schedule I.

8. Repealed by Act 6 of 1945, Section 2 and Schedule I.

9. Repealed by Act 6 of 1945, Section 2 and Schedule I.