The Assam Finance Act, 1971
Preamble
ASSAM ACT XX OF 1971 THE ASSAM FINANCE ACT, 1971 (As passed by the Assembly) (Received the assent of the Governor on the 28th June, 1971) [Published in the Assam Gazette, Extraordinary, dated the 3rd July 1971] An Act to fix the rates of Assam Agricultural Income-tax and the Assam Purchase-tax for the financial year 1971-72. Preamble.] Whereas it is expedient to fix the rates at which Assam Act the Assam Agricultural Income-tax and the Assam IX of 1939 Purchase tax shall be levied and charged under and XIX of the Assam Agricultural Income tax Act, 1939 and the Assam Purchase-tax Act, 1967 for the financial year 1971-72. It is hereby enacted in the Twenty-Second Year of the Republic of India as follows :- Short title, 1. (1) This Act may be called the Assam Finance extent and Act, 1971. commence- ment. (2) It extends to the whole of the State of Assam. (3) It shall be deemed to have come into force on the first day of April, 1971, aCode Rates 2. The rates of Agricultural Income-tax for the Agricultural year beginning on the 1st April, 1971, shall for Income-tax. the purposes of Sections 3 & 6 of the Assam Agri- cultural 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 total Nil. income. (b) On the next Rs.2,500 of total Five paise in the rupee. income. (c) On the next Rs.2,500 of total Nine paise in the rupee. income. (d) On the next Rs.2,500 of total Fourteen paise in the rupee, income. (e) On the next Rs.2,500 of total income. Seventeen paise in the rupee. Rates (f) On the next Rs.2,500 of total Twenty-one paise in the rupee . income. (g) On the next Rs. 5,000 of total Twenty-nine paise in the income. rupee. (h) On the next Rs 30,000 of total Thirty-nine paise in the rupee. income. .(i) On the next Rs.50,000 of total Forty-seven paise in the rupee. income. (i) On the next Rs.1,00,000 of total income. Fifty-nine paise in the rupee. (k) On the balance of total income Sixty-two paise in the rupee. B. In the case of every Company -- (a) The total income of which does not exceed Rs.1,00,000. On the whole of total income. Forty-seven paise in the rupee. (b) The total income of which exceeds Rs.1,00,000 but does not exceed Rs.2,00,000 On the whole of total income. Fifty-nine paise in rupee. (c) The total income of which exceeds Rs.2,00,000. On the whole of total income. Sixty-two in' the
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 XX OF 1971 THE ASSAM FINANCE ACT, 1971 (As passed by the Assembly) (Received the assent of the Governor on the 28th June, 1971) [Published in the Assam Gazette, Extraordinary, dated the 3rd July 1971] An Act to fix the rates of Assam Agricultural Income-tax and the Assam Purchase-tax for the financial year 1971-72. Preamble.] Whereas it is expedient to fix the rates at which Assam Act the Assam Agricultural Income-tax and the Assam IX of 1939 Purchase tax shall be levied and charged under and XIX of the Assam Agricultural Income tax Act, 1939 and the Assam Purchase-tax Act, 1967 for the financial year 1971-72. It is hereby enacted in the Twenty-Second Year of the Republic of India as follows :- Short title, 1. (1) This Act may be called the Assam Finance extent and Act, 1971. commencement.
(2) It extends to the whole of the State of Assam. (3) It shall be deemed to have come into force on the first day of April, 1971, aCode Rates 2. The rates of Agricultural Income-tax for the Agricultural year beginning on the 1st April, 1971, shall for Income-tax. the purposes of Sections 3 & 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 total Nil. income. (b) On the next Rs.2,500 of total Five paise in the rupee. income. (c) On the next Rs.2,500 of total Nine paise in the rupee. income. (d) On the next Rs.2,500 of total Fourteen paise in the rupee, income. (e) On the next Rs.2,500 of total income.
Seventeen paise in the rupee. Rates (f) On the next Rs.2,500 of total Twenty-one paise in the rupee . income. (g) On the next Rs. 5,000 of total Twenty-nine paise in the income. rupee. (h) On the next Rs 30,000 of total Thirty-nine paise in the rupee. income. .(i) On the next Rs.50,000 of total Forty-seven paise in the rupee. income. (i) On the next Rs.1,00,000 of total income. Fifty-nine paise in the rupee. (k) On the balance of total income Sixty-two paise in the rupee. B. In the case of every Company -- (a) The total income of which does not exceed Rs.1,00,000. On the whole of total income. Forty-seven paise in the rupee. (b) The total income of which exceeds Rs.1,00,000 but does not exceed Rs.2,00,000 On the whole of total income. Fifty-nine paise in rupee. (c) The total income of which exceeds Rs.2,00,000.
On the whole of total income. Sixty-two in' the 18.5.000 a 2000 rupee. Provided always that,- (i) no Agricultural Income-tax shall 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 exceed 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-five thousand increased by one per cent of the excess of the total Agricultural Income over Rs.1,00,000 in the case of every Company the total Agricultural Income of which exceeds Rs. 1,00,000 but does not exceed R.s.2.00.000. (b) Rupees eighty-six 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 and Assam Act Assam Pur- collected on the purchase of raw jute and raw hides XIX of chase Tax. 1967. and skins under the Assam Purchase Tax Act. 1967 shall be three paise per rupee value of the price at which the taxable goods are purchased.
Provenance. Read from the Government's own scanned gazette with Azure Document Intelligence, and shown whole: the section numbering on the scan does not hold together (fewer than 3 sections), and a wrong split would file one section's words under another section's number. India Code publishes no text for this Act. The scan itself is mirrored into our own storage and served at /scan/7dad676e-5802-4299-a0b3-33a2f2ede958.pdf, so the reading here can be checked against the page it came from without depending on India Code's own copy staying where it is (it was at https://indiacode.gov.in/server/api/core/bitstreams/88f834cb-f98d-4c0a-98b1-eb2b33b23675/content).
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.