Suspension and Remission of Agricultural Tax
Suspension and Remission of Agricultural Tax: Government may in areas declared calamity affected, exempt or remit the whole tax or part thereof in respect of an assessment year where corresponding suspension or remission of other Government taxes in respect of agricultural land has been given.
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.
Read more blogs here and to contact FBR click here.
To read more on Agricultural Income and Taxation click here (Agricultural Income and its Taxation in Punjab).
