The Assam Finance Act, 1968

,J'he Assarn Cazette
\£?
EXTRAORDINAR Y
PUBLISHED BY AUT HOR iTY
No.59. Shillo ng. Wenesday, June 12, 1968, 22nd Jyaistha , 1890 (S.B )
GOVERNMENT OF ASSAM
ORDERS BY THE GOVERNOR
LAW DEPARTMENT
NOTIFICATION
The lIth June 1968
No.LJL.14J68J7. -The followin g Act of t he As sam Leg islative As sembly
which received t he assent of the Go vern or is her eby publish ed for genera l
information.
ASSAM ACT XV OF 1968
(Received the assent of the Governor on the 7th June 1968)
THE ASSAM FINANCE ACT, 1968
[Publi shed in the Assam Gazette Extraordinary, dated the 12th June, 1968J
An
Act
t o fix t h e .rates of Ass am Agricultural Income-tax and the Assam
P u rcha s e-t a xfor the financial year 1968-69
Preamble Whereas it is expedient to fix the rates at which Assam Act
the Assam Agricultur al Income-tax and the Assam IXd of Jii~
Purchase-tax shall be levied and charged under the ~f 1967
Assam Agr icultu ral I ncom e-tax Act, 1939 and the .
Assam Purchase-tax Act, 1967 for the financial year
1968-69 ;
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308 T HE ASSAM GAZETTE, EXT RAO RD INARY , JU NE 1:':. 1968
Short title,
exte nt and
commenc e­
me nt.
It is he reby enact ed in the Nin eteenth Yea r of
the Rep ubli c of India as follows : -
I. (l) This Act may b e called the Assam Fina nce
Act, 1968.
(2) It extends to the who le of the State of
Assam.
(3) It shall be deemed to have com e into forc e
on th e first day of Ap ril, 1968.
Rate s of 2. The rate s of Agr icultural I ncom e-tax for th e
Agricult ur - year begi nning on the l st April 1968, sha ll, for the
al In com e- 0 • d fA 't rx, pu rposes of sec tions 3 an 6 0 the Ass am gricul -
tural Income-t ax Act, 1939, be the rates given below-
A. In the c ase o f every H ind u u ndivided or Joint
fami ly-
(a) At the rate ar p licable, unde r th e list of
ra tes contai ned in p aragraph B below to
a sum equ al t o th e share 01 a brother, if
such share exceeds R s.6,OO O;
(b) at two p aise in the r upee, if t he share
of a broth er is R s.6, OOO or less.
B. In the case of every individual , Firm and
other Association of person s ( oth er than companies)-
Rate
(a) On the first Rs.!,fiOO total in- Nil
come.
(b) O n the n ext R s.3,5(}Oof total .. . Four paise in
incom e. . the ru pee.
(c) O n the next Rs.2,50 0 of total Ei ght paise in
income. the ru pee.
(d) On the next Rs.2,50 0 of total Twelv e paise
incom e. in the rupee .
(e) O n the n ext Rs. 2,500 of total ... Fifteen paise in
inc ome. the rupee.
(f ) On the next Rs .2,50 n of total Nineteen paise
income. in the rupee .
(g) O n the next Rs.5,OOO of tot a! Twenty-sev en
income. paise in the
rupee.
(h) On the next Rs .'·W,OOOof total .. '(hirt y-seven
incom e. paise in the
rupee.
(i) O n the n ext Rs .50,OOO of tota l.. . Forty -five pa ise
incom e. in the rup ee.
(j) O n t he n ext Rs. I ,00,000 of .. . Fift y-seven paise
total in come. in th e rup ee.
(k) On th e bala nce of total in- ... Sixty paise in
come. the rupee .
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Trti.. ,,~M G..\ZETr~, ~XrK AOKUINARY, JUNE 12, 1968 309
C. In the case of ev~y Company-
(a) The total income of which do es no t exceed
Rs.l,OO,OOO.
On the whole o f to tal incom e Forty-five pais e
in the rupee.
:b) The total incom e of which exceed s Rs .l,OO,OOO
but do es not e xceed Rs.2 ,OO,OOO.
On the whol e of tota l F ifty-seven paise
incom e. in t he rupee.
exceeds R ~.2 ,OO,OO O.
Sixty pa ise in
the rupe e.
(c) T he t otal inc ome of whic h
On the whol e o f t otal
incom e.
Provide d always t hat,-
(i) n o Agricultur al Income-t ax shall be pay abl e on
a total Agr icultural Incom e whi ch does not
exceed Rs. 3,OOO ;
li\) in r espec t of paragra ph s A and B, the Ag ricul­
tural Inc ome-t ax payabl e shall not exceed
half the amount by which the tot al Agri cul­
tural Inc ome exceeds Rs. 3,000 ; and
(iii) in respect of paragraph C, t he Agricultural
Inco me -tax pa yabl e s hall not exceed t he
differ enc e betwe en the total Agric ultur al
inc ome a nd the followin g limits:-
(a) Rup ees fifty-five thousand incre ased by o ne per
cent of the excess of t he total Agricultural
Incom e over Rs .l,OO,OOO in the case of ever y
Comp any the total Agricultural I ncome of
which exceeds Rs.l ,OO,OOO but does not
exceed Rs.2,OO,000;
(b) Rupees eight y-six thousand increased by two
a nd half per cent of the exc ess of the total
Agricu ltur al Inc ome o ve r Rs .2,OO,OOO in the
case of e very C ompany the t ota l Agricultural
Income of which exceeds Rs.2,OO,OOO.
Rates of 3. The rates at whi ch the ta x shall b e levied a nd
Assan Pur - collecte d on t he pur chase o f R aw Jute and Raw Hide s
ch ase Ta'&:. and Skins u nder t he A ssam Purchase Tax Act, 1967
shall b e three per ~ cen tu m ad valorem.
Assa m Ac t
XIX of
1967.
B. SAR MA,
Secy. to the Govern ment o f Assam,
La w Depart ment.
SH,LLONG-Print ed a nd publis hed by the Supe rintend ent, Assam
Government Press (Fox. Gazett l' ~ No.1 17-1 ,323 +550-12 . 6-68.

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