Insurance companies under IT scanner, likely to receive tax notices worth ₹25,000 crore: Report

Multiple insurance companies are expected to come under the Income Tax department's scanner for paying higher commissions to intermediaries and claiming higher deductions. The IT department is likely to issue demand notices worth a total of ₹25,000 crore in the coming months, reported Moneycontrol. According to the MC report, the Central Board of Direct Taxes (CBDT) is doing a reassessment of the tax paid by insurance companies in certain years before April 1, 2023. All the income tax notices will be sent to the insurance companies which paid extra commission during the period, by March this year.

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