Quick Summary
The income-tax (I-T) department sent notices to two large private banks in its ongoing investigation into possible malpractices involving commission payments made by insurance companies, says a report. According to the report, investigators from the tax department are apparently scrutinising tran
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FAQ :
The investigation has widened to banks after the probe into insurance companies allegedly revealed voluminous transactions and demanded further explanation regarding commission payments.
Investigators are scrutinising transactions of over Rs 60,000 crore.
The suspected evasion of goods and services tax (GST) exceeds Rs 5,500 crore.
Banks are being investigated for allegedly receiving 'overriding' commissions on top of legal commissions, and for charging insurance companies for non-existent marketing events or inflated advertising costs.
The department has sought information about the manpower deployed by the banks and their modes of payment.
Yes, last month the Insurance Regulatory and Development Authority of India (IRDAI) lifted limits on commission payments, replacing them with an overall cap on expenses of management for insurers.
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