SBI gets Rs 63,375 crore tax demand for AY24, to challenge order

Mar 20, 2026

Synopsis
State Bank of India faces a significant Rs 63,375 crore income tax demand for the assessment year 2023-24. The bank has received an order from the Income Tax Department. This demand stems from disallowances made during scrutiny assessment. SBI plans to challenge this order by filing an appeal.

The State Bank of India has received an income tax demand of Rs 63,375 crore (including interest) for the assessment year 2023–24 and will challenge the order, the bank said in a regulatory filing.

The bank informed exchanges that it has received an order dated March 19, 2026, from the Income Tax Department under relevant provisions of the Income Tax Act following scrutiny assessment proceedings.

According to the filing, the demand arises from disallowances made by the assessment unit on various grounds. The bank noted that it is already in litigation on similar issues for earlier years.

SBI said it will take appropriate steps, including filing an appeal before appellate authorities within the prescribed timelines.

The lender also clarified that the order has no impact on its operations or other activities.

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[The Economic Times]