What is Income Tax Sentinel?
iAcuity Income Tax Sentinel is a game-changing analytics powerhouse designed to redefine the fight against tax fraud. Tailored for the Income Tax Department, it equips Investigation Officers with the ability to see what others miss—uncovering hidden patterns, pinpointing discrepancies, and exposing the truth behind financial activity.
With its advanced analytics engine, Income Tax Sentinel dives deep into financial transactions to detect inconsistencies between declared income and actual financial behaviour. It transforms raw data into powerful insights, enabling investigators to swiftly identify tax evasion schemes and ensure compliance with unparalleled precision.
By turning complex data into clear, actionable intelligence, Income Tax Sentinel doesn’t just spot fraud—it eradicates it, empowering authorities to stay ahead of even the most sophisticated tax evaders. It’s not just an investigative tool; it’s a revolutionary leap in tax enforcement.
What We Do
iAcuity Income Tax Sentinel analyses bank statements and optional bank book ledgers, supporting Investigation Officers in:
Identifying Discrepancies
Compares declared income and expenses with actual bank transactions.
Tracing Fund Flows
Tracks Money movement between accounts and entities.
Recognizing Patterns
Detecting unusual or suspicious transaction patterns indicative of fraud.
Linking Entities
Uncovering relationships between individuals and organizations involved in fraud.
Data We Analyse:
Bank Statements:
Detects suspicious patterns, fund movements, and unusual transactions.
Bank Book Ledgers (Optional)
Validates recorded transactions against bank statements to uncover discrepancies or omissions.
Key Use Cases
Underreported
Income
Matches tax returns with bank deposits to detect discrepancies.
Phantom
Expenses
Identifies fictitious or inflated deductions.
Unexplained Cash Deposits
Flags deposits without clear sources.
Round
Tripping
Monitors repetitive transfers suggesting income falsification.
Shell Company Transactions
Detects payments to fictitious entities.
Accommodation Entries (Hawala)
Uncovers fictitious book entries.
Manipulation of Books of Accounts
Flags altered accounting records to reduce liabilities.
Related Party Transactions
Detects income shifting or inflated expenses.
Multiple Bank
Accounts
Identifies hidden income across accounts.