Go Digit General Insurance Receives Income Tax Order
Go Digit General Insurance Ltd. announced it received an order on March 25, 2026, from the Office of the Assistant Commissioner of Income-Tax, Central Circle 6(2), Mumbai, raising an income tax demand of Rs. 3,84,43,19,480, including Rs. 1,00,38,89,700 in interest. The demand pertains to the Assessment Year 2023-24.The order increases the company’s total taxable income due to adjustments relating to disallowances primarily concerning industry-wide issues, including the provision for Incurred But Not Reported (IBNR) and Incurred But Not Enough Reported (IBNER) claims, as well as non-deduction of tax deductions at source (TDS) on certain expenses and reinsurance premiums.
The company is currently evaluating legal advice regarding the implications of the order and intends to pursue an appeal or other appropriate actions. There is no immediate financial impact.
The company will evaluate and make appropriate disclosures in its financial statements, if required.
Details of the Order
| Particulars | Details |
|---|---|
| Opposing Party/Agency | The Office of the Assistant Commissioner of Income- Tax, Central Circle 6(2), Mumbai |
| Brief Details of Order | Income-tax demand of Rs. 3,84,43,19,480 (Including interest of Rs. 1,00,38,89,700 under section 234B of the Act) for Assessment Year 2023-24. Adjustments included disallowances of IBNR/IBNER claims, and non-deduction of TDS on certain expenses and reinsurance premiums. |
| Financial Implications | No impact at this stage |
| Quantum of Claims | Rs. 3,84,43,19,480 (Including interest of Rs. 1,00,38,89,700 under section 234B of the Act) |
Communication Details
| Particulars | Details |
|---|---|
| Company Name | Go Digit General Insurance Limited |
| Type of Communication | Order received via email |
| Date of Receipt | March 25, 2026, at 6:24 p.m. |
| Authority | Assistant Commissioner of Income-Tax, Central Circle 6(2), Mumbai |
| Applicable Period | Assessment Year 2023-24 |
| Financial Implications | Income Tax Demand of Rs. 3,84,43,19,480 (including interest of Rs. 1,00,38,89,700 under section 234B of the Act) |
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