Daily Times

The Punjab Assembly (PA) has passed the bill on Agricultural Income Tax Punjab 2024 while all the amendments presented by the opposition are discarded.

The Pakistan People’s Party (PPP) and Pakistan Tehreek-I-Insaf (PTI) walked out of the House, opposing the agricultural income tax.

According to the approval of the Agricultural Income Tax Punjab Bill, tax will also be imposed on livestock and super tax will be from farmers with high income.

Through the amendment bill, the income tax exemption on agricultural land will be removed, along with agricultural land, income earned from livestock will also be taxed.

Tax on livestock will also be considered as agricultural tax and concept of livestock will be as per Punjab Livestock Breeding Act 2014.

According to the bill, the agricultural income tax defaulter will be fined 0.1 per cent of the tax amount for each additional day, the agricultural income tax defaulter with less than 12 lakhs will be fined RS10,000, and the agricultural income less than Rs40 million will be fined. Around 25,000 fine will be imposed on the non-payer of agricultural tax.