Payment of tax with return of total agricultural income
Payment of tax with return of total agricultural income: Every person who is required under the Act to furnish a return of total agricultural income and who is liable to pay tax in respect of the agricultural income of the income year, instead of land based tax under the Act, shall pay, by means of a challan, into the relevant head of account of the Government, on or before the date on which he is so required to furnish such return, the amount of the tax due from him, after adjusting the amount of tax already paid by him in respect of the same income year under the Punjab Agricultural Income Tax Rules 1997.
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 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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