SBI Life Insurance Company has been served an Income Tax Assessment Order for the Financial Year 2023-2024, dated March 11, 2026. The order confirms a total demand of ₹537.75 crore, comprising ₹441.24 crore in tax and ₹96.51 crore in interest, with no penalty levied. The company strongly contests the order, citing erroneous disallowances and incorrect tax rate application, and plans to file an appeal immediately.
Income Tax Assessment Order Received
SBI Life Insurance Company Limited has formally received an Assessment Order from the Income Tax Department’s Faceless Assessment Unit on March 11, 2026, at 12:29 am. This communication relates to the assessment for the Financial Year F.Y. 2023-2024, under section 143(3) read with section 144B of the Income Tax Act.
Summary of Tax Demand
The company has received an Order confirming a tax demand, the financial implications of which are detailed below:
- Tax Amount: Rs. 441.24 crore
- Interest: Rs. 96.51 Crore
- Penalty: Rs. NIL
- Total Amount: Rs. 537.75 crore
Basis for Contestation
The company states that the Tax Authority has erroneously enhanced the Income by disallowing exemptions under sections 10(15) and 10(23AAB), and by wrongly charging income under section 56. Furthermore, the demand calculation incorrectly utilized a corporate tax rate of 30% instead of the applicable rate under section 115B of the Income Tax Act.
Company Response and Next Steps
SBI Life has affirmed that this Income Tax Order will have no adverse material impact on the financial operations of the Company. The company intends to contest the findings by filing an appeal before the Appellate Authority within the specified period. No penalties have been imposed as part of this communication.
Source: BSE
