Section 3 of The West Bengal Finance Act, 1994 — Amendment of Ben. Act IV of 1944

In the Bengal Agricultural Income-tax Act, 1944,(1) section 7 shall be renumbered as sub-section (1) of that section, and—(a) in sub-section (1), as so renumbered, after clause (9), the following clause shall be inserted:— "(9a) any sum of allowance computed under sub-section (2);"; (b) after sub-section (1), the following sub-section shall be inserted:— "(2) Where an assessee has, out of his total agricultural income, utilized any amount during the previous year for the purposes as may be specified in such industrial development scheme as may be framed by the State Government and notified in this behalf, the assessee shall be given an allowance of a sum equal to the amount, or the aggregate of the amounts so utilized, not exceeding twenty per centum of his such income, and such allowance shall be computed before the loss, if any, brought forward from the earlier year is set off under section 26: Provided that where such assessee is a firm, any association of persons or any body of individuals, such allowance shall not be considered in the computation of the income of any partner of such firm or any member of such association of persons or such body of individuals, as the case may be."; (2) for section 26A, the following section shall be substituted:— "Advance tax. 26A. (1) Notwithstanding anything contained in this Act, every assessee shall pay to the credit of the State Government agricultural income-tax in advance during any financial year in such number of equal instalments, not exceeding four, and by such dates, as may be prescribed in respect of his total agricultural income which would be chargeable to agricultural income-tax for the assessment year immediately following that financial year, and such tax shall be called advance tax. (2) Subject to the provisions of sub-section (1) of section 26B, advance tax payable by an assessee under sub-section (1) shall be calculated on his total agricultural income of the latest previous year in respect of which he has been assessed or his total agricultural income received in the previous year immediately preceding the financial year for which advance tax is payable, whichever is higher: Provided that if the assessee is a partner of a firm and the assessment of the firm has been completed for a previous year later than that for which the last assessment of the assessee has been completed, his share in the profits from the agricultural income of the firm shall, for the purpose of this sub-section, be included in his total agricultural income of the latest assessment of the firm."; (3) in section 26B,(a) in sub-section (1), for the words, figures and letter beginning with "If an assese" and ending with", by reason of", the words, figures, letter and brackets "If an assessee finds at any time before the date prescribed under sub-section (1) of section 26A that by reason of" shall be substituted; (b) in sub-section (2), for the words, figures and letter "on or before the date prescribed under section 26A", the words "by such date as may be prescribed" shall be substituted; (4) in the Schedule, for paragraph B, the following paragraph shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 1994:— "B. In the case of every domestic company, firm or other association of persons,— (a) in a case where the total agricultural income does not exceed one lakh rupees Rate 65 paise in the rupee. (b) in a case where the total agricultural income exceeds one lakh rupees 70 paise in the rupee.".