How to report agricultural land in tax return?

Question

I own agricultural land that I rent out to farmers. How should I declare it in my return?

Answer 1

Income from agricultural land is exempt from federal income tax under the Income Tax Ordinance, 2001.
However, you still need to declare the land in your annual return under the assets/wealth statement section.
The rent you receive from farmers is considered agricultural income, which is taxable only under the provincial laws of your province.