Tax Evasion Possibility of Insurance Companies of Private Sector

The Central Government has given the notice in view of the possibility of tax evasion by some insurance companies of private sector. The names of the companies which have been served upon Show Cause Notices in 2012-13 (upto October 2012) are as follows:

1. M/s Bharat Reinsurance Co.;
2. M/s IFFCO TOKIO General Insurance Services Ltd.;
3. M/s Apollo DKV Insurance Co. Ltd.;
4. M/s DLF Premierico Life Insurance Co.;
5. M/s AVIVA Life Insurance Co. India Ltd.;
6. M/s Sri Ram Life Insurance;
7. M/s Sahara India Life Insurance Corporation; and
8. M/s Reliance Life Insurance Co. Ltd.

Out of the 8 companies mentioned above, the following four companies have submitted their reply to Government:

1. M/s Bharat Reinsurance Co.;
2. M/s IFFCO TOKIO General Insurance Services Ltd.;
3. M/s DLF Premierico Life Insurance Co.; and
4. Reliance Life Insurance Co. Ltd.

In cases where the companies have submitted the reply, a personal hearing will be held and adjudication orders passed. In cases where the reply is yet to be submitted, personal hearings will be conducted after receipt of the replies of the companies.

This was stated by the Minister of State for Finance Shri S.S. Palanimanickam in a written reply to a question in the Rajya Sabha today.

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