Define Agriculture Income In Pakistan:
The income derived from land (include rental income) which is situated in Pakistan and used for agriculture purpose.
Some Important Aspects Regards Agricultural Income:
Agricultural income is exempt from tax u/s10(1) but where the assessee is an individual, an Hindu undivided family, an association of person or an artificial juridical person.
The exemption of agriculture from income tax has also given rise
to fraudulent practices where income from shady sources is filed under
the heading of agricultural income, thereby depriving the exchequer of
millions in taxes. The industrialists, the traders and the civil and
military bureaucrats, all are utilizing this loophole to defraud the
treasury. The gravity of the situation is apparent to any literate
citizen of Pakistan, but the Government of the day is totally blind to
the situation. Their policy is, pocket their profits and then go with
the begging bowl to the West to finance the economy. Because the
repayment of these loans will be made by the
people and their future generations and not the ruling classes.
Agriculture Income Include:
*Income from Forests grown & maintained by persons.
*Profit on Sale of standing crops.
*Insurance Compensation on agricultural loss.
*Income from growing flowers.
*Income by the performance of any process to render the produce fit to be marketed.
*Income from building owned and occupied by the cultivator or the receiver of rent-in-kind.
*Income from the sale of dried tobacco leave.
Non-Agriculture Income Include:
*Income from Sale of wild grass.
*Income from Sale of fruits growing on land spontaneously.
*Income from Sale of spontaneously growing weeds and grass.
*Income from Sale of Agri.. produce received as remuneration.
*Income from Dividend out of agricultural income.
*Income from Fisheries
*Income from Poultry farming
*Income from Royalty
*Income from Stud Farms.
*Income from Cattle or sheep farming
*Income from supply of water for agricultural purposes.
*Intrest received by a moneylender in the from of agricultural produce.
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