SBI Life Insurance Company Limited has received a rectification order from the Deputy Commissioner of Income Tax, Circle 1(3)1, Mumbai, on March 04, 2026, at 03:53 PM. This order pertains to a tax demand calculated incorrectly in a previous assessment order. The company had filed a rectification application under Section 154 of the Income Tax Act, 1961, due to the erroneous calculation of tax and applicable interest. The rectification order has significantly reduced the total demand. Previously, the tax demand for FY 2021-2022 was ₹4286.63 crore for tax, ₹1030.55 crore for interest, and ₹0 for penalty, totaling ₹5317.18 crore. Following the rectification, the confirmed demand has been reduced to ₹315.84 crore for tax and ₹155.04 crore for interest, with a total amount of ₹470.88 crore. SBI Life has already filed an appeal at the Commissioner Appeals against the original order and will submit this rectification order before the appellate authority. The grounds of appeal filed in the original appeal will remain in force.
