The Assam Finance Act, 1972

I' 
ASSAM ACT XU OF 1972 
(Received the assent of the Governor on the 23rd April 1972) 
THE ASSAM FINANCE ACT, 1972 
[Published in the Assam Gazette, Extraordinary, dated the 26th April, 1972 ] 
An 
Act 
to fix the rates of Assam Agricultural Income-tax and the Assam 
Purcha&e-tax for the financial year 197~-73 
Preamble Whereas it is expedient to fix th e r ates at which th Assam Ach 
Assam Agricultural Inc ome-t ax and the A5sam P u IXd ~ 1 ~3:1 chase-tax shall be levied and char ged under the Assam t;,1• 
Agricultural Income-tax Act, 1939 and the Assam 
Purchase-tax Act, 1967 for the Financial year 1972-73. 
It is hereby enacted in the Twenty-third Year of the 
Republic of India as follows-
Sh~rt title, l. {l) This Act may be called the Assam Finance 
extent anti Ad, 1972. 
eemmence-
mcnt. 
(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, 1972. · 
R_ates of 2. The rates of Agricultural Income-tax for the 
tgr~cu~~,:-1 year beginning on the 1st April, 1972 shall for the 
nc m · purposes of Sections 3 and 6 of the Assam Agricul-. 
tural Income-tax Act, 1939, be the rates given 
below~-
A. In the case of every individual, Hindu undi­
vided cir Joint Family, Firm and other Association 
of persons (other than companies). 
(a) On the first Rs.11000 of 
total income. 
(b) On the next Rs.2,500 of 
total incE>me. 
(c) On the next Rs.2,500 of 
total income. 
Rates 
Nil 
Five paise in the rupee. 
Nine paise in the rupee. 
I <v-
2 
Rates 
(d) On' the next Rs.2,500 of Fourteen paise in the rupee. 
total income. 
{e) On the next Rs.2,500 of Seventeen paise in the rupee. 
total income. 
(f) On th~ next Rs.2,500 of Twentf•Onc paise in the rupee. 
total 'income , 
(g) On the next Rs.5,000 of Twenty-nine pa:se in the rupee. 
tutal inc.ome. 
{h) On the next Rs.30,000 of Thirty-n ine pai~e in the rupee. , 
total income. 
(i) On the next Rs.50,000 of Forty•3evr.n paise m th~ rupee. 
total income . 
(j) On the next Rs.1,00,000 of 
total ' income. 
{k) On the balance of total 
income. 
Fifty-nine paise in •he rupee. 
Sixty-two paise in the rupet". 
B. In the case of every Company,-
• 
{a) Total income of which does 
not exceed Rs.1,00,000. 
On the wh·)le of total income 
(b) The total income of which 
exceeds Rs. 1,00,000 but 
does not e x c e e d 
Rs.2,00,000. 
On the whole of total income 
(c) The total income of which 
exceeds Rs.2,00,000. 
On the whole of total income 
Pravided always that,-
Forty~1even paise in the rupee, 
Fifty•nine pa ise in! the rupee. 
SiKty-two paise in the rupee. 
(i) no Agricultural Income•tax shall be pay­
able on a total Agricultural lncome which 
do~ not exceed Rs.S,000 j 
{ii) 
(iii) 
(a) 
(b) 
3 
in respect of paragraph A, the Agricul­
tural Income-tax payable shall not exceed 
half the amount by which the total Agri• 
cultural Income exceed s Rs.5,000 ; and 
in respect of paragraph B, the Agricul­
tural Income-tax payab le shall not exceed 
the difference between the total Agricul· 
tural Income and the following limits:-
Rupees fifty-five thousand increased by one 
per ce11t of the excess of the total Agricul­
tural Income over Ra. I, 00,000 in the case 
of every Ccmpany the total Agricultural 
Income of which exceeds Rs .1,00,000 but 
does not exceed Rs.2,00,000. 
Rupees eighty-six thomand increased by 
two and half per cent of the excess of the 
total Agricultural Income over Rs.2,ll0,000 
in the case oi every Company the total 
Agricultural Income of which exceeds 
Rs.2,00,000. 
Rates ef 3. The rates at which the tax shall be levied and 
As1111m Pur- collected on the purchase of the items of the Schedule 
cba11 Tax. under the Assam Purchase Tax Act, 1967 shall be 
as follew1 :-
Auam Act 
XIX of 
1917. 
in respect of items I, 2 and 3- Three paise per rupee value &f the 
price at which tl.e taxable goods are 
purchased. 
in re1pect of item 4- Two paise per rupee value of the 
price at which the taxable good 
are purchased. 
AGP. (Leg.) No.l0/72-2 ,000-20-7- 72. 

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