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ASSAM ACT I OF 1940
THE ASSAM FINANCE ACT, 1940
[Paued by the Assam Legislature] [Received the assent of the Governor on the 19th Aprill940]
[Published in the Assam GQ.(.ette of tbe bt rVlay
1940]
An Act to fix Jhe rates aJ which agricultural income shall b1 taxed under the Assam Azrieultural Income-lax Act, 1939.
WHEREAS it is expedient to fix the ratea at which agricultural income shall be taxed under the Assam Agricultural Income-tax Act, 1939; it is hereby enacted as follows :-
Short dtJe. 1. {1) This Act may be called the Assam Finance Act, 1940.
(%} lt extends to the whole of Assam. Rates of 2. The rates of agricultural income-tax for !"gricultural the year beginning on the 1st of April, IC)40, shall Ulcome-tax. for the purpose of sections 3 and 6 of the Assam Agricultural [ ncome-tax Act, 1939, be the rates given below :-
A.-In the case of every Hindu undivided or
Joint Family-
(a) at the rate applicable under the list of rates contained in paragraph B below to a sum equal to the share of a bro- ther if such share exceeds Rs.S,OOO ;
(b) at four pies in the rupee, if the share of a brother is Rs.S,OOO or less. B.-In the case of every individual, firm and other association of persons other than Com· panics)-
1, On the first Rs.l,SOO of
total income.
2. On the next Rs.3,500 of total income.
3. On the next Rs.S ,000 of total income.
4. On the next Rs.s,ooo of total income.
[Price : lttdian-3 annas Rate
Nil.
Nine pies m
the rupee.
One anna and
three pies in
the rupee.
Two annas in
the rupee:.
Price : English-3d.]
..
1
Rate
5. On the balance of total Two annas and
• income. six pies in the rupee .
C.- In the case of every Company- On the whole total income Two anna• and six pies in the
rupee.
Provided always that-
(a) No agricultural income-tax shall be payable on a total agricultural in- come which does not exceed
Rs.3,000 and
(ii) the agricultural incom~tax payable shall in no case exceed half the amount by which the total agricul- tural income exceeds Rs. 3, 000. At G. P. (Leg.) No.75JSG-10C-30-7-195J.
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