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What is meant by agricultural income and explain its types? Is it taxable in Pakistan? Give at least five example of agricultural income and five example of income? Which although derived from land yet are not agricultural?
(v) Building: Income derived from any building which is: (i) Located on or in the immediate vicinity (attached) of agricultural land. (ii) Use for agricultural purposes. (iii) Owned by the same land lord. Example: Store or god down or dwelling house. (2) Land in Pakistan: Income will be agricultural only in land is situated within the territories of Pakistan. if any Pakistani is the owner of agricultural land which is situated outside Pakistan then that income will not be included in agricultural income. (3) Land used for agricultural purpose: It mean some human labor and effort must be involved in agricultural process. If the produce is grown wild or spontaneously on land it ill not be treated as agricultural income. Example of agriculture income: Any rent received by lesser or land lord of agricultural land. Income received by lessee of agricultural land by cultivation. Income from cultivation of tobacco wheat sugarcane etc. Income from growing tea. Land revenue assigned to jagirdar. Income from building used for agriculture purpose. Fee paid by the tenant for the renewal of lease. Income from growing trees. Income from threshing. Income from sale of standing crops.e.g sugarcane, maize. Example of non agricultural income: Income from textile industries. Income from sugar mills. Income from fisheries. Income from mining and mining royalties. Income from land used as markets. Income from used for storing timbers. Profit from a contract of cutting and selling trees. Income from sale of land for bricks making. Income from jute (ginning) mills. Income from cigarette companies. Income from a flour mills. Example of partly agricultural and partly non agricultural income: Income of a person who grows tea leaves on his own firm in Pakistan and then manufacturing it in to tea. Income of a cigarette company growing tobacco on its own land and manufacturing cigarettes. Income of a sugar mill which grows sugarcane and manufactures sugar.
In the above example growing of crops in an agricultural income and further process which totally change the shape of crops in non agricultural income i.e. income from business and profession.