Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: due date for vat payment :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: ACCOUNTING STANDARD :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: form 3cd :: VAT Audit :: list of goods taxed at 4% :: cpt
 
 
Service Tax »
 What does GST hold for Indian youth?
 GST will help India move towards becoming a commercial union
 Friendly advance ruling mechanism to smoothen ride under GST regime
 GST impact: Small businesses could under-report income initially
 The art of doing business under GST
 GST council to debate tax on services, fitment of items on April 18-19
 Online Services – Changes In Service Taxation
 States deserve bigger share of GST pie
 Mumbai zone service tax mop-up falls short of revised target
  Composition Tax under CGST Bill,2017
 GST Network expects last-minute rush from taxpayers

ICICI Prudential Life gets service tax demand notice
May, 02nd 2013

ICICI Prudential Life Insurance Company Ltd (ICICI Pru) has received a tax demand of about Rs 136 crore from the revenue department over alleged service tax evasion.

A show-cause-cum-demand notice has been served on this private life insurer by the Directorate General of Central Excise Intelligence (DGCEI), the apex intelligence arm of the Central Board of Excise and Customs.

After verifying the books of the company for financial years – 2007-08 to 2011-12, the DGCEI concluded that the life insurer had violated service tax laws during this period.

Besides falsification of books of account, there has also been non-payment to the exchequer of service tax collected from corporate agents and channel partners, it is alleged.

Also, the commission payouts to channel partners may have been passed off under other accounting heads such as rentals, and administrative costs without having to fork out service tax on them.

When contacted, a spokesperson for ICICI Prudential Life Insurance confirmed receipt of the show-cause notice.

“The department has followed procedure by issuing the show-cause notice. We will respond to the notice within the stipulated time period”, the spokesperson said.

Not only ICICI Prudential Life Insurance, several other private life insurers are under the scanner of the revenue department for alleged service tax evasion.

The bone of contention is the commission payouts of such companies and correct record keeping.

Prior to the current negative list system of service taxation that came into force from last year, commissions paid to insurance agents, channel partners attracted service tax as a specific taxable service.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions