THE ASSAM FINANCE ACT, 1941

. 61 . ASSAM ACT IX OF 1941 * THE ASSAM FINANCE ACT, 1941 (Published in the Assam Ga;:.etfe of the 13th August 1941.) An Act to fix the rates at which agricultural income shalt be taxed under the Assam Agricultural Income-tax Act, 1939 WHERBAS it is expedient to fix the rates at which agri­ eultural income shall be taxed under the Assam Agricul­ tural I ncome-tax Act, 1939 ; it is hereby enac'ted as follows:- !. (1) This Act may be calJed the Assam Finance Aet, 1941. (2) It extends to the whole of Assam. 2. The rates of agricultural income-tax for the yea t beginning on the 1st of April, 1941, shall for the purpose o ax. sections 3 and 6 of the Assam Agricultural Income-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 ~urn equal to the share of a brother if such share ex~eeds Rs.S,OOO; (b) at four pies in the rupee, if the share of a brother is Rs 5,000 or less . B.-In the case of every individual, firm and other association of persons (other than Companies)- 1. On the first Rs.I,SOO of total income. 2. On the next Rs.3,500 of total income. • 3. On the next Rs.5,000 of total income. 4. On the next Rs.5,000 of total income. Rate. Nil. Nine pies in the rupee. One anna and three pies in the rupee. Two annas in the rupee. 5. On the balance of total Two a'nnas and six . pies in income. the rupee. C .-In the case of every Company- On the whole total income Two annas and the rupee. six pies in Provided always that­ (i) No agricultural income-tax sball be payable on a total agricultural income which does not exceed Rs.S,OOO, and (ii) the agricultural income-tax payable shall in no case exceed half the amount by which the total agricultural income exceeds Rs. 3,000. *For Objects and Reasons see Assam Ga{.etle page I dat,cd Uth February., 1941, Part V. Assam Act l.IC of 1939. scan0001