State Bank of India Receives ₹6,337 Crore Income Tax Demand, To Challenge Order ?
Mumbai, March 20, 2026: State Bank of India (SBI) , the country's largest public sector lender, has informed the stock exchanges about a significant income tax demand order received from the Income Tax department.
In a regulatory filing on Friday, the bank disclosed that it has received an Order dated March 19, 2026, passed under Section 143(3) read with Section 144C(3) and 144B of the Income Tax Act, 1961 , from the Assessment Unit. The order raises a demand of ₹63,37,52,52,550/- (approximately ₹6,337.53 crore), inclusive of interest, pertaining to scrutiny assessment proceedings conducted for Assessment Year (AY) 2023-24.
Key Highlights:
| Parameter | Details |
|---|---|
| Demand Amount | ₹6,337.53 Crore (approx.) |
| Assessment Year | 2023-24 |
| Order Date | March 19, 2026 |
| Authority | Assessment Unit, Income Tax Department |
| Section | 143(3) r/w 144C(3) & 144B of Income Tax Act |
| Nature of Disallowances | Various grounds (details not specified in filing) |
| Bank's Response | Will contest before appellate authorities |
Background and Bank's Response
According to the disclosure, the Assessment Unit has made disallowances on various grounds in the scrutiny assessment order. SBI noted that it is already in litigation on similar grounds in earlier years, indicating that the issues raised are not new and have been subject to judicial review in prior assessment periods.
The bank has stated that it will take appropriate steps, including contesting the Order before appellate authorities, within the prescribed timelines. Importantly, SBI clarified that there is no impact on operations or other activities of the Bank due to the order.
Materiality and Regulatory Compliance
The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 , as the aggregate amount involved exceeds the materiality threshold prescribed under the regulations.
The filing was signed by Aruna N. Dak, Deputy General Manager (Compliance & Company Secretary) of the bank.
About State Bank of India
State Bank of India (SBI) is India's largest public sector bank with a heritage of over 200 years. It serves over 45 crore customers through a vast network of branches and digital channels across the country and globally. As India's premier banking institution, SBI plays a critical role in the country's financial system and economic development.