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Two Indian insurers face tax orders of over ₹361 crore, plan to appealBoth companies made the disclosures in compliance with Securities and Exchange Board of India listing regulations, and said they do not expect the orders to materially affect ongoing business operations.By CNBCTV18.com March 24, 2026, 6:11:48 PM IST (Published)2 Min Read

Two major Indian insurance companies, HDFC Life Insurance Company Ltd and The New India Assurance Company Ltd, said on Tuesday, March 24, they received income tax assessment orders for FY2023‑24 and intend to appeal against them.HDFC Life said it received an order dated March 23 from the Assistant Commissioner of Income Tax, raising a demand of ₹126.46 crore plus ₹45.55 crore in interest, with no penalties levied. The insurer said the order alleges misclassification of shareholders’ net investment income, incorrect exemption claims, improper deduction of shareholder contributions, and inadmissible marketing expenses in the policyholder account.The company’s shares closed at 603.50 apiece, up 1.93% for the day.

Also Read: Waaree Energies clears ₹3,900 crore glass capex; ups stake in Waaree TranspowerIn a separate filing, New India Assurance said it received an assessment order, also dated March 23, from the National Faceless Assessment Centre. The order computes a tax demand of about ₹189.37 crore arising from disallowances of certain expenses.The state‑owned general insurer said the demand will be reflected as a contingent liability in its financial statements and that it intends to appeal before the National Faceless Appeal Centre or pursue other legal remedies. Also Read: LG Electronics India gets draft tax order with ₹573 crore disallowance for FY23

New India Assurance Company’s shares closed at 124.60, down 0.04% for the day.Both companies made the disclosures in compliance with Securities and Exchange Board of India (SEBI) listing regulations, and said they do not expect the orders to materially affect ongoing business operations.

Also Read: India set to implement new Income Tax law from April 1: Key FAQs answered

Continue Reading(Edited by : Shoma Bhattacharjee)TagsHDFC Life InsuranceNew India AssuranceSEBI