The ASSAM FINANCE ACT, 1940

/ 
ASSAM ACT I OF 1940 
THE ASSAM FINANCE ACT, 1940 
[Paued by the Assam Legislature] 
[Received the assent of the Governor on the 19th 
Aprill940] 
[Published in the Assam GQ.(.ette of tbe bt rVlay 
1940] 
An Act to fix Jhe rates aJ which agricultural income 
shall b1 taxed under the Assam Azrieultural 
Income-lax Act, 1939. 
WHEREAS it is expedient to fix the ratea at 
which agricultural income shall be taxed under 
the Assam Agricultural Income-tax Act, 1939; it 
is hereby enacted as follows :-
Short dtJe. 1. {1) This Act may be called the Assam 
Finance Act, 1940. 
(%} lt extends to the whole of Assam. 
Rates of 2. The rates of agricultural income-tax for 
!"gricultural the year beginning on the 1st of April, IC)40, shall 
Ulcome-tax. for the purpose of sections 3 and 6 of the Assam 
Agricultural [ ncome-tax Act, 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 bro­
ther if such share exceeds Rs.S,OOO ; 
(b) at four pies in the rupee, if the share 
of a brother is Rs.S,OOO or less. 
B.-In the case of every individual, firm and 
other association of persons other than Com· 
panics)-
1, On the first Rs.l,SOO of 
total income. 
2. On the next Rs.3,500 of 
total income. 
3. On the next Rs.S ,000 of 
total income. 
4. On the next Rs.s,ooo of 
total income . 
[Price : lttdian-3 annas 
Rate 
Nil. 
Nine pies m 
the rupee. 
One anna and 
three pies in 
the rupee. 
Two annas in 
the rupee:. 
Price : English-3d.] 
.. 
Rate 
5. On the balance of total Two annas and 
• 
income . six pies in the 
rupee . 
C.- In the case of every Company-
On the whole total income Two anna• and 
six pies in the 
rupee. 
Provided always that-
(a) No agricultural income-tax shall be 
payable on a total agricultural in­
come which does not exceed 
Rs.3,000 and 
(ii) the agricultural incom~tax payable 
shall in no case exceed half the 
amount by which the total agricul­
tural income exceeds Rs. 3, 000. 
At G. P. (Leg.) No.75JSG-10C-30- 7-195J. 

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