SBI Life Insurance Company has received an Income Tax Assessment Order demanding a total of ₹537.75 crore for the financial year 2023-2024. This includes a tax amount of ₹441.24 crore and interest of ₹96.51 crore, with no penalty imposed.
The assessment order, received on 11 March 2026, was issued by the Faceless Assessment Unit of the Income Tax Department. It disallowed exemptions under sections 10(15) and 10(23AAB) and charged income under section 56. The demand also applied a corporate tax rate of 30% instead of the applicable rate under section 115B of the Income Tax Act.
SBI Life Insurance plans to contest the order by appealing to the Appellate Authority. The company stated that the order would not have a material adverse impact on its financial operations.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).
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