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SBI Life Insurance Company has received an income tax assessment order demanding Rs 537.75 crore for the FY 2023-24, according to an exchange filing made by the insurer on Wednesday. The total demand includes Rs 441.24 crore in tax and Rs 96.51 crore in interest, while no penalty has been levied. T
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FAQ :
SBI Life Insurance has received a total income tax demand of £537.75 crore for the fiscal year 2023-24.
The demand includes £441.24 crore in tax and £96.51 crore in interest. No penalty has been levied.
The demand was issued due to the disallowance of certain exemptions claimed under Sections 10(15) and 10(23AAB) of the Income Tax Act, and some income being treated under Section 56 with a corporate tax rate of 30% applied.
Yes, SBI Life Insurance intends to file an appeal before the Appellate Authority within the prescribed timeline.
The company has clarified that the tax demand is not expected to have any material adverse impact on its financial operations.
In the quarter ended 31 December 2025, SBI Life Insurance reported a 5% year-on-year increase in net profit to £577 crore, with net premium income growing 22%.
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