The public sector insurer SBI Life Insurance Company Ltd has got an Income Tax Order demand of Rs 352.50 crore in tax and Rs 78.50 core in interests from the Faceless Assessment Unit of the Income Tax Department for Assessment Year 2023-24 with no penalty imposed.
The SBI Life insurance has clarified that the tax demand resulted from an erroneous enhancement of policyholder and shareholder income due to the addition of allowable expenses and exemptions.
It further pointed out that the tax calculation was based on a 30% corporate tax rate instead of the 12.5% special tax rate applicable to life insurance companies under Section 115B of the Income Tax Act and claimed the tax demand order will have no material adverse impact on its financial operations.
“The aforesaid Income Tax Order will have no adverse material impact on the financial operations of the company and the same shall be contested by the company by way of an appeal before the Appellate Authority in accordance with the applicable provisions under the Income Tax Act,” the public sector insurer said.
SBI Life Insurance confirmed that it will contest the demand by filing an appeal before the Appellate Authority within the specified period.
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