Quick Summary
HDFC Life Insurance Company has reported receiving an income tax demand totaling ₹296.76 crore from the Assistant Commissioner of Income Tax, Central Circle 6(2), Mumbai, on September 25, 2024. This order pertains to the assessment year 2022-23 (financial year 2021-22) and includes a tax demand of ₹255.93 crore along with interest of ₹40.83 crore, according to the company's regulatory filing. In response to the demand, HDFC Life stated, "While calculating the above tax demand, there are arithme
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FAQ :
HDFC Life Insurance has received an income tax demand totaling ₹296.76 crore.
The tax demand pertains to the assessment year 2022-23 (financial year 2021-22).
HDFC Life stated that there are arithmetical inaccuracies in the calculation of the tax demand and they are preparing to file a rectification application.
The company anticipates that the adjusted tax demand, after rectification, will be approximately ₹116 crore.
Yes, HDFC Life emphasised that the order is subject to appeal and they plan to file their appeal within the designated time frame.
The demand relates to the classification of shareholders' net investment income, incorrect claims for exempt incomes, erroneous deductions, and misclassification of marketing expenses.
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