The Assam Finance Act, 1950
Preamble
ASSAM ACT IV OF 1950 *THE ASSAM FINANCE ACT, 1950 [Published in the "Assam Gazette, Extraordinary", dated the 30th March 1950] An Act to fix the rates at which Agricultural Income shall be taxed under the Assam Agricultural Income-tax Act, 1939 Preamble .- Whereas it is expedient 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 :-..
The Act
The numbering on the scan does not hold together, so the text is shown whole rather than split into sections. Splitting it wrongly would file one section's words under another's number.
ASSAM ACT IV OF 1950 *THE ASSAM FINANCE ACT, 1950 [Published in the "Assam Gazette, Extraordinary", dated the 30th March 1950] An Act to fix the rates at which Agricultural Income shall be taxed under the Assam Agricultural Income-tax Act, 1939 Preamble .- Whereas it is expedient 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 Finance 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 sections 3 and 6 of the Assam Agricultural Income-tax Act, 1939 (Assam Act IX of 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 brother if such share exceeds Rs.6,000 ; (b) At four pies in the rupee. if the share of the brother is Rs.6,000 or less. B. In the case of every individual. firm and other association of persons (other than companies) :- (a) On the first Rs. 1,500 of total income Rate 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 pies in the rupee. (d) On the next Rs.5,000 of total income Two annas and six pies in 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 shall be payable on a total agricultural income which does not exceed Rs 3,000 and (ii) the agricultural income-tax payable shall in no case exceed half the amount by 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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Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Every one of the 0 sections of this Act has its own page. This page is not a substitute for legal advice.