New India Assurance Receives ₹20.3 Million Income Tax Demand

New India Assurance, a leading public sector general insurer, has received a fresh income tax demand of ₹20.3 million. This latest demand comes on the heels of a larger ₹124.98 crore tax notice issued by the Income Tax Department on March 19, 2025. The company has not yet disclosed the specific reasons for this new tax demand. As with the previous notice, New India Assurance is expected to reflect this amount as a contingent liability in its financial statements. The insurer will likely explore legal options and may file an appeal with the National Faceless Appeal Centre (NFAC) based on the merits of the case. This development adds to the financial challenges faced by the company, which reported a 51% drop in net profit to ₹353 crore in the last quarter.

 

Source: Business Standard