(a) whether the Government have constituted an
Expert Committee on taxation of life insurance
sector;
(b) if so, whether the Expert Committee was
required to examine various aspects relating
to taxation of life insurance sector including
the international practices;
(c) if so, the details thereof; and
(d) by when the Committee likely to submit its
report?
MINISTER OF STATE IN THE MINISTRY OF FINANCE (V. DHANANJAYA KUMAR)
(a) : Yes, Sir.
(b) : Yes, Sir.
(c) : The Expert Committee is required to
examine various aspects relating to taxation
of life insurance sector including, inter alia,
the international practices in this regard, and
to recommend the taxation structure in respect
of profits of the life insurance business under
the Income-tax Act, 1961, keeping in view the
fact that life insurance sector has now been
opened up for private companies also and it
is no more the exclusive privilege of the
Life Insurance Corporation of India.
(d) : The Committee was constituted on 20th
April, 2000 and was required to submit its report
within four months. The Committee has requested
for extension of time which is under consideration.