The Assam Finance Act, 1967

The 5th August 1961
No.LJL.ll J67J-i.- The following Act of the Assam Legislative Assembly
which recei ved the assent of t he Governor is hereby publis hed for ; ge neral
information.
ASSAM ACT X I OF 1967-.
- ~ (Received the assen t of the Gover n or on t he 2n d Au gullt, 1967)
THE ASSAM FINA,,~CE ACT , 1967
[Published in the Ass amGaz ette,Extraordinary, date d t he 7t h August, 1967)
An
Act
to 6x the rates at which Agri cult ural Income
shall be taxed under the Assam Ag ricultural
Incom e-tax Act, 1939
Preamble Whereas it is expedient to fix the rates at whi ch ASla:n Act
the Agricultural Income shall be taxed under the IX of 1939.
Assam Agricultural Income-tax Act, 1939 ;
11
2
It is hereby ena cted in the Eightee nth Year of the
Republic of India as follows : -
Short title,
extent and
commence-
ment.
1. (1) This Act may be c alled the Assam Finance
Act, 1967.
(2) It extends to the whole of the State of .
Assam.
(3) It shall be dee med to have come into force
with effect from 1st April. 1967.
AR ~ tIe s or 2. The rates of Agricultural Income -tax for the year
I~~l~e ~ ~~. beginning on ,the 1st April, 1967, shall, for ~he pur­
poses of sections 3 and 6 o f the Assam A gricultural
Income-tax Act. 1939. be the rate s given below-
A. In the case of every Hindu undivided or joint family-
(a) At the rat e applicable , under the list of
rate s contained in paragraph B below to a
sum equal to the share of a brother if such
share exceeds Rs.6.000 ;
(b) At two paise in the rupee, if the share of
a brother is Rs.6,OOO or less.
B. In the case of every individual, Firm and other Association of
persons (tither than cornpanies)-
Rate
(a ) On the first Rs.l.500 of total income
(b) On the next Rs.3,SOO of total income
(c) On the next Rs :2,500 of total income
(d) On the next Rs.2,500 of total income
(e) On the next Rs.2.500 of to tal m com e
(f) On the next Rs.2 ,500 of total income
(g) On the next Rs.5 ;000 of total )ncome
Nil.
Four paise in the
rupee.
Eight paise in' the
rupee.
Twelve paise in
the rupee.
Fifteen paise lD
the rupee.
Nineteen paise in
the rupee.
Twe n t y-s eve n
paise in the
rupee.
s
Rate
(h) O n the ne xt Rs.30.000 of total income T i r t Y-5 eve n
paise in the
rupee.
(i) On the next Rs.50,000 of tot al i nco me
(j) On th e next R s.l ,00,000 of to tal incom e
(k) O n the balan ce of tot al income
C. In the case o f ev ery Compan y-
Forty-five paise jJl
the rupee.
Fifty-seven paise in
the rupee.
Sixty paise in . tbe
r upee .
( a) T he total inco me of which does not exceed
Rs.l ,OO,OOO.
O n the whole of tot al income
(b) The total income
Rs.I,OO,OOO but
R s.2,OO,OOO.
of
does
which
not
exceeds
exceed
Forty-five paise in
the rupee.
On the whole of tot al income Fift y-seven paise
in the rupee.
(c) The total income of which exceed s Rs.2,OO,OOO
On the wh ole of tota l i ncom e
Provided always tha t,-
Sixty paise in the
rupee.
(i) no A gricu lt ural Income-tax shall be payable on a total Agricul ­
tu ral Income which does not exceed Rs.3 ,OOO ;
(ii) in respect of parag-raph s A and E, the Agricultural Income-tax
payable shall not exceed h alf the amount by which the total
Agricultural Income exceeds Rs .3,OOO; and
(iii) in respec t of paragra ph C, the Agricultural Income -tax payable
shall not exce ed the difference between the total Agricultural
income and the followin~ limits :-
I
I·
I
I
P. C . DAS.
Joint Secy, to the Govt . of Assam.
- Law Department.
(a) Rupees fifty-five thousan d increased by One per cent of the excess
of the total Agricultural Incom e over Rs.l ,OO,OOO in the case
of every Company the total Agricultural Income of which
exceeds Rs.I, OO,OO O but docs not exceed Rs.2 ,OO,OOO ;
(b) Rupees eighty-six th ousand inc reased by two and half per cent
of the excess of the tot al Agricultural Income over Rs.2,OO,OOO
in the case of every Company the total Agricultural Income
of which exceeds Rs.2,OO,OOO.

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