ICICI Prudential Life Insurance Receives ₹3.28 Billion Tax Demand for FY2023-24

ICICI Prudential Life Insurance Company Ltd has been served with a tax demand of ₹3.28 billion ($39.4 million) for the assessment year 2023-24. The order, issued by the Assistant Commissioner of Income Tax in Mumbai, includes ₹2.75 billion in taxes and ₹530 million in interest. The demand stems from various disallowances and income reclassifications, including treatment of negative reserves, fund transfers between shareholders and policyholders, and disallowance of certain exemptions. ICICI Prudential plans to appeal the decision before the Commissioner (Appeals) within the prescribed timelines, citing past favorable rulings from courts and tribunals on similar issues. This tax demand follows a separate ₹4.29 billion GST notice received by the company in August 2024.

 

Source: Reuters