15 March 2015
suppose an agriculture land was sold in year 2011 but no income tax return of same was filled,,,so what remedies to correct it??whether file it return for 2011 if yes then is there any penalty for the same..no other income taxable...pls reply as soon as possible....
15 March 2015
If it is a rural agricultural land it is fully exempted from tax and no need to file return. Any excess deposit of money in bank over stamp value of land sold, You have file the return and pay taxes with interest and penalty.