The Punjab Assembly on Thursday passed the Punjab Agricultural Income Tax (Amendment) Bill 2024.
The legislation introduces a new taxation regime on agricultural income, including income from livestock, aimed at enforcing a bigger tax structure on agriculture revenue. Under the bill, higher-income farmers will be taxed, and tax defaulters face a daily penalty of 0.1 percent on their total income.
Some are describing the bill as a necessary reform for the agriculture sector, while others argued that the bill disregarded farmers’ concerns.
A senior legislator condemned the bill and said it conflicts with Article 142 of the Constitution, which restricts taxation on agriculture. A few others also criticized the bill, calling the proposed 40 percent tax on farmers an “economic murder” of the agricultural sector.
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eqsypqisq Akshay 030 52155957
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eqsypqisq Akshay 03052155957
03052155957