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FBR seeks information for declaring agricultural income in tax returns

FBR seeks information for declaring agricultural income in tax returns

MULTAN: The Federal Board of Revenue sought taxpayer’s information in Punjab for declaring agricultural income in their tax returns.

The Federal Board of Revenue has also observed that majority of taxpayer’s added general income in the form of income earned from agricultural products at the time of filing annual tax returns.

The Federal Board of Revenue has written letters to chief commissioners Inland Revenue of Multan, Rawalpindi, Bahawalpur, Faisalabad, Sargodha, Sialkot, Gujranwala, Islamabad, Lahore-II, Large Taxpayer Unit Islamabad and Corporate Regional Tax Office Lahore by directing them to compile detailed information of taxpayers who declared their agricultural income in their tax returns.

Federal Board of Revenue has directed all field formations to compile income tax record of taxpayers who declared their agriculture income along with their national tax number (NTN), Computerized National Identity Card (CNIC), taxpayers name and address. Tax authorities have been asked to provide three year tax record of declared agricultural income from 2016, 2017 and 2018 along with exempted agricultural income.

The Federal Board of Revenue will also share declared agricultural income of taxpayers with Punjab revenue authority for collection of levy and realization of agricultural income from them.