SBI Life Insurance Company Ltd. Receives Rectification Order Reducing Tax Demand by Rs. 4846.30 Crore

SBI Life Insurance Company Ltd. has received a rectification order from the Deputy Commissioner of Income Tax, Circle 1(3)1, Mumbai, reducing the tax demand and interest as per the rectification order passed by the Tax Authority. The company had filed a rectification application under section 154 of the Income Tax Act, 1961, due to incorrect calculation of tax demand and interest by the Income Tax Department in the original assessment order. The rectified tax demand stands at Rs. 315.84 crore, with an interest of Rs. 155.04 crore, totaling to Rs. 470.88 crore for FY 2021-2022. The company had earlier disclosed a tax demand of Rs. 5317.18 crore on March 30, 2024. SBI Life Insurance Company Ltd. has filed an appeal at Commissioner Appeals against the original order and will submit the rectification order before the appellate authority.