Fraudulent bank account tax notice: A real estate agent from Diva was

A real estate agent from Diva was stunned by an income tax notice accusing him of Rs 382 crore transactions, exposing a financial scam. Fraudsters used his documents to create bank accounts and ... The Income Tax Department is watching more closely than ever. With upgraded systems, AI-backed analytics, and tighter compliance norms, scrutiny has gone up, and so has the anxiety around income tax notices. But here’s the truth: an income tax notice isn’t always a sign of wrongdoing. It could be something as simple as a mismatch in your bank interest or missing a form. The important part is knowing what to do next. Let’s take a deep dive into why notices are being sent more frequently ... THANE: A real estate agent from Diva was shocked on receiving an income tax notice , accusing him of conducting transactions amounting to Rs 382 crore. The unsuspecting agent, who resides in a chawl, soon learnt that he had become a victim of a massive financial scam involving fraudulent bank accounts and proprietary firms set up in his name for money laundering purposes, said a police officer. Red flags of bank Deposits that can invite Income Tax Notice If you put a large amount of money, like Rs. 15 lakh, into your savings account , the bank reports it to the Income Tax Department because it’s above a certain limit (usually Rs. 10 lakh in a year). Taxpayer can invite a notice from the income tax department if they make large or unexplained cash deposits. If the department issues a notice under Section 68, you will need to provide proper documentation like business records, gift ...