India's tax authority has sent Bajaj Allianz Life Insurance and ICICI Prudential Life Insurance show-cause notices for evading taxes since 2017, as part of a probe spanning 16 insurers and about $610 million in unpaid dues, three sources said.
The probe, started in September last year, is a crackdown on the insurance industry's practice of accounting for all sales commissions above the regulator-prescribed limit as advertising and marketing costs, and then claiming tax credit, two of the ..
