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Tamil Nadu
Bill to repeal Act introduced
By Our Special Correspondent
CHENNAI,
JULY 23.
A Bill to repeal the Tamil Nadu Agricultural Income Tax Act 1955 was introduced in the State Assembly today.
The Minister for Public Works, O. Paneerselvam, tabling the Bill, said the Agricultural Income Tax, which contributed considerable income to the State exchequer, had now dwindled to less than the cost incurred towards the collection machinery as plantation industry had been continuously incurring losses due to falling prices and increasing production costs over years.
Taking into consideration the need to revive the plantation industry, giving the tea growers better prices and taking stock of the fact that collection costs now exceeded the collection, it was announced during the Budget speech on the floor of the Assembly that the tax would be abolished with effect from April 1, 2004, he recalled.
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