Insurance Company Did.nt issued me policy Bond even after fulling all the requirement necessary to full fillby me for issuing policy by the Company
i have all the prove that states that Insurance Company was at Default,
Now insurance Company agree that it was there default, Not mine in any circumstance,
now insurance Company is compensating with the bank interest on the amount of premium kept idle by insurance company without issuing policy bonds
Sir, can you please tell me what can be the "MAXIMUM PENALTY"for the insurance company
Q1. "FOR NOT ISSUING THE POLICY BONDS TO ME" Q2."FOR NO COMMUNICATION TO ME REGARDING MY POLICY OR IF ANY REQUIREMENT TO BE FULL FILLED BY ME FOR ISSUING THE POLICY
04 August 2010
As you say , insurance company is paying you bank interest. If you have applied for policy in finanical year and policy bond is not issued in that f.Y, you will not be able to take deduction u/s 80 C of it. Now you have to pay tax on it.
Hence you can also can demand for losing benefit of deductio of 80C also . Other's experts veiw are solicited.
CAclubindia
