ICICI Life Insurance Limited received a rectification order from the Assistant Commissioner of Income Tax, Mumbai, on October 19, 2026, regarding Assessment Year 2023. The order demands an incremental tax and interest liability totaling ₹591 crore.

The communication was issued under Section 154 of the Income Tax Act, 1961. It follows an earlier intimation dated September 27, 2024, which pertained to an order under Section 143(3) of the same Act. The company disclosed this development to the BSE and NSE under Regulation 30 of the SEBI Listing Regulations.

Financial implications

The rectification order seeks additional tax and interest payments. The company stated that the total financial implication amounts to ₹591,41,87,210. This figure comprises the original demand plus the incremental amounts specified in the new order.

The company asserted that there is no adverse material impact on its financial operations due to this order. No penalty or restriction was imposed by the authority.

Company response

ICICI Life Insurance has filed an appeal against the said order before the appropriate authority. The disclosure clarifies that the entity is formerly known as ICICI Prudential Life Insurance Company Limited. The filing was signed by Priya Nair, Company Secretary, on October 20, 2026.

ICICI Prudential Life Insurance Company Ltd received a rectification order from the Income Tax Department on October 14, 2026, regarding Assessment Year 2024. The order results in a total demand of ₹278.9 crore, comprising reduced tax liability and incremental interest.

The Assistant Commissioner of Income Tax, Mumbai, issued the order under Section 154 of the Income Tax Act, 1961. This communication follows an earlier intimation dated March 28, 2025, which pertained to an order under Section 143(3) of the same Act. The current rectification adjusts the original tax demand and calculates additional interest on refunds already issued.

Financial Implications

The company disclosed that the rectification order modifies the financial obligations for AY24 as follows:

The incremental interest component specifically amounts to ₹40,96,103. This interest was calculated on refunds that had already been issued to the company. The total demand reflects the net effect of the reduced original tax demand and this additional interest charge.

Company Response and Impact

ICICI Prudential Life stated that there is no adverse material impact on its financial operations resulting from this order. The company has filed an appeal against the said order before the appropriate authority to contest the findings.

The disclosure was made in compliance with Regulation 30(13) and Regulation 51 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company confirmed that the details provided are true, correct, and complete to the best of its knowledge.