The Assam Finance Act, 1967

The 5th August 1961 No.LJL.llJ67J-i.- The following Act of the Assam Legislative Assembly which received the assent of the Governor is hereby publis hed for; general information. ASSAM ACT X I OF 1967-. -~ (Received the assent of the Govern or on the 2n d Augullt, 1967) THE ASSAM FINA,,~CE ACT, 1967 [Published in the Assam Gazette, Extraordinary, dated the 7th August, 1967) An Act to 6x the rates at which Agricultural Income shall be taxed under the Assam Ag r icultural Incom e-tax Act, 1939 Preamble Whereas it is expedient to fix the rates at which ASla:n Act the Agricultural Income shall be taxed under the IX of 1939. Assam Agricultural Income-tax Act, 1939 ; 11 2 It is hereby enacted in the Eighteenth Year of the Republic of India as follows : - Short ti tle, extent and commence- ment. 1. (1) This Act may be called the Assam Finance Act, 1967. (2) It extends to the whole of the State of . Assam. (3) It shall be dee med to have come into force with effect from 1st April. 1967. AR ~ tIe s or 2. The rates of Agricultural Income-tax for the year I~~l~e~~~. beginning on ,the 1st April, 1967 , shall, for ~he pur­ poses of 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 sum equal to the share of a brother if such share exceeds Rs.6.000 ; (b) At two paise in the rupee, if the share of a brother is Rs .6,OOO or less. B. In the case of every individual, Firm and other Association of persons (tither than cornpanies)- Rate (a ) On the first Rs.l.500 of total income (b) On the next Rs.3,SOO of total income (c) On the next Rs :2,500 of total income (d) On the next Rs.2,500 of total income (e) On the next Rs.2.500 of to tal m com e (f ) On the next Rs.2 ,500 of total income (g) On the next Rs.5 ;000 of total)ncome Nil. Four paise in the rupee. Eight paise in' the rupee. Twelve paise in the rupee. Fifteen paise lD the rupee. Nineteen paise in the rupee. Twe n t y-s eve n paise in the rupee. s Rate (h) O n the next Rs.30.000 of total income T i r t Y-5 eve n paise in the rupee. (i) On the next Rs.50,000 of total income (j) On th e next R s.l ,00,000 of to ta l incom e (k) O n the balance of total income C. In the case of every Company- Forty-five paise jJl the rupee. Fifty-seven paise in the rupee. Sixty paise in . tbe r upee. ( a ) T he total income of which does not exceed Rs.l ,OO ,OOO. O n the whole of total income (b) The total income Rs.I,OO,OOO but R s.2,OO,OOO. of does which not exceeds exceed Forty-five paise in the rupee. On the whole of total income Fifty-seven paise in the rupee. (c) The total income of which exceeds Rs.2,OO,OOO On the whole of total i ncom e Provided always tha t,- Sixty paise in the rupee. (i) no Agricult ural Income-tax shall be payable on a total Agricul ­ tu ral Income which does not exceed Rs.3,OOO ; (ii) in respect of parag-raph s A and E, the Agricultural Income-tax payable shall not exceed h alf the amount by which the total Agricultural Income exceeds Rs .3,OOO; and (iii) in respect of paragraph C, the Agricultural Income-tax payable shall not exceed the difference between the total Agricultural income and the followin~ limits :- I I· I I P. C. DAS. Joint Secy, to the Govt. of Assam. - Law Department. (a) Rupees fifty-five thousand increased by One per cent of the excess of the to tal Agricultural Income over Rs.l ,OO,OOO in the case of every Company the total Agricultural Income of which exceeds Rs.I,OO,OOO but docs not exceed Rs.2 ,OO,OOO ; (b) Rupees eighty-six th ousand increased by two and half per cent of the excess of the total Agricultural Income over Rs.2,OO,OOO in the case of every Company the total Agricultural Income of which exceeds Rs.2,OO,OOO.