ICICI Prudential Faces Rs 328.41 Crore Tax Demand

ICICI Prudential Life Insurance has received a tax demand notice amounting to Rs 328.41 crore from the Assistant Commissioner of Income-Tax, Maharashtra. The notice involves tax issues related to shareholders' income and marketing expenses. The company plans to appeal the decision soon.

ICICI Prudential Life Insurance announced on Friday that it has been served a tax demand notice totaling Rs 328.41 crore for the assessment year 2023-24.

The notice, issued by the Assistant Commissioner of Income-Tax in Maharashtra, cites various issues, including wrongly taxed shareholders' income and marketing expenses deemed inadmissible.

The company intends to contest the demand by filing an appeal with the Commissioner (Appeals) and aims to do so within the legally prescribed timeframe.

(With inputs from agencies.)