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FINANCE ACT, 1980

Ministry of Law and Justice

Act nº 4 of 1980


  • Act nº 4 of 1980

Preamble

ASSAM FINANCE ACT, 1980

[Act, No. 4 of 1980]

PREAMBLE

An Act to fix the rates of agricultural income tax and the purchase tax for the financial year 1980-81, in the State of Assam.

In exercise of the powers conferred by Section 3 of the Assam State Legislature (Delegation of Powers) Act, 1980 (38 of 1980), the President is pleased to enact as follows: -

Section 1. Short title, extent and commencement

(1) This Act may be called the Assam Finance Act, 1980.

(2) It extends to the whole of the State of Assam.

(3) It shall be deemed to have come into force on the 1st day of April, 1980.

Section 2. Rates of agricultural income tax

The rates of agricultural income tax for the year beginning on the 1st day of April, 1980, shall, for the purposes of Sections 3 and 6 of the Assam Agricultural Income tax Act, 1939 (Assam Act IX of 1939), be the rates given below: -

A. In the case of every individual, Hindu undivided or joint family, firm and other association of persons (other than companies)

Rates

(a) On the first Rs. 1,000 of the Nil; total income

(b) On the next Rs. 5,000 of the Ten paise in the rupee; total income

(c) On the next Rs. 5,000 of the Fifteen paise in the rupee; total income

(d) On the next Rs. 10,000 of Thirty paise in the rupee; the total income

(e) On the next Rs. 25,000 of Forty-five paise in the rupee; the total income

(f) On the next Rs. 50,000 of Sixty paise in the rupee; the total income

(g) On the next Rs. 1,00,000 Seventy paise in the rupee; of the total income

(h) On the balance of the total Seventy-five paise in the rupee income

B. In the case of every company

(a) The total income of which Sixty paise in the rupee; does not exceed Rs. 1,00,000 on the whole of total income

(b) The total income of which Seventy paise in the rupee; exceeds Rs. 1,00,000 but does not exceed Rs. 2,00,000, on the whole of total income

(c) The total income of which Seventy-five paise in, the rupee: exceeds Rs. 2,00,000, on the whole of total income

PROVIDED that for the purposes of this section-

(i) no agricultural income tax shall be payable on a total agricultural income which does not exceed Rs. 10,000,

(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. 10,000 in cases where the total agricultural income does not exceed Rs. 12,000, 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 forty thousand increased by one per cent of the excess of the total agricultural income over Rs. 1,00,000 in the case of every company the total agricultural income of which exceeds Rs. 1,00,000 but does not exceed Rs. 200,000;

(b) rupees sixty 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.

Section 3. Rates of purchase tax

The rates at which the tax shall be levied and collected on the purchase of the items of the Schedule under the Assam Purchase Tax Act, 1967 (Assam Act XIX of 1967), shall be as follows:--

(a) in respect of Item 1 four paise per rupee value of the price at which the taxable goods are purchased;

(b) in respect of Items 2 and 3 three paise per rupee value of the price at which the taxable goods are purchased;

(c) in respect of Item 4 two paise per rupee value of the price at which the taxable goods are purchased.

Section 4. Repeal and saving

(1) The Assam Finance Ordinance, 1980 (Assam Ordinance 1 of 1980), is hereby repealed.

(2) Notwithstanding such repeal, anything done or any action taken under the Ordinance so repealed shall be deemed to have been done or taken under the corresponding provisions of this Act.