New India Assurance Faces ₹189 Crore Tax Order, Plans Appeal

• New India Assurance received an Income Tax assessment order for AY23 amounting to ₹189.37 crore.
• The order was issued by the National Faceless Assessment Centre under Section 143(3) of the Income Tax Act, 1961.
• The assessment relates to disallowances of certain expenses identified during the proceedings.
• The company plans to challenge the order before the National Faceless Appeal Centre or explore other legal options.
• Last year, the company also faced a ₹2,379.13 crore tax demand for alleged non-payment of GST on co-insurance premiums and reinsurance commissions.

Key Questions Answered

Why is New India Assurance facing a ₹189 crore income tax assessment?

New India Assurance faces a ₹189.37 crore income tax assessment order for AY 2023-24. This assessment is due to disallowances of certain expenses. The company plans to appeal the order.

What is the National Faceless Appeal Centre's role in New India Assurance's appeal?

The National Faceless Appeal Centre (NFAC) will hear New India Assurance's appeal against an income tax assessment order of ₹189.37 crore for AY 2023-24.

How does the ₹2,379 crore GST demand impact New India Assurance's financials?

New India Assurance faces a ₹2,379.13 crore GST demand.