Quick Summary
ICICI Prudential Life Insurance Company Ltd announced on Friday, September 27, 2024, that it has received an income tax order totaling ₹361.23 crore for the assessment year 2022-23. This order includes ₹275.28 crore in taxes and ₹85.94 crore in interest, as detailed in the companys stock exchange filing. The order, issued under Section 143(3) of the Income Tax Act, 1961, by the Assistant Commissioner of Income Tax, Mumbai, addresses various disallowances and income reclassifications. Key concer
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FAQ :
ICICI Prudential Life Insurance has received an income tax order totalling ₹361.23 crore for the assessment year 2022-23.
The order includes ₹275.28 crore in taxes and ₹85.94 crore in interest.
The tax authority's concerns include the treatment of negative reserves, transfers of funds between shareholders and policyholders, disallowance of exemptions under Section 10, and other adjustments.
ICICI Prudential Life Insurance intends to appeal the decision to the Commissioner of Income Tax (Appeals) within the stipulated timeline.
Yes, the company received a prior GST demand of ₹429.05 crore from the state tax authorities for the financial year 2020.
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