Assam act 012 of 1972 : The Assam Finance Act, 1972

  • Date:
Department
  • Finance (Institutional Finance) Department
Enforcement Date

31 Mar 2004

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ASSAM ACT XU OF 1972

(Received the assent of the Governor on the 23rd April 1972)

THE ASSAM FINANCE ACT, 1972

[Published in the Assam Gazette, Extraordinary, dated the 26th April, 1972 ] An

Act

to fix the rates of Assam Agricultural Income-tax and the Assam Purcha&e-tax for the financial year 197~-73

Preamble Whereas it is expedient to fix the r ates at which th Assam Ach Assam Agricultural Income-tax and the A5sam P u IXd ~ 1 ~3: 1 chase-tax shall be levied and charged under the Assam t;,1• Agricultural Income-tax Act, 1939 and the Assam Purchase-tax Act, 1967 for the Financial year 1972-73. It is hereby enacted in the Twenty-third Year of the Republic of India as follo ws-

Sh~rt title, l. {l) This Act may be called the Assam Finance extent anti Ad, 1972.

eemmence-

mcnt.

(2) It extends to the whole of the State of Assam.

(3) It shall be deemed to have come into force on the first day of April, 1972. ·

R_ates of 2. The rates of Agricultural Income-tax for the tgr~cu~~,:-1 year beginning on the 1st April, 1972 shall for the nc m · purposes of Sections 3 and 6 of the Assam Agricul-. tural Income-tax Act, 1939, be the rates given below~-

A. In the case of every individual, Hindu undi- vided cir Joint Family, Firm and other Association of persons (other than companies).

(a) On the first Rs.1 1000 of total income.

(b) On the next Rs.2,500 of total incE>me.

(c) On the next Rs.2,500 of total income.

Rates

Nil

Five paise in the rupee. Nine paise in the rupee. I

1

2

Rates

(d) On' the next Rs.2,500 of Fourteen paise in the rupee. total income.

{e) On the next Rs.2,500 of Seventeen paise in the rupee. total income.

(f) On th~ next Rs.2,500 of Twentf•Onc paise in the rupee. total 'income,

(g) On the next Rs.5,000 of Twenty-nine pa:se in the rupee. tutal inc.ome.

{h) On the next Rs.30,000 of Thirty-nine pai~e in the rupee., total income.

(i) On the next Rs.50,000 of Forty•3evr.n paise m th~ rupee. total income.

(j) On the next Rs.1,00,000 of total ' income.

{k) On the balance of total income.

Fifty-nine paise in •he rupee. Sixty-two paise in the rupet".

B. In the case of every Company,-

• {a) Total income of which does not exceed Rs.1,00,000. On the wh·)le of total income

(b) The total income of which exceeds Rs. 1,00,000 but does not e x c e e d

Rs.2,00,000.

On the whole of total income

(c) The total income of which exceeds Rs.2,00,000.

On the whole of total income Pravided always that,- Forty~1even paise in the rupee, Fifty•nine pa ise in! the rupee. SiKty-two paise in the rupee.

(i) no Agricultural Income•tax shall be pay- able on a total Agricultural lncome which do~ not exceed Rs.S,000 j

{ii) (iii) (a)

(b)

3 in respect of paragraph A, the Agricul- tural Income-tax payable shall not exceed half the amount by which the total Agri• cultural Income exceeds Rs.5,000 ; and in respect of paragraph B, the Agricul- tural Income-tax payable shall not exceed the difference between the total Agricul· tural Income and the following limits:- Rupees fifty-five thousand increased by one per ce11t of the excess of the total Agricul- tural Income over Ra. I, 00,000 in the case of every Ccmpany the total Agricultural Income of which exceeds Rs.1,00,000 but does not exceed Rs.2,00,000. Rupees eighty-six thomand increased by two and half per cent of the excess of the total Agricultural Income over Rs.2,ll0,000 in the case oi every Company the total Agricultural Income of which exceeds Rs.2,00,000. Rates ef 3. The rates at which the tax shall be levied and As1111m Pur- collected on the purchase of the items of the Schedule cba11 Tax. under the Assam Purchase Tax Act, 1967 shall be as follew1 :- Auam Act XIX of 1917. in respect of items I, 2 and 3- Three paise per rupee value &f the price at which tl.e taxable goods are purchased. in re1pect of item 4- Two paise per rupee value of the price at which the taxable good are purchased. AGP. (Leg.) No.l0/72-2 ,000-20-7-72 .

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