Insurance cos get tax evasion summons

The finance ministry has issued summons to about a dozen insurance firms seeking documents pertaining to sale of insurance policies and  commission paid to their field associates as part of its probe into alleged service tax evasion of over Rs 300 crore.

Official sources said that firms, including Birla Sun Life Insurance, ICICI Prudential, HDFC Life Insurance, MetLife Insurance and Reliance  Life Insurance Company among others have been issued summons by Directorate General of Central Excise Intelligence (DGCEI), an  intelligence arm under the finance ministry. Read more