Assam Finance Act, 1940

No: 1 Dated: May, 01 1940

THE ASSAM FINANCE ACT, 1940

ASSAM ACT I OF 1940

    An Act to fix the rates at which agricultural income shall be taxed under the Assam Agricultural Income Tax 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 :-

1. Short Title:- (1) This Act may be called the Assam Finance Act, 1940.

(2) It extends to the whole of Assam.

2. Rates of Agricultural income-tax:- The rates of agricultural income-tax for the year beginning on the 1st April, 1940, shall for the purpose of section 3 of the Assam Agricultural Income-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 brother if such share exceeds Rs. 5,000;

(b) at four pies in the rupee, if the share of a brother is Rs. 5,000 or less.

B:- In the case of every individual, firm and other association of persons (other than Companies)-