SBI Life Insurance Receives Income Tax Assessment Order; Plans Appeal Against Rs. 537.75 Crore Demand
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Mumbai, March 11, 2026: SBI Life Insurance Company Limited (SBILIFE) has received an Income Tax Assessment Order from the Faceless Assessment Unit, Income Tax Department, pertaining to the financial year 2023-24, early this morning at 12:29 am.
The order imposes a tax demand of Rs. 441.24 crore along with interest of Rs. 96.51 crore, totaling Rs. 537.75 crore. No penalty has been levied. According to the company, the assessment incorrectly enhanced taxable income by disallowing exemptions under sections 10(15), 10(23AAB), and charging income under section 56, and applying a corporate tax rate of 30% instead of the correct section 115B rate.
Company Response
SBI Life has confirmed that this order will not have any adverse material impact on its financial operations. The company plans to contest the order through an appeal before the Appellate Authority in accordance with the Income Tax Act, 1961.
Girish Manik, Company Secretary of SBI Life, stated:
"We will file our appeal within the specified period and are confident of a favorable resolution."
Key Details at a Glance
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Communication Type: Income Tax Assessment Order under sections 143(3) & 144B
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Authority: Faceless Assessment Unit, Income Tax Department
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Period Applicable: FY 2023-24
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Total Demand: Rs. 537.75 crore (Tax: 441.24 Cr + Interest: 96.51 Cr)
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Penalty: NIL
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Next Steps: Appeal to Appellate Authority
This disclosure has been made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency to investors and stakeholders.
About SBI Life Insurance
SBI Life Insurance Company Limited is one of India’s leading life insurance providers, offering a diversified portfolio of insurance products to individuals and corporates. Registered with IRDAI (Regn. No. 111), the company operates through a robust distribution network and maintains a strong focus on financial resilience and regulatory compliance.
Official Website: www.sbilife.co.in