ICICI Prudential Life Insurance: Rectification Order Issued by Income Tax Dept
ICICI Prudential Life Insurance Company Ltd has received a rectification order from the Assistant Commissioner of Income Tax, Mumbai, for Assessment Year 2024. The order rectifies a previous assessment, seeking incremental interest of ₹40,96,103 on an already issued refund, while also reducing the original tax demand. The total financial implication includes a reduced tax demand of ₹215,56,50,475 and incremental interest of ₹63,33,27,980, totaling ₹278,89,78,455. The company states there is no adverse material impact on its financial operations. ICICI Prudential Life Insurance has filed an appeal against this order.
Key Highlights
- Rectification order received from Income Tax Department for AY 2024.
- Incremental interest of ₹40.96 Lacs sought on refund.
- Original tax demand reduced; total implications ₹278.90 Cr.
- No adverse material financial impact stated by the company.
- Company has filed an appeal against the order.
Price Impact
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