The ASSAM FINANCE ACT, 1950
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ASSAM· ACT IV OF 1950

# •n-m ASSAM FINANCE ACT, 1950

[Published in the "Assam Ga~ette, Extraordinary", dated the

An Act to fix the rates at which Agricultural Income shall be taxed under
the Assam Agricultural"lncome-tax Act, 1939

Preamble.-Whereas it is expedi~nt to fix the rates at which Agricultural
Income shall be taxed under the Assam ·Agricultural Income-tax Act, 1939, it       -
is hereby enacted as follows :-

1. Short title and extent.-(1) This Act may be called the Assam
Act. 1950.       -

(2) It extends to the whole of Assam.
2. Rates of Agricultural Income-tax.-The rates of Agricultural Income-

tax for the vear beginning on the 1st April 1950, shall, for the purpose of sec-
tions 3 and , 6 of the Assam Agricultural Income-tax Act, 1939 (Assam Act IX .

of 19g9), 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 l'uch share exceeds Rs.6,000 ;
(b) At four pies in the rupee. if the share of the brother is Rs.6,000

less.

B. In the case of every individual. firm and other associl:!tion of
{other than companies) :-

Rate

(a) On the first Rs.l,500 of total in.some Nil

(b) On the next Rs.3,500 of total income .. Nine pies in the rupee.

(c) On the next Rs.5,000 of total income , . One anna and three

in the rupee.

(d) On the next Rs.5,000 of total income Two annas and              - six pies

the rupee.

(e) On the balance of total income Four annas in the rupee.

C. In the case of every Company:-

On the whole of total income Four annas in the rupee.

Provided always that--

(i) no agricultural income-tax sliall be payable · on a total

!ncome which does not exceed Rs..3,000

and
(ii) the agricultural income-tax payable shall in no case exceed half the
amount hy which the total agricultural income exceeds Rs.3.000.

*For statement of Objects and Reasons _see_ "Assam Gazette, Extraordinary".

dated 13th March 1950, page 104.


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