Income Tax investigated against the insurers widening to banks

The Indian Income Tax Department has sent notices to two large private banks amid an ongoing investigation into alleged malpractices involving commission payments by insurance companies. The banks' identity has not been made public at this time. The Indian Income Tax (I-T) department has reportedly shifted its investigation from insurance firms to banks after uncovering voluminous transactions. The probe was initially focused on over 20 insurance companies and around 500 related entities linked to their agents. However, due to its findings, the I-T department is now seeking further explanation from banks. Notice has been served to these financial institutions as part of the investigation. Further details have yet to be provided at this time.

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