Tax notices to Reliance Life, Sahara and 6 other insurers

Eight private insurance companies, including Reliance Life and Sahara India Life have been served show-cause notices by the Revenue department for alleged tax violation, Parliament was informed. The other insurance companies on which the Tax department has served show-cause notices are Aviva Life, DLF Pramerica Life, Sri Ram Life, IFFCO-TOKIO General Insurance, Apollo DKV and Bharat Reinsurance.

Also Read: Investment limit hike for insurers would be imprudent: IRDA

This was stated by Minister of State for Finance SS Palanimanickam in a written reply to the Rajya Sabha. Out of the eight companies, Reliance Life, DLF Pramerica, IFFCO TOKIO General and Bharat Reinsurance have submitted their replies to the government, he said. Palanimanickam said: "In cases where the companies have submitted the reply, a personal hearing will be held and adjudication orders (will be) passed".

In cases wherein reply is yet to be submitted, the Minister said, personal hearings will be conducted after receipt of the replies of the companies.

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