ICICI Prudential Life Insurance Faces Rs 5,914 Crore Tax Demand After Income Tax Department Issues Rectification Order for AY 2023:

ICICI Life Insurance Limited (erstwhile ICICI Prudential Life Insurance Company Limited) has obtained an order of rectification from the Assistant Commissioner of Income Tax, Mumbai for Assessment Year 2023. The company was issued the order on October 19, 2026 and the order was connected to earlier order of income tax assessment under Section 143(3) of the Income Tax Act, 1961.

The company’s regulatory filing dated October 20, 2026, stated the rectification order also has an additional tax demand of Rs 97.08 crore and additional interest of Rs 1,331.10 crore. Following the revision, the total tax demand stands at Rs 3,723.64 crore, while the total interest amount is Rs 2,190.55 crore. The overall demand, including tax and interest, is approximately Rs 5,914.19 crore. No penalty has been imposed.

The company has stated that the order is not expected to have any material adverse impact on its financial operations. It has also filed an appeal against the order before the appropriate authority, challenging the tax demand.

The disclosure was made to BSE and the National Stock Exchange under the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.