HDFC Life Receives Income Tax Order, Plans Appeal
HDFC Life Insurance Company Limited announced it received an Income Tax Order from the Assistant Commissioner of Income Tax, Central Circle 6 (2), Mumbai on March 23, 2026. The order pertains to the Assessment Year 2023-24 (Financial Year 2022-23).The tax demand outlined in the order totals Rs. 126.46 crore, with Rs. 45.55 crore in interest and Rs. 0 in penalty.
The order alleges issues including the classification of shareholders' net investment income, claims of exempt income under Section 10, deductions from shareholders' profits, disallowance under Section 14A, and treatment of marketing and advertising expenses. The company notes that these allegations have been addressed in previous orders from the Income Tax Appellate Tribunal and Commissioner of Income Tax (Appeals).
According to HDFC Life, the order will have no adverse material impact on its financial operations. The company intends to appeal the order before the Appellate Authority.
| Detail | Information |
|---|---|
| Authority | Assistant Commissioner of Income Tax, Central Circle 6 (2), Mumbai |
| Tax Demand | Rs. 126.46 crore |
| Interest | Rs. 45.55 crore |
| Penalty | Rs. 0 |
| Assessment Year | 2023-24 (Financial Year 2022-23) |
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