The ASSAM FINANCE ACT, 1940
#### ASSAM ACT I OF 1940

# / THE ASSAM FINANCE ACT, 1940

[Paued by the Assam Legislature]

[Received the assent of the Governor on the 19th

Aprill940]

[Published in the Assam _GQ.(.ette_ of tbe bt rVlay

1940]

_An Act_ _to_ _fix_ _Jhe_ _rates_ _aJ_ _which_ _agricultural_ _income_

_shall_ _b1_ _taxed_ _under_ _the_ _Assam_ _Azrieultural_

_Income-lax_ _Act, 1939._

WHEREAS it is expedient to fix the ratea at

which agricultural income shall be taxed under
the Assam Agricultural Income-tax Act, 1939; it
is hereby enacted as follows :-

Short dtJe. 1. {1) This Act may be called the Assam
Finance Act, 1940.

(%} lt extends to the whole of Assam.

Rates of 2. The rates of agricultural income-tax for

!"gricultural the year beginning on the 1st of April, IC)40, shall

Ulcome-tax. for the purpose of sections 3 and 6 of the Assam

Agricultural [ ncome-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 bro-

ther if such share exceeds Rs.S,OOO ;

_(b)_ at four pies in the rupee, if the share
of a brother is Rs.S,OOO or less.

##### B.-In the case of every individual, firm and
other association of persons other than Com·
###### panics)-

Rate

1, On the first Rs.l,SOO of Nil.
total income.

2. On the next Rs.3,500 of Nine pies m
total income. the rupee.
3. On the next Rs.S ,000 of One anna and
total income. three pies in

the rupee. ..

4. On the next Rs.s,ooo of Two annas in
total income. the rupee:.

#### [Price : lttdian-3 annas Price : English-3d.]


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Rate

5. On the balance of total Two annas and

income. six pies in the
rupee .

### •

C.- In the case of every Company-

On the whole total income Two anna• and

six pies in the

rupee.
Provided always that-

(a) No agricultural income-tax shall be
payable on a total agricultural in-

come which does not exceed

Rs.3,000 and

_(ii)_ the agricultural incom~tax payable
shall in no case exceed half the
amount by which the total agricul-

tural income exceeds Rs. 3, 000.

At G. P. (Leg.) No.75JSG-10C-30-7-195J.


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