SBI Receives Rs 6,337.5 Crore Tax Demand for AY24, To Challenge Order

State Bank of India (SBI) has received an income tax demand of Rs 63,37,52,52,550 (approximately Rs 6,337.5 crore), including interest, for the assessment year 2023–24, following a scrutiny assessment by the Income Tax Department, according to an exchange filing dated March 20, 2026.

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Order Issued Under Income Tax Act Provisions

In a regulatory filing, the bank said the order, dated March 19, 2026, was issued under relevant provisions of the Income Tax Act. The assessment unit has made disallowances on various grounds, leading to the substantial demand.

Part of Ongoing Litigation

SBI noted that similar issues have been under litigation for earlier assessment years, indicating that the current demand is part of an ongoing tax dispute. The bank said the amount involved exceeds the prescribed materiality threshold, necessitating disclosure under applicable regulations.

Bank to File Appeal

The country’s largest lender said it will take appropriate legal steps, including filing an appeal before the appellate authorities within the stipulated timelines. It also clarified that the development will have no impact on its operations or other business activities.

“The Bank will take appropriate steps, including contesting the Order before appellate authorities within the prescribed timelines,” SBI said.