Fraudulent bank account tax notice: Introduction The realm of

Introduction The realm of banking, despite being built on trust and financial security, isn't immune to fraudulent activities. In India, as elsewhere, instances of bank frauds in banking law have surfaced, posing significant challenges to the financial system and undermining public trust. To combat these, India has established robust banking laws and regulations. Types of Bank Frauds Bank frauds in India encompass various deceitful activities, such as: Loan Fraud : Falsification of documents ... 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 ... 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 ... Introduction In 2025, as digital banking becomes the norm in India, account holders are increasingly facing a frustrating issue: bank account freezes. Whether it’s due to KYC lapses, legal orders, suspected fraudulent activity, or unpaid dues, having your bank account frozen can severely impact your personal and professional life. The inability to withdraw funds, make transfers, or receive payments can create immediate financial stress.