Assessment on Production of Accounts, Evidence
Assessment on Production of Accounts, Evidence: The Collector of the Sub Division after considering the evidence on record (including evidence if any produced under rule 10) and such other evidence as the Collector of the Sub-Division may require on specific points, shall by an order in writing assess the total agricultural income of the assessee and determine the tax payable by him on the basis of such assessment:
Provided that where the assessee produces books of accounts as evidence in support of the return the Collector of the Sub-Division shall before disagreeing to such accounts, give a notice to the assessee of defects in the accounts and provide an opportunity to the assessee to explain his point of view about such defects and record such explanation and the basis of computation of total agricultural income of the assessee in the assessment order.
Agricultural Income and its Taxation in Punjab
The Agricultural Income is Exempt from tax under Income Tax Ordinance, 2001 and in Income Tax Ordinance, 2001 Agriculture Income is defined and explained under section 41.
In order to claim exemption of Agricultural Income as per provisions of 41 and section 111(1)(d) of the Income Tax Ordinance, 2001.
Therefore, provincial law on agriculture income have fundamental importance to conclude on whether such income is exempt from tax or not, while computing individual income tax liability under the provisions of Income Tax Ordinance, 2001.
These Punjab Agricultural Income Tax Rules, 2001 explains the procedure of exemption, forms used, Method of accounting, Payment of tax with return of total agricultural income, Return of total agricultural income, Notice for furnishing return of total agricultural income, Revised return of total agricultural income, Self-assessment, Assessment on the basis of return, Notice for production of books of account, Assessment on production of accounts, evidence, Best Judgment assessment, Limitation for assessment, Additional assessment, Payment of tax on demand, Collection of tax as arrears of land revenue, Suspension and remission of tax, Refund of tax, Maintenance of Accounts etc.