The accident took place around 9.20 AM when the ill-fated matador was on its way to Mandi from Poonch, police said.
One person, identified as Karan Suri, died on the spot.
The 44 injured people were initially shifted to district hospital Poonch and later the seriously injured people were airlifted to Government Medical College (GMC) Hospital in Jammu for specialized treatment.
A case has been registered and investigation initiated, they said.