PB Fintech Limited has informed the Exchange about General Updates-Disclosure under Regulation 30 of the SEBI (Listing obligations and Disclosure Requirements), Regulations, 2015
POLICYBZR · price
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Paisabazaar, the wholly owned subsidiary of PB Fintech (parent of PolicyBazaar), received an income tax assessment order dated March 31, 2025 for assessment year 2023-24. The tax officer has disallowed expenses of INR 85.60 crores under section 37 of the Income Tax Act, despite the company providing all relevant documents. Separately, an inadvertent demand notice of INR 9.32 crores was issued, even though the actual tax payable as per the order is nil. The company plans to appeal the order and file a rectification application for the erroneous demand notice. Importantly, the disallowance will not result in any actual tax outflow because the amount can be set off against brought forward losses available with the company.
Minimal financial impact for shareholders as no tax is actually payable due to available brought forward losses, though the company will incur legal costs and management time in pursuing the appeal process.