AGRICULTURE INCOME TAX

Agriculture Income Tax
It is high time that modus operandi of Provincial and Federal Sales Tax be adopted in respect of Provincial Agriculture Income Tax under the Income Tax Ordinance, 2001. The Income Tax Department of Federal Board of Revenue should be entrusted to convert this dream into reality. However, it is suggested that the gross revenue less collection charges based on time-spent basis must be transferred to provinces on monthly basis. In furtherance, given the cyclical nature of agriculture, it is suggested that agriculture income be taxed on two years average basis.


Article courtesy of Muhammad Ashraf