AI-assisted research summary: This Act sets agricultural income-tax rates for different taxpayers and income bands in Assam.
11 The 5thAugust 1961 No.LJL.llJ67J-i.- The following Actof the Assam Legislative Assembly which received the assent of the Governor ishereby published for; general information. -. ASSAM ACT XI OF 1967 -~ (Received the assent of the Governor on the 2nd 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 Agricultural Income-tax Act, 1939 Preamble Whereasit isexpedient to fix the rates at which ASla:n Act the Agricultural Income shall be taxed under the IXof 1939. Assam Agricultural Income-tax Act, 1939 ; 2 It ishereby enacted in the Eighteenth Year of the Republic ofIndia as follows :- Shorttitle, 1. (1) This Act may be called the Assam Finance extent and Act, 1967. commence- ment. (2) It extends to the whole of the State of. Assam. (3) It shall be deemed to have come into force with effect from 1st April. 1967. A R ~ tIe s or 2. The ratesofAgricultural 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 ofevery 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 Nil. (b) On the next Rs.3,SOO of total income Four paise in the rupee. (c) Onthe next Rs:2,500 oftotal income Eight paise in'the rupee. (d) On the next Rs.2,500 oftotal income Twelve paise in the rupee. (e) On the next Rs.2.500 oftotal mcome Fifteen paise lD the rupee. (f) On the nextRs.2,500 oftotal income Nineteen paise in the rupee. (g) On the next Rs.5;000 of total)ncome Twen t y-seve n paise in the rupee. s Rate (h) On the next Rs.30.000 oftotal income T i r t Y-5 eve n paise in the rupee. (i) On the next Rs.50,000 oftotal income Forty-five paise jJl the rupee. (j) On the next Rs.l,00,000 oftotal income Fifty-seven paisein the rupee. (k) On the balance oftotal income Sixty paise in .tbe rupee. C. In the case of every Company- (a) The total income of which does not exceed Rs.l,OO,OOO. On the whole oftotal income Forty-five paise in the rupee. (b) The total income of which exceeds Rs.I,OO,OOO but does not exceed Rs.2,OO,OOO. On the whole oftotal income Fifty-seven paise in the rupee. (c) Thetotal income ofwhich exceedsRs.2,OO,OOO On the wholeoftotalincome Sixty paise in the rupee. Provided always that,- (i) no Agricultural Income-tax shall be payable on a total Agricul tural Income which does not exceed Rs.3,OOO ; (ii) in respect of parag-raphs A and E, the Agricultural Income-tax payable shall not exceed halfthe amount by which the total I I· Agricultural Income exceeds Rs.3,OOO; and I (iii) in respect of paragraph C, the Agricultural Income-tax payable I shall not exceed the difference between the total Agricultural income and the followin~ limits:- (a) Rupeesfifty-five thousand increased by Oneper cent ofthe excess ofthe total Agricultural Income over Rs.l,OO,OOO in the case of every Company the total Agricultural Income of which exceedsRs.I,OO,OOObut docs notexceed Rs.2,OO,OOO ; (b) Rupees eighty-six thousand increased by two and halfper cent ofthe excess ofthe total Agricultural Income over Rs.2,OO,OOO in the case ofevery Company the total Agricultural Income ofwhich exceeds Rs.2,OO,OOO. P. C. DAS. Joint Secy, to the Govt. of Assam. - Law Department.