The Assam Finance Act, 1968

,J'he Assarn Cazette \£? EXTRAORDINARY PUBLISHED BY AUT HORiTY No.59. Shillong. Wenesday, June 12, 1968, 22nd Jyaistha, 1890 (S.B ) GOVERNMENT OF ASSAM ORDERS BY THE GOVERNOR LAW DEPARTMENT NOTIFICATION The lIth June 1968 No.LJL.14J68J7.-The following Act of the Assam Legisla tive Assembly which received the assent of the Governor is hereby published for genera l information. ASSAM ACT XV OF 1968 (Received the assent of the Governor on the 7th June 1968) THE ASSAM FINANCE ACT, 1968 [Published in the Assam Gazette Extraordinary, dated the 12th June, 1968J An Act t o fix t h e .rates of Assam Agricultural Income-tax and the Assam P u rcha s e-t a x for the financial year 1968-69 Preamble Whereas it is expedient to fix the rates at which Assam Act the Assam Agricultural Income-tax and the Assam IX d of Jii~ Purchase-tax shall be levied and charged under the ~f 1967 Assam Agricultural I ncome-tax Act, 1939 and the . Assam Purchase-tax Act, 1967 for the financial year 1968-69 ; "---- - - - - - - - - - - - ,- - - - - - - - - - - - - - _ ---->. '- - - - - - - - 308 THE ASSAM GAZETTE, EXTR AO RD INARY, JUNE 1:':. 1968 Short tit le, extent and commence­ me nt. It is he reby enacted in the Nin eteenth Yea r of the Republic of India as follows : - I. (l) This Act may b e call ed the Assam Finance Act, 1968. (2) It extends to the who le of the State of Assam. (3) It shall be deemed to have com e into forc e on th e first day of Ap ril, 1968. Rates of 2. The rates of Agr icultural I ncom e-tax for th e Agricultur - year begi nning on the l st April 1968, shall, for the al In come- 0 • d fA ' t rx, pu rposes of sec t ions 3 an 6 0 the Assam gricul- tural Income-tax Act, 1939, be the rates given below- A. In the case of every H ind u undivided or Joint family- (a) At the rate ar p licable, under th e list of ra tes contained in paragraph B below to a sum equ al t o th e share 01 a brother, if such share exceeds Rs.6,OOO; (b) at two paise in the r upee, if the share of a brother is R s.6, OOO or less. B. In the ca se of every individual , Firm and other Associa tion of person s (oth er than companies)- Rate (a) On the first Rs.!,fiOO total in- Nil come. (b) O n the next Rs.3,5(}Oof total .. . Four paise in income. . the ru pee. (c) O n the next Rs.2,50 0 of total Eight paise in income. the ru pee. (d) On the next Rs.2,500 of to tal Twelve paise income. in the rupee. (e) O n the next Rs. 2,500 of total ... Fifteen paise in income. the rupee. (f ) On the next Rs .2,50n of total Nineteen paise income. in the rupee. (g) O n the next Rs.5,OOO of tot a! Twenty-seven income. paise in the rupee. (h) On the next Rs .'·W,OOOof to tal .. ' (hirty-seven income. paise in the rupee. (i) O n the next Rs .50,OOO of tota l.. . Forty-five pa ise income. in the rupee. (j) O n the next Rs. I ,00,000 of .. . Fifty-seven paise total in come. in th e rupee . (k) On th e bala nce of total in- ... Sixty paise in come. the rupee. .-...__"-- ~ ...Ir----'_ / -- ', '- Trti.. ,,~M G ..\ZETr~, ~XrK AOKUINARY, JUNE 12, 1968 309 C. In the case of ev~y Company- (a) The total income of which do es no t exceed Rs.l,OO,OOO. On the whole of to tal income Forty-five pais e in the rupee. :b ) The total income of which exceeds Rs .l,OO,OOO but do es no t exceed Rs.2,OO,OOO. On the whole of tota l Fifty-seven paise income. in t he rupee. exceeds R~.2,OO,OOO. Sixty pa ise in the rupee. (c) T he total income of which On the whole of total income. Provided always that,- (i) no Agricultural Income-t ax shall be payabl e on a total Agricultural Income whi ch does not exceed Rs. 3,OOO ; l i\) in respec t of paragraph s A and B, the Agricul­ tural Income-tax payable shall not exceed half the amount by which the total Agri cul­ tural Income exceeds Rs. 3,000 ; and (iii) in respect of paragraph C, the Agricultural Income -tax pa yabl e shall not exceed the differenc e between the total Agricultural inc ome and the following limits:- (a) Rupees fifty-five thousand increased by one per cent of the excess of the total Agricultural Income over Rs .l,OO,OOO in the case of every Company the total Agricultural I ncome of which exceeds Rs.l ,OO,OOO but does not exceed Rs.2,OO,000; (b) Rupees eighty-six thousand increased by two a nd half per cent of the excess of the total Agricultural Income ove r Rs .2,OO,OOO in the case of every Company the total Agricultural Income of which exceeds Rs.2,OO,OOO. Rates of 3. The rates at which the tax shall be levied a nd Assa n Pur- collecte d on the purchase of Raw Jute and Raw Hides ch ase Ta'&:. and Skins u nder the Assam Purchase Tax Act, 1967 shall b e three per~cen tu m ad valorem. Assa m Ac t XIX of 1967. B. SARMA, Secy. to the Govern ment of Assam, La w Depart ment. SH,LLONG-Print ed a nd published by the Supe rintendent, Assam Government Press (Fox. Gazettl' ~ No.1 17-1 ,323 +550-12.6-68.