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ASSAM· ACT IV OF 1950
•n-m ASSAM FINANCE ACT, 1950
[Published in the "Assam Ga~ette, Extraordinary", dated the
An Act to fix the rates at which Agricultural Income shall be taxed under the Assam Agricultural"lncome-tax Act, 1939
Preamble.-Whereas it is expedi~nt to fix the rates at which Agricultural Income shall be taxed under the Assam ·Agricultural Income-tax Act, 1939, it · is hereby enacted as follows :-
1. Short title and extent.-(1) This Act may be called the Assam Act. 1950. ·
(2) It extends to the whole of Assam. 2. Rates of Agricultural Income-tax.-The rates of Agricultural Income
tax for the vear beginning on the 1st April 1950, shall, for the purpose of sec tions 3 and , 6 of the Assam Agricultural Income-tax Act, 1939 (Assam Act IX . of 19g9), 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 brother if l'uch share exceeds Rs.6,000 ; (b) At four pies in the rupee. if the share of the brother is Rs.6,000
less.
B. In the case of every individual. firm and other associl:!tion of {other than companies) :-
(a) On the first Rs.l,500 of total in.some
(b) On the next Rs.3,500 of total income ..
(c) On the next Rs.5,000 of total income , .
(d) On the next Rs.5,000 of total income
(e) On the balance of total income
C. In the case of every Company:
On the whole of total income
Provided always that--
Rate
Nil
Nine pies in the rupee.
One anna and three in the rupee.
Two annas and · six pies the rupee.
Four annas in the rupee.
Four annas in the rupee.
(i) no agricultural income-tax sliall be payable · on a total !ncome which does not exceed Rs..3,000
and (ii) the agricultural income-tax payable shall in no case exceed half the
amount hy which the total agricultural income exceeds Rs.3.000.
*For statement of Objects and Reasons see "Assam Gazette, Extraordinary". dated 13th March 1950, page 104.