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SBI Faces Rs 6,337 Crore Tax Demand
20 Mar
Summary
- State Bank of India received a Rs 6,337.5 crore tax demand.
- The demand is for assessment year 2023-24.
- SBI plans to contest the order before appellate authorities.
The State Bank of India has received a significant tax demand order totaling Rs 6,337.5 crore, including interest, from the Income Tax Department. This demand pertains to the assessment year 2023-24. The assessment unit cited various grounds for disallowances, grounds similar to which the bank is already involved in litigation for previous years.
SBI has confirmed that it will take appropriate steps to contest this order before the appellate authorities within the stipulated timelines. The bank noted that the aggregate amount involved in this order surpasses the materiality threshold, necessitating its reporting.
In separate financial news, SBI announced robust Q3FY26 results, with a net profit of Rs 21,028 crore, marking a 24.5% year-on-year increase and surpassing analyst expectations. The bank's Net Interest Income (NII) grew 9% to Rs 45,190 crore. Asset quality also saw improvement, with the Gross NPA ratio falling to 1.57%.
