3.
(i) If the agricultural produce of the land raised or received by him as rent-in-kind has been sold-the actual price for which it was sold;
(ii) If the agricultural produce of the land his not been sold or if such has been utilised only as raw material for any manufacturing business, the value of such produce calculated according to the average prevailing price at which such produce was sold in the locality in the previous agricultural year (the year under assessment) either in its raw state, or after the performance of any process ordinarily employed by a cultivator or receiver of rent-in-kind to render the produce raised or received by him fit to be taken to the market.
4.
(a) When produce is ordinarily sold in the nearest market-the value calculated according to the average price at which it was so sold during the previous agricultural year;
(b) When the agricultural produce is not ordinarily sold in the market in its raw state-the aggregate of-
(1) the expenses of cultivation;
(2) the land revenue or rent paid for the area in which it was grown; and
(3) such amount as the Agricultural Income-tax Officer finds to represent a reasonable rate of profit on the sale of such produce.
5.
Note. - (1) The Act applies to income from sales of tea grown and manufactured in Assam irrespectively whether the sale is made within or outside the State of Assam.
Note.
(2) The deductions referred to above are specified in sub-section (2) of Section 8 and sub-rule (2) of Rule 2 :
6.
Statement of rates of depreciation for capital asset in respect of which rates have not been prescribed under the Income-tax Act, 1961 (43 of 1961)
Class of machinery, implements, plants and other capital
assets
Percentage on written down value or prime cost
Remarks
1.
Fencing of substantial material
5
2.
Pucca Wells
2 ½
3.
Tube Wells
6 ¼
4.
Bullock-drawn wooden or leather implement and other small hand
implements
25
5.
Bullock-drawn iron implements
10
6.
Tractors and oil engines and their implements
12 ½
7.
Weighing Machines
5
8.
Power pumping Machines
12 ½
9.
Country cart
15
10.
Factory made cart of iron material with rubber tyred wheels
(Dunlop cart)
10
11.
General (machines, implements, plants and other assets) not
provided for above specifically
5
7.
Description of building, machinery, plant,
implements, furniture or other capital assets purchased or
constructed
Written down value
Capital expenditure during the year for
additions, alterations, improvements and extensions
1
2
3
Date from which the additions, etc., referred to
in column 3 have been used for the purpose of agriculture
Particulars (including Original Cost depreciation
allowed and value realised by sale or scrap value) of obsolete
assets sold or discarded during the year with dates on which
first brought into use and sold or discarded
Remarks
4
5
6
(a) in the case of assets acquired in the previous year, the actual cost to the assessee;
(b) in the case of assets acquired before the previous year but after the commencement of the Assam Agricultural Income- tax Act, 1939, the actual cost of the assessee less all depreciation allowable to him under this rule;
(c) in the ease of assets acquired before the commencement of the Assam Agricultural Income-tax Act, the actual cost to the assessee less for each financial year since the acquisition, the amount of depreciation applicable to the assets at the rate prescribed for the purposes of the Indian Income-tax Act for each such year since the 1st April, 1922 at the Income-tax rates in force on the 1st April, 1922 for each year prior to the date :
8.
9.
10.
11.
12.
Notice under Sections 19(2) and 34 of the Assam Agricultural Income-tax Act, 1939
Notice under Sections 19(2) and 34 of the Assam Agricultural Income-tax Act, 1939
No. ...................
Agricultural Income-tax Officer........
Dated.......
...................................
...................................
...................................
