THE ASSAM FINANCE ACT, 1950

298 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.