Amendment status not verified — confirm the current text below against the official source.
(1) The agricultural income mentioned in tio1n of 1a~•- sub-clause (2) of clause (a) of section 2 shall be cu tura m- d h f h · come men- assesse on t e net amount o sue 1ncome tioned in determined in the prescribed manner. clause .(a)(2) (2) Rules prescribing the manner of deter- of secuon 2. • . h f . 1 l • mmmg t e net amounts o agncu tura tncome for the purpose of this clause shall provide that the following deductions shall be made from the gross amounts of such income, namely :- (a) the sum actually paid in the previous agricultural year as revenue to the Crown or as rent to a superior land- lord in respect of the land from which such agricultural income is derived ; (b) the sum actually paid in the previous agricultural year in respect of such land as any local rate collected under any enactment in force in Assam ; (c) any rate paid under the Village Chowki- dari Act, 1870, in respect of any Bengal Act building used for the purposes of the VI of 1870. cultivation of the land from which such agricultural income is derived ; (d) the expenses of cultivating the crop from which such agricultural income is derived and of transporting such crop to market, including the main- tenance of agricultural implements and cattle required for the purpose of such cultivation and for transporting the crop to market ; (e) any tax, or rate paid under any enact- ment in force in Assam on the culti- vation or sale of the crop from which such agricultural income is derived ; (f)(i) any expenses incurred on the main- tenance of any irrigation or protective works constructed for the benefit of the land from which such agricultural income is derived ; (ii) any expenses incurred on the main- tenance of any capital asset, if such maintenance is deemed to be required for the purpose of deriving such agri- cultural income from such land ; (iii) interest actually paid on any amount borrowed and actually spent on any capital expenditure incurred for the benefit of the land from which such agricultural income is derived, or for the purpose of deriving such agricul- tural income from such land i 8 (iv) {a) Depreciation of any asset required for the benefit of the land from which such agricultUral income is derived or for the purpose of deriving such agricultural income from such land, subject to the provisions of this Act in the manner allowed and at the rates prescribed for the purposes of Indian Income-tax or in default of such prescription as prescribed by rules under section 50 of this Act ; (v) (b) In respect of any such machinery or plant which in consequence of its having become obsolete has been sold or discarded the difference between the written down value as defined for the purposes of Indian Income-tax and the amount for which the machinery or plant is actually sold or its scrap value ; Any sum paid in order to effect an in- surance against loss or damage of crop or property from which agricul- tural income is derived : provided that notwithstanding anything con- tained in this Act in the case of an assessee in whose case deduction on the account is made in assessment any amount received by him from the insurance company in any year shall be deemed to be for the purpose of this Act agricultural income after deducting the share or portion thereof assessed to the Indian Income-tax ; (vi) nny interest paid on any mortgage or other capital charge incurred for the purpose of acquiring the property from which such agricultural income is derived or for the pw·poses of culti- vation of the property ; (vii) Any expenditure (not being in the nature of capital expenditure) laid out or expended wholly and exclusively for the purpose of earning or deriving the agricultural income ; (g) such other deductions as may be pr<'s- cribed by rules made under sec- tion 50 of this Act : Provided always that no deduction shall be made under this clause, if it has already been made under section 7 of this Act or in the assessment under the Indian Income-tax Act ; 0 0 () .. . ...., 9 L - - Provided further that in cases of agricul- tural income from cultivation and manufacture of tea the agricultural income for the purposes of this Act shall be d1...'Cmed to be that portion of the income from cultivation, manu- facture and sale which is agricultural income within the meaning of the Indian Income-tax Act and shall be XI of 1922. asceJ·tained by computing the income from the cultivation, manufacture and sale of tea as computed for Indian Income-tax from which shall be deducted any allowances by this Act authorised in so far as the same shall not have been allowed in the compu- tation for the Indian Income-tax Act. Exemption of