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Mar 07, 2025
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Taxman smells a scam in dubious agricultural income declaration
For decades, agricultural income and sale of farm land has been a subterfuge to escape tax, convert black money into white. Now, a nationwide probe is underway with the income tax (I-T) department homing in on cases in various states where persons and entities have shown agricultural income of Rs 50 lakh or more without owning any land.
The tax office is simultaneously looking into several cases of unrealistic farm income of Rs 5 lakh per acre, where such declarations are inconsistent with the general trends and publicly available data.
Depending on how far the tax office pursues the matter, the exercise could stir up a hornet's nest in certain pockets given the direct and indirect ownership of land by politicians and other influential parties.
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