HDFC Life Insurance Company on June 28 said it has received a tax demand of Rs 1,495.17 crore from the Income Tax department for the assessment year 2021-22, the firm said in a stock exchange filing. The order also includes a demand of Rs 592.41 crore as interest.
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The life insurer said tax demand has been calculated incorrectly and it will file a rectification application before the tax authorities. The correct tax demand should be approximately Rs 1,141.09 crore, the company said.
“While calculating the tax demand there are arithmetical inaccuracies involved. The company is in the process of filing rectification application before the tax authority. Post passing of the rectification order, the rectified tax demand shall be approximately Rs. 1,141.09 crore and interest shall be recomputed accordingly,” the regulatory filing said.
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The stock price of the company was trading at Rs 593.65, 0.07 percent lower on NSE at 13:07 pm.
