ICICI Life Insurance Limited announced that it has received a rectification order under Section 154 of the Income Tax Act, 1961, for Assessment Year 2023. The order pertains to an incremental tax demand of ₹97,07,75,200 and interest of ₹1,33,11,03,953. The company has filed an appeal against this order before the appropriate authority, stating no adverse material impact on its financial operations.
Tax Rectification Order Received
ICICI Life Insurance Limited (formerly ICICI Prudential Life Insurance Company Limited) has been served with a rectification order by the Assistant Commissioner of Income Tax, Mumbai. This order, dated October 19, 2026, was issued under Section 154 of the Income Tax Act, 1961, for the Assessment Year 2023. This follows a previous intimation regarding an order under Section 143(3) of the same Act.
Details of the Rectification Order
The rectification order seeks an incremental tax demand of ₹97,07,75,200, along with an incremental interest of ₹1,33,11,03,953 on the revised tax demand. The total financial implications are substantial, with an estimated tax impact of ₹3,72,36,41,785 and an interest impact of ₹2,19,05,45,425, bringing the total to ₹591,41,87,210. The company has stated that there is no adverse material impact on the financial operations of the company.
Company’s Response and Appeal
In response to this order, ICICI Life Insurance Limited has indicated that it has filed an appeal against the said order before the appropriate authority. The company has declared that the information and details provided in Annexure A are true, correct, and complete to the best of its knowledge and belief, as required under the SEBI Listing Regulations.
Source: BSE
