SBI Life Insurance Company Limited has informed the Exchange about General Updates
SBILIFE · price
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SBI Life Insurance has received a rectification order from the Deputy Commissioner of Income Tax, Mumbai, dated March 4, 2026, which drastically reduces its income tax demand for FY 2021-22. The original demand of Rs. 5,317.18 crore (Rs. 4,286.63 crore tax + Rs. 1,030.55 crore interest) has been revised down to Rs. 470.88 crore (Rs. 315.84 crore tax + Rs. 155.04 crore interest), a reduction of about 91%. The company had filed a rectification application under Section 154 of the Income Tax Act, citing incorrect computation by the tax department. No penalty has been imposed. The company had already filed an appeal at the Commissioner Appeals level and will now submit the rectification order before the appellate authority.
This is a significant positive for SBI Life shareholders, as the potential tax liability has dropped by roughly Rs. 4,846 crore, easing concerns about a large contingent outflow. The resolution removes a major overhang on the stock, though the company is still pursuing its appeal to seek further relief.