Kamoke returns centre on rice: milling, commission, trading and storage. This page explains what each kind of return shows.
Rice Mills
A mill's return shows rice, broken rice, bran and husk sold against paddy purchased, electricity, labour, packing, freight and depreciation of husking, polishing and sorting machines. Paddy and rice held on 30 June are closing stock at cost. Exporters' withholding on payments is claimed, and figures are reconciled with sales tax returns.
Commission Agents
Commission earned on paddy and rice sold for growers and traders, less rent, munshis' salaries and other costs, is the agent's income. Advances to growers are receivables.
Rice Traders
Traders show purchases, milling charges paid to mills, storage rent, freight and sales. Stock held for higher prices is valued at cost.
Godown Owners
Rent is property income for individuals; tenants' withholding is claimed.
Employees
Mill staff and office workers copy salary and withholding from certificates.
Wealth Statement
Mills, godowns, stock, vehicles, land, receivables and balances are listed.
Paddy Driers and Husk Sales
Many Kamoke mills now dry paddy mechanically and sell husk as boiler fuel to factories. Husk sales are part of the mill's income, and buyers may withhold tax on them. Fuel used for drying is a cost.
Transporters
Truck owners carrying paddy from Sheikhupura, Hafizabad and Narowal into Kamoke, and rice out to Karachi, show freight less diesel, tyres, repairs and drivers' wages, with the advance tax paid with their annual token claimed.
Shopkeepers on the GT Road
Shops along the GT Road show sales, purchases and stock, and claim the advance tax charged on commercial electricity bills.
Also see NTN registration in Kamoke.
Frequently Asked Questions
How is rice held for higher prices treated?
It is closing stock valued at cost.
Is an agent taxed on the value of rice sold?
No, on commission earned.
Is godown rent business or property income?
For an individual landlord, it is property income.