ICICI Prudential Faces Rs 328 Crore Tax Demand, Plans to Appeal

ICICI Prudential Life Insurance has received a tax demand notice of Rs 328.41 crore from the Maharashtra Income Tax Department for the assessment year 2023-24. The order, issued by the Assistant Commissioner of Income Tax, cites multiple grounds, including the classification of shareholder income as "income from other sources" and the disallowance of certain marketing and advertising expenses.  

 

The tax demand also includes an interest component of Rs 62.9 crore. ICICI Prudential has stated that it will challenge the order before the Commissioner (Appeals) within the prescribed timelines.  

 

Despite the tax dispute, the company reported a 43% rise in consolidated net profit to Rs 325 crore in the third quarter of FY25, with net premium income growing by 24% to Rs 12,261 crore.  

 

Sources: Business Standard, NDTV Profit, Economic Times