When a retired IAS officer facilitated a ₹14 crore farmland deal, only ₹3.5 crore was transferred through official channels, with the remaining ₹10.5 crore exchanged in cash over hours in a bank, showcasing the prevalence of black money in Indian real estate transactions. A Reddit post detailing this experience went viral, with users sharing similar stories of cash-based land deals where only a fraction of the amount was accounted for, highlighting the systemic loopholes enabling tax evasion and money laundering in the sector. Despite crackdowns, the pervasive use of black money in real estate transactions continues to persist, with little indication of change in the foreseeable future.
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ITR e-filing 2024-25: ITR-1 & ITR-2 forms enabled online for income tax e-filing;
Income Tax Department had extended the deadline to file ITR for FY 2024-25 to September 15 from July 31. (AI image) ITR Filing FY 2024-25: The Income Tax Department has activated its website incometax.gov.in for filing income tax returns using ITR-1 and ITR-4 forms. Eligible individuals can now submit their ITR via the e-filing portal for FY 2024-25 (AY 2025-26). Currently, only ITR-1 and ITR-4 submissions are available online, whilst those needing to submit ITR-2...
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