Legal Document View

Unlock Advanced Research with PRISMAI

Integrated with over 4 crore judgments and laws — designed for legal practitioners, researchers, students and institutions

- Know your Kanoon - Doc Gen Hub - Counter Argument - Case Predict AI - Talk with IK Doc - ...
Upgrade to Premium
[Cites 0, Cited by 6] [Entire Act]

State of Karnataka - Section

Section 66 in Karnataka Agricultural Income-Tax Act, 1957

66. [ Composition of Agricultural Income Tax. [Section 66 Inserted by Act 23 of 1985 w.e.f. 1.4.1985.]

(1)Where the total extent of land under plantation crop [held by any person (other than a company) does not exceed one hundred and fifty acres] [x x x] [Omitted by Act 10 of 1987 w.e.f. 1.4.1985.] such person may [subject to such rules as may be prescribed] [Inserted by Act 18 of 1994 w.e.f. 1.4.1994.] apply to the prescribed Officer for permission to compound the agricultural income tax payable by him and to pay in lieu thereof a lumpsum at the rate specified in [in the Tables below] [Substituted by Act 18 of 1994 w.e.f. 1.4.1994.].[[TABLE I] [Inserted by Act 18 of 1994 w.e.f. 1.4.1994 and Substituted by Act 1 of 1996 w.e.f. 1.4.1995.]
Sl.No. Extent of land Rate of lumpsum payable
1. Where the extent of land does not exceed 15acres. Nil.
2. Where the extent of land exceeds 15 acres butdoes not exceed 20 acres Rs. 750/- per acre after 15 acres.
3. Where the extent of land exceeds 20 acres butdoes not exceed 25 acres Rs. 3,750/- plus Rs. 1,000/- per acre after 20acres.
4. Where the extent of land exceeds 25 acres butdoes not exceed 30 acres. Rs. 8,750/- plus Rs. 1,400/- per acre after 25acres.
5. Where the extent of land exceeds 30 acres butdoes not exceed 40 acres. Rs. 15,750/- plus Rs. 1,750/- per acre after 30acres.
6. Where the extent of land exceeds 40 acres butdoes not exceed 50 acres. Rs. 33,250/- plus Rs. 2,250/- per acre after 40acres.]
[TABLE - II [Inserted by Act 5 of 2000 w.e.f. 1.4.2000]
Sl.No. Extent of land Rate of lumpsum payable
1. Where the extent of land exceeds 50 acres butdoes not exceed 100 acres. Rs. 1150 per acre
2. Where the extent of land exceeds 100 acres butdoes not exceed 150 acres. Rs. 1250 per acre.
[Explanation I. - Persons opting for payment of lumpsum tax as per Table II shall pay such tax on the entire holding at the rates specified therein.] [Inserted by Act 5 of 2000 w.e.f. 1.4.2000][Proviso x x x] [Inserted by Act 3 of 1998 w.e.f. 1.4.2000 and Omitted by 4 of 1999 w.e.f. 1.4.1999.]
(2)[ x x x] [Omitted by Act 18 of 1994 w.e.f. 1.4.1994]
(3)Every application under sub-section (1) shall be submitted in such form, in such manner and within such time as may be prescribed.
(4)The prescribed Officer shall, after satisfying himself that the particulars specified in the application are correct, by order in writing grant the permission.
(5)[ The permission granted under sub-section (4) shall be in force for the year for which it is granted [xxx] [Substituted by Act 18 of 1994 w.e.f. 1.4.1994] and in respect of that period the provisions of this Act relating to the submission of returns, accounts or other documents or the assessment to agricultural income tax shall not apply to the grantee;]]
(6)[ Where any person permitted to pay tax under sub-section (1) re-opts to pay tax in accordance with section 3 after the expiry of the period [xxx] [Sub-section (6), (7), (8) and (9) inserted by Act 18 of 1994 w.e.f. 1.4.1994.] for which permission was granted under sub-section (4), then notwithstanding anything contained in the Act. Such person shall be assessed as if it were a new assessment and shall not be eligible to carry forward any loss or unabsorbed depreciation of any of the previous years.
(7)The assessment of tax under this section on the fraction of an acre shall be made proportionately and tax payable shall be rounded off to the nearest rupee;
(8)When there is any change in the extent of land during the previous year the maximum extent of land held for not less than one hundred and eighty days during the later period of the previous year shall be deemed to be the extent of land held during the previous year for the purpose of assessment of tax under this section.
(9)If for any reasons, extent of land in respect of which composition is permissible under this section, has escaped composition or composition has been permitted at a lower rate, the provisions of section 36 shall apply as if it were an escape of agricultural income under the Act.]