What is Provincial Agriculture Income Tax ? | Applicable on Agriculture Land Owners ||
Supreme Court Of pakistan has already given his comprehensive verdict to implement the Agriculture Income Tax on the Agriculture land owners vide it’s verdict dated 2nd March, 2019. Such will be Implemented through the Punjab Agriculture Income Tax Act 1997 and Punjab Agricultural Income Rules, 2001 (Rules).
The Supreme Court (SC) has ordered that Punjab tax authority will be responsible to recover all receivable tax from the landlords of agriculture land and a time limit of two years from the time when the total agricultural income was first assessable, ie, the assessment years of 2012 and 2013. Supreme Court appointed A three-judge bench, which was headed by former Chief Justice Mian Saqib Nisar, on 8th January 2019. The SC after hearing the arguments of all the stakeholders had reserved his verdict, which was released and announced on 2nd March 2019.
The Punjab tax authority had issued recovery notices to the landlords of agricultural land for recovery of agricultural income tax for the assessment years 2012, 2013 and 2014 under the such Act.
Through such powers, Rule 14(1) of Income tax rules 2001, provides a certain procedure for the recovery of agricultural income tax under the such Act. Therefore in the situation where an assessee has not submitted his income tax return or has done so without disclosing his agricultural income, then the tax authorities are liable to levy, assess and collect agricultural income tax, in terms of the provisions of the Act and the Rules. Where Agriculture Income has been declared in the Income tax return then it will be assessed on the basis of such declared value.
Complete Punjab Agriculture Income Tax Act 1997 and rules as explained above can be accessed from below link,
(Fayyaz Ahmed Khan | Globaltaxconsultants.pk )
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