Fort Abbas returns typically cover cotton ginning, grain trading, farm income and salaries. This page explains what goes into each.
Ginners
Profit is lint and seed sales less seed cotton purchases, power, wages and depreciation. Tax deducted by spinning mills is credited, and figures should match the ginner's sales tax returns.
Grain Traders and Arhtis
Traders show purchases and sales of wheat, while arhtis show commission. Advances to farmers are assets.
Farmers
Cotton and wheat from your own land are agricultural income, outside federal tax.
Salaried Persons
Teachers and government staff enter salary and deductions.
Wealth Statement
Land, including newly allotted desert land, houses, vehicles, gold and balances are listed.
Bad Cotton Years
Pest attacks and price falls can cause losses. Business losses are recorded in the year and may be carried forward against future business profit.
Input Dealers
Dealers in seed, fertiliser and pesticide show sales on credit to farmers as receivables at 30 June, collected after harvest. Tax deducted by companies on supplies is credited.
Transporters
Truck owners show freight less fuel, repairs, wages and depreciation, and claim advance tax paid with the vehicle token.
Families with Members Abroad
Remittances received through banks are shown in the wealth statement.
Livestock
Animals raised on your own land are part of farming. Buying cattle to fatten and resell before Eid is a trading business, and its margin is declared as business income after feed and transport.
Also see NTN registration in Fort Abbas.
Frequently Asked Questions
Can a ginner carry forward a loss?
Business losses can generally be carried forward against future business income.
Is allotted desert land shown in the wealth statement?
Yes, at its cost or allotment value.
Is an arhti taxed on crop value?
No, on commission only.