Punjab is in action for the government’s agricultural income tax preparation increase Punjab income in agriculture. In the tax develop proposals, it is asked to enhance in the next financial year that has learned from Treasury sources of agricultural income. Suggestions for raising taxes have been made which will be submitted to the Chief Minister soon.
According to sources, there will be no tax on income up to Rs 6 lakh in the agricultural sector, while it has been proposed to levy an annual tax of Rs 30,000 on income above Rs 6 lakh and Rs 12 lakh. More than 12 million and 18 million income for the farmer to 30 thousand tax with plus 10 percent tax is proposed to take.
According to sources, more than 18 million and five hundred thousand to 90 thousand rupees tax plus 12.5 percent tax. More than 25 million and 35 million income 1 lakh 77 thousand farmers take more than five million to five million income 3 lakh 27 thousand farmers tax plus 17.5% tax to the proposition.
According to sources, earlier no agricultural income tax was levied on those earning Rs 4 lakh and those earning more than Rs 4 lakh and up to Rs 12 lakh were taxed at Rs 1,000 to Rs 2,000.
Extracted from City42 News