IT Department alleges insurance companies evaded taxes worth Rs. 25,000cr

The Income Tax Department is about to issue tax demand notices totaling Rs. 25,000 crore by the end of March, to various insurance companies. It is alleged that the firms evaded tax by paying excessive commissions to agents and claimed deductions prior to April 1, 2023. According to Moneycontrol, the Central Board of Direct Taxes (CBDT) is reevaluating the taxes paid by these companies in specific years before the mentioned date.