THE ASSAM GAZETTE, EXTRAORDINARY, MAR. 30, 1974 275 ----------------- The 29th March 1974 No.LJL.171/74/2.-The following Act of the Assam Legislative Assembly • which received the assent of the Governor is hereby publi1hed for general information. - ASSAM ACT XIV OF 1974 (Received the assent of the Governor on the 29th March, 1974) THE ASSAM FINANCE ACT, 1974 An Act to fix the rates of Assam Agricultural Income tax and the Assam Purchase-tax for the financial year, 1974-75. Preamble. Whereas it is expedient to fix tl1e rates at which the Assam Agricultural Income-tax and the Assam Purchase-tax shall be levied and charged under the Assam Agricultural Income-tax Act, 1939 and the Assam Purchase-Tax Act, 1967 for the financial year 1974-75; Short title, extent and commence ment. Rates of Agricultural Income-tax. It is hereby enacted in the Twenty-fifth Year of the Republic of India as follows :- I. (1) This Act may be called the Assam Finance Act, 1974.
(2) !t extends to the whole of the St11.te of Assam.
(3) It shall be deemed to have come into force on the first day of April, 1974.
2. The rates of Agricultural Income-tax for the year beginning on the 1st April, 1974 shall, for the purposes of sections 3 and 6 of the Assam Agricultural Income-tax Act,1939, be the rates given below :- Assam Acts IX of 1939 and XIX of 1967. 276 THE ASSAM GAZETTE, EXTRAORDINARY, MAR. 30, 1974 A. In the case of every individual, Hindu undivided or joint family, firm and other association of persons (other than companies).
(a) on the first Rs. 1,000 of total income.
(b) on the next Rs. 2,500 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 ofi total income.
(f) on the next Rs.2,500 of total income.
(g) on the next Rs.5,000 of total income.
(h) on the next Rs.30,000 of total income.
(i) on the next Rs.50,000 of total income.
(j) on thenextRs.l,00,000 of total income.
(k) on the balance of total income. Rates. Nil. Five paisc 1n the rupee. Nine paise in the rupee. Fou1 (CCh paise m the rupee. Seventeen paise in the rupee. Twenty-one paise in the rupee. Twenty-nine paise in the rupee. Thirty-nine paise in the rupee. Forty-seven paise in the rupee. Fifty··nine paise In the rupee. Sixty-two paise · m 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. the total income of which exceeds Rs.1,00,000 but does • not exceed Rs.2,00,000, on the whole of total in come. Forty-seven paise in the rupee. Fifty-nine paise iJ , the rupee. ,.. THE ASSAM GAZETTE, EXTRAORDINARY, MAR. 30, 1974 277 Rates of Assam Pur chMe Tax.
(c) the total income Sixty-two paise in the rupee. of which exceeds Rs.2,00,000, on the whole of total income.
Provided always that,-
(i) no Agricultural Income-tax shail 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 exceeds 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-three thousand increased by one per cent of the excess of the total agricul tural income over Rs. 1,00,000 in the case of every company the total agricultural in come of which exceeds Rs. 1,00,000 but does not exceed Rs. 2,00,000;
(b) rupees eighty-two 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,
3. The rates at which the tax shall be levied andx~s~fi~~t collected on the purchase of the items of the Schedule under the Assam Purchase Tax Act, 1967 shall be as follows:- in respect of items 1, 2 and 3. in respect of item 4 Three paisc per rupee value of the price at which the taxable goods are purchased. Two paise per rupee value of the price at which the taxable goods are purchased. Md. SAADULLAH, Joint Secretary to the Govt. of Assam, Law Department. Gauhati.-Printed and Published by the Joint Superintendent, Assam Govt· Press, (Ex-Gazette) No.105-l,457+200-30-3-74.