The Assam Finance Act, 1965

. .; . 'l\ . The 11 th May 1965 No.LJL.20/65/4.-The following Act of the Assam Legisla tive Assembl j which received the assent of the Governor is hereb y published for general information. (Receiyed tile assent of the Gover nor on the 8th May 1965) ASSAM AC T IV OF 1965 T HE ASSAM FINANCE ACT, 1965 [Published in the Ah am Garett» Ex traord inary, date d 11th May , i965] An Act to fix the rates at which Agricultural Income s h a ll be taxed u ndee the Assam. Agricultural Inco m e-tax Act, 1939 a nd to amend t h e Assam Fina,nce Act, 1961 and the Assam Finance Act, 1964 . Preamble. Whereas it is expedi ent to fix the rates a t wh ich Assam Act Agricultural Income shall be taxed under t h e Assam r: of 1 ~9~ Agricultural I ncome-tax Act, 1939 an d ttl a mend the I~a~f 1963. Assam Finance Act, 1963 and the Assam Financ e Act, As am Act 1964, here inaft r- r ca lled the " Said Acts" , in the VIS of i lJti ~. manner hereina ft er appearing :- It is hereby enacted in the Six teenth Year of the Republic of India as follo ws : - . Short title, 1. (1) T his Act m ay be called the Assa m Finance extent and 6 commence- Act, 19 5. ment , (2) It extends to the whole of th e State of Assam. (3) It shall come into force at once. Ratts of 2. The rates of Agricultural Income-tax for the tgricultural year beginning on the Ist Apr il, J965, shall, for th e ncome-tax- purposes of Sect ions 3 a nd 6 of thc Assam Agricul­ tural Income-tax Act, 1 93 ~, be the rates given below- A. In the case of every,H indu undivided or J oint family-. (a) At the rate applicable, under the list of rates con ta ined in paragraph B below to a sum equal to the share of a brother if such shale exceeds Rs.6,OOO ; (b ) At two paise in the rupee, if the share of a brother is Rs , 6,000 or less. Rate 2 B. In the case of every individual, Firm ann other Association of persons (other than cornpanies) - (a) On the first R s. 1,500 of total income (b) On the next Rs .3,500 of total income Nil Four paise in the rupee. (c) On the next Rs, 2,500 of total incom e Eight paise 10 the rupee. :: 0) On the next Rfl . ~ . 5 '-0 of total incom e Twelve paise in the rupee. (e) On the next R~ . 2,500 of total income . .. Fifteen paise in the rupee. (f) On the nex t Rs, 2,500 of total incorn e v. . Nineteen paise in the ru pee. (g) On the next R s. 5,000 of to tal incorne v.. Twenty-seven paise in the rupee. (h) On th e next Rs , 30,000 of to tal income T hirty-seven paise in the rupee. (i) On the next R s, 50,000 of total income .. . Forty-five pai se in the rupee. (j) O n the nex t Rs. 1,00,000 of total income Fift y-seven paise in the rupee. (k) O n the balance of total in come Sixty pai se in the rupee. C. I n the case of eve ry Company- (a) The total incom e of wh ich docs not exceed Rs. 1,00,000. O n the whole of tota l income (b) The total in come or which exceeds Rs , I ,OO,OOn but do es not exceed Rs . 2,00,000. . On I he Yv hole of tota l income Cc) Th e total income of which exceeds Rs. 2, 00,000. On the whole of total income Forty-five paise m the rupee. Fifty-seven paise in th e rupee. Sixty;paise in the rupee. / l'-...- ~ -- 3 Provided always that,- (i) no Agricultural Income-tax shall be payable on a total Agricultural Income which does not exceed Rs.3,OUO ; (ii) in respect of paragraphs A and B, the Agri­ cultural Income-tax payable shall not exceed half the amount by which the total Agri­ cultural Income exceeds Rs.3,OOO; and in respect of paragraph C, the Agricul­ tural Income-tax payable shall not exceed the difference between the total Agricultural Income and the following limits:- (a) Rupees fifty-five thousand increased by one per cent of the excess of the total Agri­ cultural Income over Rs.I,OO,OOO in the case of every Company the total Agri­ cultural Income of which exceeds Rs,I,OO,OOO but does not exceed Rs.2,OO,OOO; (b) Rupees eighty-six thousand increased by two and half per cent of the excess of the total Agricultural Income over Rs.2,OO,GOO in the case of every Company the total Agricultural Jncome of which exceeds Rs.2,OO,GOO. . . Amendment 3. In section 2 of the "Said Acts", in clause (iii) of of Section z the proviso to paragraph C - of Assam J Act IV of 1963 and Assam Act VI of )96&. (1) for the words Uamount by which the residual income is reduced tu" occurring between the words "exceed the" and "the following" the words "difference between the total Agri­ cultural Income and" shall be substituted; (2) the "Note" below paragraph C shall be deleted. Amendment 4. Notwithstanding anvthing contained in sub-sec­ sad.c sbY tion (3) of section 1, the amendment made by section 3 h:~~~~'rot-~ shall be deemed, and alway s to have been deemed, to nee t i v"c have formed part of the "Said Acts", as if the "Said ~ffect, Acts" had been enacted as so amended froro the commencement of the "Said Acts". u. TAHBILDAR, Dy. Secy. to the Govt. of Assam, Law Deptt •