SBI Life's FY22 Tax Demand Slashed from ₹5,317 Cr to ₹471 Cr by IT Dept

• Income Tax Department reduced SBI Life Insurance Company Ltd's FY22 tax demand from ₹5,317.18 crore to ₹470.88 crore.
• The reduction followed a rectification order from the Deputy Commissioner of Income Tax, Circle 1(3)1, Mumbai, correcting an 'erroneous computation'.
• The revised demand includes ₹315.84 crore in tax and ₹155.04 crore in interest, with no penalty.
• SBI Life will submit this revised order to the appellate authority where its appeal against the original assessment is pending.
• The company reported a nearly 5% rise in Q3 net profit to ₹577 crore, with net premium income growing 22% year-on-year.