115
ASSAM ACT XX OF 1971
THE ASSAM FINANCE ACT, 1971
(As passed by the Assembly) (Received the assent of the Governor on the 28th Jane, 1971) [Published in the Assam Gazette, Extraordinary, dated the 3rd July 1971] An
Act
t o fix the rates of Assam Agricultural Income-tax and the Assam Purchase-tax for the financial year 1971-72.
P reamble.] Whereas it is expedient to fix the rates at which Assam Act the Assam Agricultural Income-tax and the Assam I Xdof 15f9t Purchase tax shall .be levied and charged urider af 96;1 0 the Assam Agricultural Income·tax Act, 1939 and the • Assam Purcha,e-tax Act, 1967 for the financial year 1971-72.
It is hereby enacted in the Twenty-Second Year
of the R epublic of India as follows:-
Short title, I. (1) This Act may be called the Assam Finance extent and Act 19 71. commence- '
sient.
(2) It extends to the whole of the State of Assam.
(3) It shall be d eemed to have come into force on the first day of April, 1971.
Rates of 2. The ra tes of Agricul tural Income-tax for the Agricultural y~ar beginning on the 1st April, 1971, shall for Income-tax. the purposes of Sections 3 & 6 of th <:: Assam Agri· cultural Income-tax Act, 1939, be the rates given below:-
A. In the case of every individual, Hindu undivided or Joint Family, Firm and other Association of persons (other than companies)- Rates
(a) On the first Rs.1 ,000 of total Nil. income.
(b } On the next Rs. ~ .soo of total Fi ; e paise in the l'upee. income.
(cl On the
income.
next Rs.2,500 of total Nine paise In the rupee.
(d) On the next Rs.2,500 of total Fo urteen paise in the rupee, income.
(ej On the next Rs.2,500 of total Seventeen paise in the rupee, income.
116
Rates {f) On the next Rs.2,500 of total Twenty-one paise in the rupee • income.
{g) On the next Rs. 5, ooo· of total Twenty-nine paise in the income. rupee.
(h) On the next R~ 30,000 of total T hirty-nine paise in the rupee. income .
. (i)
CD
(k) On the next Rs.50,000 of total income.
Forty-seven paise in the rupee. On the next Rs.l,00 000 of total income.
On the balanct of total income Fifty-nine paise in the rupee. Sixty-two paise in the rupee. B. In the case of every Company-
(a) The total income of which does not exceed Rs. l ,00 000.
(b)
O n the whole of total income. The total i. come of which exceeds Rs.l ,00,COO hut does not exceed Rs.2,00,000
O n the whole of total income.
(c) 'lhe total income of which txceeds Rs.2,00,000.
On the whole of total income. Provided always that -
Forty-seven
rupee.
Fifty-nine
rupee.
Sixty-two
rupee.
paise in the
paise in the
paise in the
(i) no Agricultural Income-tax shall be payable on a total Agricul- tu ral Income which does not exceed R~.5,000 ;
(ii) in respect of paragraph A, the Agricultural Income-tax payable shall no t exceed half th~ amount by which the total Agricultur&l Income exceed Rs.5,000 ; anJ
(iii) in respect of paragraph B, the Agricultural Income-tax payable shall not exceed the differer.Ce between the total Agricul tural Income and the following limits: -
(a) Rupees fifty-five thousand increased by one per cent excess of the total Agricultural Income over Rs.1,o :i,OOO case of every Company the tot..:.! Agricultural Income of exceeds Rs . l,00,000 but does "10t exceed Rs.2,00.000. of the
in the
which
(b) Rupees e ighty-six thOl.isand incmre
Rates P of 3. The rates at which the tax 8h<> 11 be levied and c~mT ur- ·collected on the purchase of raw jute and raw hides as ax. and skins under the Assam Purchase Tax Act. 1967 shall be three p aise per rupee value of 1he price at which the taxable goods a.re purchased.
Assam Act
XIX of
1961.