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Tax-evasion showcause to 8 insurers

Dec 14 2012, 02:56 IST
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SummaryThe finance ministry said it has served showcause notices regarding tax evasion on eight insurers, who would soon be given personal hearing before final adjudication orders are passed.

The finance ministry said it has served showcause notices regarding tax evasion on eight insurers, who would soon be given personal hearing before final adjudication orders are passed.

Minister of state for finance SS Palanimanickam told the Rajya Sabha that four insurers — Bharat Reinsurance Company, IFFCO TOKIO General Insurance Services, DLF Premierico Life Insurance and Reliance Life Insurance — who have replied to the tax notice would soon be given a personal hearing. After discussions with the companies, an adjudication order shall be passed.

The minister said the other four insurers — Apollo DKV Insurance, AVIVA Life Insurance, Sri Ram Life Insurance and Sahara India Life Insurance Corp — will be granted personal hearings once the tax department receives replies from them.

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