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State Bank of India receives Rs 6338 crore Income Tax demand for 2023 24 under Sections 1433 144C3 144B says no impact on operations and plans to appeal.
SBI Hit with Rs 6,338 Crore Tax Notice; Plans Legal Appeal
India’s largest lender, State Bank of India (SBI), has received a demand notice of Rs 6,338 crore from the Income Tax Department following scrutiny proceedings for the assessment year 2023–24, the bank said in an exchange filing on Friday, March 20.
Reason Behind the Demand
The demand, which includes interest, stems from various disallowances made by the assessment unit during the review process.
Not an Isolated Case
SBI noted that similar tax matters have been under litigation in previous years, indicating that the current demand is part of ongoing disputes rather than a standalone issue. As the amount exceeds the materiality threshold, the bank disclosed it to stakeholders.
The order, dated March 19, 2026, has been issued under Sections 143(3), 144C(3), and 144B of the Income Tax Act, as per the exchange filing.
No Impact on Operations
SBI clarified that the demand will not impact its operations or business activities. The bank also said it will take appropriate legal steps, including filing an appeal before the relevant appellate authorities within the prescribed timeline.
March 21, 2026, 11:43 IST
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