Income Tax department issues notices to banks on their dealing with insurance firms

• April 20, 2023
• CA Chandan Agarwal's Office

CNBC-TV18 has learnt that these notices are a result of the ongoing probe where the tax department is investigating the allegation of overriding commissions which are being paid by the insurers.

The Income Tax department has issued notices to several banks on their dealings with insurers. CNBC-TV18 has learnt that these notices are a result of the ongoing probe where the tax department is investigating the allegation of overriding commissions which are being paid by the insurers.

In fact, Directorate General of Goods and Services Tax Intelligence (DGGI) has also sent a show cause notice to a bank.

Overall, the Income Tax department and DGGI combined have 23 insurance firms under the scanner.

Source: https://www.cnbctv18.com/business/income-tax-department-issues-notices-to-banks-on-their-dealing-with-insurance-firms-16442891.htm