The Assam Finance Act, 1968

{
    "id": 166,
    "slug": "assam-finance-act-1968",
    "title": "The Assam Finance Act, 1968",
    "short_title": "The Assam Finance Act, 1968",
    "act_number": "15",
    "act_year": 1968,
    "act_type": "STATE",
    "location": "Assam",
    "law_status": "valid",
    "enactment_date": "1968-06-12",
    "description": "The Assam Finance Act, 1968",
    "preamble": "",
    "section_label": "Section",
    "sections": [
        {
            "number": "1",
            "title": "Section 1 :Short Title and Extent of it",
            "chapter": null,
            "content": "(l) This Act may be called the Assam Finance\r\nAct, 1968.\r\n(2) It extends to the whole of the State of\r\nAssam.\r\n(3) It shall be deemed to have come into force\r\non the first day of April, 1968.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 0
        },
        {
            "number": "2",
            "title": "Section 2:Rate of Agriculture Income Tax",
            "chapter": null,
            "content": "The rates of Agricultural I ncome-tax for th e\r\nAgricultur- year begi nning on the lst April 1968, shall, for the\r\nal In come- 0 • d fA ' t rx, pu rposes of sec tions 3 an 6 0 the Assam gricul- tural Income-tax Act, 1939, be the rates given belowA. In the case of every Hind u undivided or Joint\r\nfamily-\r\n(a) At the rate ar p licable, under th e list of\r\nra tes contained in paragraph B below to\r\na sum equ al t o th e share 01 a brother, if\r\nsuch share exceeds Rs.6,OOO;\r\n(b) at two paise in the r upee, if the share\r\nof a brother is R s.6, OOO or less.\r\nB. In the ca se of every individual, Firm and\r\nother Association of person s (oth er than companies)-\r\nRate\r\n(a) On the first Rs.!,fiOO total in- Nil\r\ncome.\r\n(b) O n the next Rs.3,5(}Oof total .. . Four paise in\r\nincome. . the ru pee.\r\n(c) On the next Rs.2,50 0 of total Eight paise in\r\nincome. the ru pee.\r\n(d) On the next Rs.2,500 of total Twelve paise\r\nincome. in the rupee.\r\n(e) On the next Rs. 2,500 of total ... Fifteen paise in\r\nincome. the rupee.\r\n(f ) On the next Rs.2,50n of total Nineteen paise\r\nincome. in the rupee.\r\n(g) O n the next Rs.5,OOO of tot a! Twenty-seven\r\nincome. pais e in the\r\nrupee.\r\n(h) On the next Rs.'·W,OOOof total .. '(hirty-seven\r\nincome. paise in the\r\nrupee.\r\n(i) On the next Rs.50,OOO of tota l.. . Forty-five pa ise\r\nincome. in the rupee.\r\n(j) O n the next Rs. I ,00,000 of .. . Fifty-seven paise\r\ntotal in come. in th e rupee .\r\n(k) On th e bala nce of total in- ... Sixty paise in\r\ncome. the rupee.\r\n.-...__\"-- ...Ir----'_ /\r\n,--'-'\r\nTrti.. ,,~M G..\\ZETr~, ~XrK AOKUINARY, JUNE 12, 1968 309\r\nC. In the case of ~y Company-\r\n(a) The total income of which do es no t exceed\r\nRs.l,OO,OOO.\r\nOn the whole of to tal income Forty-five pais e\r\nin the rupee.\r\n:b) The total income of which exceeds Rs.l,OO,OOO\r\nbut do es not exceed Rs.2,OO,OOO.\r\nOn the whole of tota l Fifty-seven paise\r\nincome. in t he rupee.\r\nexceeds ~.2 ,OO,OOO.\r\nSixty pa ise in\r\nthe rupee.\r\n(c) T he total income of which\r\nOn the whole of total\r\nincome.\r\nProvided always that,-\r\n(i) no Agricultural Income-t ax shall be payabl e on\r\na total Agricultural Income whi ch does not\r\nexceed Rs. 3,OOO ;\r\nli\\) in respect of paragraph s A and B, the Agricultural Income-tax payable shall not exceed\r\nhalf the amount by which the total Agri cultural Income exceeds Rs. 3,000 ; and\r\n(iii) in respect of paragraph C, the Agricultural\r\nIncome -tax pa yabl e shall not exceed the\r\ndifferenc e between the total Agricultural\r\ninc ome and the following limits:-\r\n(a) Rupees fifty-five thousand increased by one per\r\ncent of the excess of the total Agricultural\r\nIncome over Rs.l,OO,OOO in the case of every\r\nCompany the total Agricultural I ncome of\r\nwhich exceeds Rs.l,OO,OOO but does not\r\nexceed Rs.2,OO,000;\r\n(b) Rupees eighty-six thousand increased by two\r\na nd half per cent of the excess of the total\r\nAgricultural Income over Rs.2,OO,OOO in the\r\ncase of every Company the total Agricultural\r\nIncome of which exceeds Rs.2,OO,OOO.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 1
        },
        {
            "number": "3",
            "title": "Section 3:Rate Of Assam Purchase Tax",
            "chapter": null,
            "content": "The rates at which the tax shall be levied a nd\r\nAssa n Pur- collecte d on the purchase of Raw Jute and Raw Hides\r\nch ase Ta'&:. and Skins u nder the Assam Purchase Tax Act, 1967\r\nshall b e three per centu m ad valorem.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 2
        }
    ],
    "metadata": {
        "Act ID": "196815",
        "Act Number": "15",
        "Enactment Date": "1968-06-12",
        "Act Year": "1968",
        "Short Title": "The Assam Finance Act, 1968",
        "Department": "Finance (Institutional Finance) Department",
        "Type": "STATE",
        "Location": "Assam"
    },
    "updated_at": "2026-09-29 21:52:15"
}