Income Tax investigation against insurers widens to banks

India's income tax department sent notices to two private banks in its ongoing investigation into possible malpractices involving commission payments made by insurance companies. The initial investigation focused on over 20 insurance firms and around 500 entities linked to their sales agents. However, officials have now shifted their attention to banks, as voluminous transactions have been revealed. Investigators are apparently scrutinising transactions in excess of INR60,000cr ($8.06bn) and also investigating suspected GST evasion exceeding INR5,500cr.

from Banking/Finance-Industry-Economic Times https://ift.tt/f028oRu