Mailsi returns usually cover ginning, commission or input dealing alongside farm income. This page explains each part.
Tubewell Water Sold to Neighbours
Around Mailsi, where canal water at the tail of the distributaries is unreliable, many farmers have tubewells, increasingly run on solar panels. A farmer irrigating his own fields is farming. One who sells water by the hour to neighbouring farmers is earning a separate income from the tubewell, and that hire income belongs in the return as business income, with diesel or electricity, repairs and depreciation of the pump and panels as its costs. Solar systems bought on bank financing appear in the wealth statement with the loan as a liability.
Land Given on Theka
Families who lease out land for a fixed cash rent per acre for the season receive agricultural income, just as if they had farmed it. The lease deed or a written note of the rent received helps if the wealth statement is questioned.
Ginning Factories on the Vehari Road
A Mailsi ginner's return is built from the gate register of seed cotton received, the lint and seed sales invoices, and the mills' withholding statements. Electricity, labour and freight are the main costs, and stock on 30 June is counted.
Commission Agents
Commission on cotton and wheat, less shop costs, is income; loans to growers are receivables.
Teachers and Officials
Salary and withholding are copied from certificates.
Families with Members in the Gulf
Money received from abroad through banks is a receipt shown in the wealth statement.
Also see tax consultant in Mailsi and NTN registration in Mailsi.
Frequently Asked Questions
Can ginning losses be carried forward?
Generally yes.
Are dealers' receivables listed?
Yes.
Is crop income declared?
Yes, as agricultural income.
File Your Income Tax Return in Mailsi Today
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