More Stories

Informist, Thursday, Mar. 5, 2026

--Income tax dept cuts demand on SBI Life to INR 4.7 bln from INR 53 bln 

MUMBAI – SBI Life Insurance Co. Ltd. Wednesday said that the company received a rectification order from the Deputy Commissioner of Income Tax, Mumbai, reducing the tax demand to INR 4.71 billion from INR 53.17 billion earlier. In March 2024, the department had raised a tax demand of INR 53.17 billion for 2021-22 (Apr-Mar), against which the company had filed a rectification application citing errors in calculation of the said amount, the company said in an exchange filing.

The new tax demand of INR 4.71 billion comprises a tax amount of INR 3.16 billion and an interest of INR 1.55 billion, as per the filing. The company said it had filed an appeal against the original order under Section 154 of the Income Tax Act, 1961, and the grounds of appeal will remain in force even after the deletion of the calculation errors. The company will also submit the rectification order before the appellate authority, the filing said.     

For the December quarter, the company reported a net profit of INR 5.77 billion on a net premium income of INR 302.45 billion. On Wednesday, shares of the company ended 5% lower at INR 1,930 on the National Stock Exchange.  End

Reported by Adhithya Aji

Edited by Tanima Banerjee

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2026. All rights reserved.