The Assam Finance Act, 1974
The 29th March 1974

No.LJL.171/74/2.-The following Act of the Assam Legislative Assembly

       - which received the assent of the Governor is hereby publi1hed for general
information.-

ASSAM ACT XIV OF 1974

(Received the assent of the Governor on the 29th March, 1974)

##### THE ASSAM FINANCE ACT, 1974

#### An

**Act**

to fix the rates of Assam Agricultural Income-

tax and the Assam Purchase-tax for the financial
year, 1974-75.

Preamble. Whereas it is expedient to fix tl1e rates at Assam

which the Assam Agricultural Income-tax and the Acts IX

of 1939

Assam Purchase-tax shall be levied and charged and XIX
under the Assam Agricultural Income-tax Act, 1939 of 1967.
and the Assam Purchase-Tax Act, 1967 for the
financial year 1974-75;

##### It is hereby enacted in the Twenty-fifth Year

of the Republic of India as follows :-

Short title, I. (1) This Act may be called the Assam Finance

extent and Act, 1974.

commence-

ment.

(2) !t extends to the whole of the St11.te of
Assam.

(3) It shall be deemed to have come into
force on the first day of April, 1974.

Rates of 2. The rates of Agricultural Income-tax for the
Agricultural

Income-tax. year beginning on the 1st April, 1974 shall,

for the purposes of sections 3 and 6 of the
Assam Agricultural Income-tax Act,1939, be the
rates given below :-


-----

A. In the case of every individual, Hindu

undivided or joint family, firm and other
association of persons (other than companies).

Rates.

_(a)_ on the first Rs. 1,000 of Nil.

total income.

(b) on the next Rs. 2,500 of Five paisc 1n
total income. th e rupee.

(c) on the next Rs. 2,500 of Nine paise in the
total income. rupee.

(d) on the next Rs. 2,500 of Fou1 (CCh paise m
total income. the rupee.

(e) on the next Rs. 2,500 ofi Seventeen paise in

total income. the rupee.

(f) on the next Rs.2,500 of Twenty-one paise in

total income. the rupee.

(g) on the next Rs.5,000 of Twenty-nine paise in

total income. the rupee. ,..

(h) on the next Rs.30,000 of Thirty-nine paise in
total income. the rupee.

(i) on the next Rs.50,000 of Forty-seven paise in

total income. the rupee.

(j) on thenextRs.l,00,000 of Fifty··nine paise In
total income. the rupee.

(k) on the balance of total Sixty-two paise · m

the rupee.

income.

B. In the case of every company,-

(a) the total income of Forty-seven paise in

which does not exceed the rupee.
Rs.1,00,000, on the
whole of total income.

Fifty-nine paise iJ ,

the total income
of which exceeds the rupee.

Rs.1,00,000 but does

                   - not exceed Rs.2,00,000,

on the whole of total
in come.


-----

(c) the total income Sixty-two paise in

of which exceeds the rupee.

Rs.2,00,000, on the

whole of total income.

Provided always that,-

(i) no Agricultural Income-tax shail be payable
on a total agricultural income which does

not exceed Rs.5,000 ;

(ii) in respect of paragraph A, the Agricultural
Income-tax payable shall not exceed half the
amount by which the total agricultural
income exceeds Rs.5,000 ; and

(iii) in respect of paragraph B, the Agricultural
Income-tax payable shall not exceed the
difference between the total agricultural
income and the following limits:-

(a) rupees fifty-three thousand increased by one

per cent of the excess of the total agricul-
tural income over Rs. 1,00,000 in the case
of every company the total agricultural in-
come of which exceeds Rs. 1,00,000 but does
not exceed Rs. 2,00,000;

(b) rupees eighty-two thousand increased by two

and half per cent of the excess of the total
agricultural income over Rs. 2,00,000 in the
case of every company the total agricultural
income of which exceeds Rs. 2,00,000,

Rates of 3. The rates at which the tax shall be levied andx~s~fi~~t

Assam Pur- collected on the purchase of the items of the

chMe Tax. Schedule under the Assam Purchase Tax Act,

1967 shall be as follows:-

in respect of items 1, 2 Three paisc per rupee
and 3. value of the price at

which the taxable
goods are purchased.

in respect of item 4 Two paise per rupee value

of the price at which
the taxable goods are
purchased.

Md. SAADULLAH,

Joint Secretary to the Govt. of Assam,

Law Department.

Gauhati.-Printed and Published by the Joint Superintendent, Assam Govt·

Press, (Ex-Gazette) No.105-l,457+200-30-3-74.


-----

