Legal25 Mar 2025, 02:11 am
SBI Life Insurance Receives Income Tax Order of Rs. 352.50 Crore for FY 2022-23
AI Summary
SBI Life Insurance Company Ltd. has received an Income Tax Order from the Faceless Assessment Unit, Income Tax Department on March 24, 2025. The order, involving the Assessment Year 2023-24 (Financial Year 2022-23), demands Rs. 352.50 crore as tax and Rs. 78.50 crore as interest. The Company will contest the order by filing an appeal before the Appellate Authority, as the tax demand has been calculated considering the corporate tax of 30% instead of the applicable special tax rate of 12.5% for life insurance companies. This order is expected to have no adverse material impact on the Company's financial operations.
Key Highlights
- SBI Life Insurance received an Income Tax Order from the Faceless Assessment Unit, Income Tax Department.
- The order involves the Assessment Year 2023-24 (Financial Year 2022-23).
- The demanded tax is Rs. 352.50 crore and the interest is Rs. 78.50 crore.
- The Company will contest the order by filing an appeal before the Appellate Authority.
- The tax demand has been calculated considering the corporate tax of 30% instead of the applicable special tax rate of 12.5%.