Section 4 • The Assam Agricultural Income-Tax Rules, 1939
4. Any other information or materials as may be necessary to satisfy the Commissioner or may be required by him, before issue of such certificate.
the-assam-agricultural-income-tax-rules-1939-1939-sec-4.json
•
Section 4
{
"act_title": "The Assam Agricultural Income-Tax Rules, 1939",
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"section": {
"number": "4",
"title": "4. Any other information or materials as may be necessary to satisfy the Commissioner or may be required by him, before issue of such certificate.",
"chapter": null,
"content": "3.\n(i) If the agricultural produce of the land raised or received by him as rent-in-kind has been sold-the actual price for which it was sold;\n(ii) If the agricultural produce of the land his not been sold or if such has been utilised only as raw material for any manufacturing business, the value of such produce calculated according to the average prevailing price at which such produce was sold in the locality in the previous agricultural year (the year under assessment) either in its raw state, or after the performance of any process ordinarily employed by a cultivator or receiver of rent-in-kind to render the produce raised or received by him fit to be taken to the market.\n4.\n(a) When produce is ordinarily sold in the nearest market-the value calculated according to the average price at which it was so sold during the previous agricultural year;\n(b) When the agricultural produce is not ordinarily sold in the market in its raw state-the aggregate of-\n(1) the expenses of cultivation;\n(2) the land revenue or rent paid for the area in which it was grown; and\n(3) such amount as the Agricultural Income-tax Officer finds to represent a reasonable rate of profit on the sale of such produce.\n5.\nNote. - (1) The Act applies to income from sales of tea grown and manufactured in Assam irrespectively whether the sale is made within or outside the State of Assam.\nNote.\n(2) The deductions referred to above are specified in sub-section (2) of Section 8 and sub-rule (2) of Rule 2 :\n6.\nStatement of rates of depreciation for capital asset in respect of which rates have not been prescribed under the Income-tax Act, 1961 (43 of 1961)\nClass of machinery, implements, plants and other capital\n\t\t\t\tassets\nPercentage on written down value or prime cost\nRemarks\n1.\nFencing of substantial material\n5\n2.\nPucca Wells\n2 ½\n3.\nTube Wells\n6 ¼\n4.\nBullock-drawn wooden or leather implement and other small hand\n\t\t\t\timplements\n25\n5.\nBullock-drawn iron implements\n10\n6.\nTractors and oil engines and their implements\n12 ½\n7.\nWeighing Machines\n5\n8.\nPower pumping Machines\n12 ½\n9.\nCountry cart\n15\n10.\nFactory made cart of iron material with rubber tyred wheels\n\t\t\t\t(Dunlop cart)\n10\n11.\nGeneral (machines, implements, plants and other assets) not\n\t\t\t\tprovided for above specifically\n5\n7.\nDescription of building, machinery, plant,\n\t\t\t\timplements, furniture or other capital assets purchased or\n\t\t\t\tconstructed\nWritten down value\nCapital expenditure during the year for\n\t\t\t\tadditions, alterations, improvements and extensions\n1\n2\n3\nDate from which the additions, etc., referred to\n\t\t\t\tin column 3 have been used for the purpose of agriculture\nParticulars (including Original Cost depreciation\n\t\t\t\tallowed and value realised by sale or scrap value) of obsolete\n\t\t\t\tassets sold or discarded during the year with dates on which\n\t\t\t\tfirst brought into use and sold or discarded\nRemarks\n4\n5\n6\n(a) in the case of assets acquired in the previous year, the actual cost to the assessee;\n(b) in the case of assets acquired before the previous year but after the commencement of the Assam Agricultural Income- tax Act, 1939, the actual cost of the assessee less all depreciation allowable to him under this rule;\n(c) in the ease of assets acquired before the commencement of the Assam Agricultural Income-tax Act, the actual cost to the assessee less for each financial year since the acquisition, the amount of depreciation applicable to the assets at the rate prescribed for the purposes of the Indian Income-tax Act for each such year since the 1st April, 1922 at the Income-tax rates in force on the 1st April, 1922 for each year prior to the date :\n8.\n9.\n10.\n11.\n12.\nNotice under Sections 19(2) and 34 of the Assam Agricultural Income-tax Act, 1939\nNotice under Sections 19(2) and 34 of the Assam Agricultural Income-tax Act, 1939\nNo. ...................\nAgricultural Income-tax Officer........\nDated.......\n...................................\n...................................\n...................................",
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