SBI Faces Rs 6,337 Crore Income Tax Demand for AY 2023-24
The State Bank of India has recently disclosed that it has received a heavy tax demand of Rs 6337 crore from the Income Tax Department for the assessment year 2023-24. The department has made a disallowance on several grounds.
Background of the case
The income tax department has raised a demand of Rs 63,37,52,52,550 (including interest) from SBI after making several disallowances. This demand is followed by a scrutiny assessment proceeding conducted for AY 2023-24.
Key Detail of Order
| Detail | Description |
| Issuing Authority | Assessment Unit, Income Tax Department |
| Section | Section 143(3) read with sections 144C(3) and 144B of the IT Act, 1961. |
| Order Date | March 19, 2026 |
| Assessment Year | 2023-24 |
| Demand Raised | Rs 63,37,52,52,550 (including interest) |
Company’s Next Step
The bank said that it has already been involved in litigation on similar issues from previous years and plans to challenge this order before the appellate authorities within the prescribed timelines.
Financial Impact
Even though the demand is too heavy, SBI has assured that the demand order does not have any impact on the operations or other activities.
Bank’s Disclosure Compliance
The bank has made the above disclosure to both stock exchanges, NSE and BSE, under Regulation 30 of SEBI (LODR) Regulations, 2015.