Notice for production of books of account for agricultural income

Notice for production of books of account for agricultural income

Notice for production of books of account for agricultural income: The Collector of the Sub-Division may serve upon any assessee who has furnished a return of total agricultural income for any income year or upon whom a notice has been served to furnish such return, a notice requiring him, on a date specified therein to attend the Collector’s office or to produce or cause to be produced any evidence on which such assessee may rely in support of the return if furnished and such accounts documents or evidence (including accounts or documents relating to any period prior or subsequent to the said income year) as the Collector of the Sub-Division may require:

Provided that the Collector of the Sub-Division shall not require the production of any document relating to a period more than two years prior to the income year.

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.

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To read more on Agricultural Income and Taxation click here (Agricultural Income and its Taxation in Punjab).

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