The ASSAM FINANCE ACT, 1940

{
    "id": 173,
    "slug": "assam-finance-act-1940",
    "title": "The ASSAM FINANCE ACT, 1940",
    "short_title": "The ASSAM FINANCE ACT, 1940",
    "act_number": "1",
    "act_year": 1940,
    "act_type": "STATE",
    "location": "Assam",
    "law_status": "amended",
    "enactment_date": "1940-04-19",
    "description": "The ASSAM FINANCE ACT, 1940",
    "preamble": "",
    "section_label": "Section",
    "sections": [
        {
            "number": "1",
            "title": "Section 1 - Short title and extent",
            "chapter": null,
            "content": "(1)     This Act may be called the Assam Finance Act, 1940.\r\n\r\n \r\n\r\n(2)     It extends to the whole of Assam.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 0
        },
        {
            "number": "2",
            "title": "Section 2 - Rates of Agricultural Income-tax",
            "chapter": null,
            "content": "The rates of agricultural income-tax for\r\n!\"gricultural the year beginning on the 1st of April, IC)40, shall\r\nUlcome-tax. for the purpose of sections 3 and 6 of the Assam\r\nAgricultural [ ncome-tax Act, 1939, be the rates\r\ngiven below :-\r\nA.-In the case of every Hindu undivided or\r\nJoint Family-\r\n(a) at the rate applicable under the list of\r\nrates contained in paragraph B below\r\nto a sum equal to the share of a brother if such share exceeds Rs.S,OOO ;\r\n(b) at four pies in the rupee, if the share\r\nof a brother is Rs.S,OOO or less.\r\nB.-In the case of every individual, firm and\r\nother association of persons other than Com·\r\npanics)-\r\n1, On the first Rs.l,SOO of\r\ntotal income.\r\n2. On the next Rs.3,500 of\r\ntotal income.\r\n3. On the next Rs.S ,000 of\r\ntotal income.\r\n4. On the next Rs.s,ooo of\r\ntotal income.\r\n[Price : lttdian-3 annas\r\nRate\r\nNil.\r\nNine pies m\r\nthe rupee.\r\nOne anna and\r\nthree pies in\r\nthe rupee.\r\nTwo annas in\r\nthe rupee:.\r\nPrice : English-3d.]\r\n.. \r\nRate\r\n5. On the balance of total Two annas and\r\n•\r\nincome. six pies in the\r\nrupee .\r\nC.- In the case of every CompanyOn the whole total income Two anna• and\r\nsix pies in the\r\nrupee.\r\nProvided always that-\r\n(a) No agricultural income-tax shall be\r\npayable on a total agricultural income which does not exceed\r\nRs.3,000 and\r\n(ii) the agricultural incom~tax payable\r\nshall in no case exceed half the\r\namount by which the total agricultural income exceeds Rs. 3, 000. \r\n\r\n",
            "footnote": "",
            "is_definition": false,
            "sort_order": 1
        }
    ],
    "metadata": {
        "Act ID": "19401",
        "Act Number": "1",
        "Enactment Date": "1940-04-19",
        "Act Year": "1940",
        "Short Title": "The ASSAM FINANCE ACT, 1940",
        "Department": "Finance (Institutional Finance) Department",
        "Type": "STATE",
        "Location": "Assam"
    },
    "updated_at": "2026-09-29 21:52:02"
}