Inquiry into profits of agriculture and value of land

Tax1959309 of 312 sections available

Statutory text

(1) With effect from the coming into force of this code the State Government may take steps to institute and may cause to be constantly maintained, in accordance with rules made under this Code, an inquiry into the profits of agriculture and in to the value of land used for agricultural and non-agricultural purposes. (2) For the purpose of determining the profits of agriculture, the following elements shall be taken into account in estimating the cost of cultivation, namely: (a) the depreciation of stock and buildings; (b) the money equivalent to the cultivator's and his family's labour and supervision; (c) all other expenses usually incurred in cultivation on the land which is under inquiry; and (d) interest on the cost of buildings and stock and on expenditure for seed and manure, and on cost of agricultural operations paid for in cash. (3) The Settlement Officer shall take into consideration the information collected in the course of this inquiry, when framing his proposals for assessment rates.

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