Post Reply 
 
Thread Rating:
  • 0 Votes - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Salaried Individual
01-30-2012, 01:26 PM
Post: #2
 
Accordind to Section 41(1) of income tax ordinace 2001 Agricultural in come is exempt from tax.the relevent section is reproduced below
PART VII
EXEMPTIONS AND TAX CONCESSIONS
41. Agricultural income. ¡ª (1) Agricultural income derived by a person shall
be exempt from tax under this Ordinance.
(2) In this section, ¨Dagricultural income¡¬ means, ¡ª
(a) any rent or revenue derived by a person from land which is
situated in Pakistan and is used for agricultural purposes;
(b) any income derived by a person from land situated in Pakistan
from ¡ª
(i) agriculture;
(ii) the performance by a cultivator or receiver of rent-in-kind
of any process ordinarily employed by such person to
render the produce raised or received by the person fit to
be taken to market; or
(iii) the sale by a cultivator or receiver of rent-in-kind of the
produce raised or received by such person, in respect of
which no process has been performed other than a
process of the nature described in sub-clause (ii); or
© any income derived by a person from ¡ª
(i) any building owned and occupied by the receiver of the
rent or revenue of any land described in clause (a) or
(b);
(ii) any building occupied by the cultivator, or the receiver of
rent-in-kind, of any land in respect of which, or the
produce of which, any operation specified in sub-clauses
(ii) or (iii) of clause (b) is carried on,
but only where the building is on, or in the immediate vicinity of
the land and is a building which the receiver of the rent or
revenue, or the cultivator, or the receiver of the rent-in-kind by
reason of the person¡Âs connection with the land, requires as a
dwelling-house, a store-house, or other out-building.
Visit this user's website Find all posts by this user
Quote this message in a reply
Post Reply 


Messages In This Thread
Salaried Individual - olympia - 01-28-2012, 01:51 PM
[] - amerrafique - 01-30-2012 01:26 PM

Forum Jump:


User(s) browsing this thread: 1 Guest(s)