SBI Life Insurance Company Limited has informed the Exchange about General Updates
SBILIFE · price
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Awaiting price reaction for this filing.
SBI Life Insurance has received an Income Tax Assessment Order from the Faceless Assessment Unit for Financial Year 2023-24. The tax demand totals Rs. 537.75 crore, comprising Rs. 441.24 crore in tax and Rs. 96.51 crore in interest, with no penalty levied. The company has stated that the assessment contains errors, including wrongful disallowance of exemptions under sections 10(15) and 10(23AAB), and application of the 30% corporate tax rate instead of the lower rate applicable under section 115B of the Income Tax Act. SBI Life plans to contest the order by filing an appeal before the Appellate Authority.
While the demand of ~Rs. 538 crore is sizeable, the company has not been asked to pay immediately and has flagged clear grounds for appeal. Investors should expect some short-term uncertainty and possible stock volatility, but no immediate cash outflow is required, and the company believes the outcome will not materially affect its financial operations.