State Bank of India announced on Friday that it has received an income tax demand of Rs 63,375 crore for the assessment year 2023–24 and intends to dispute the order. The public lender disclosed that the Income Tax Department issued a tax demand notice after conducting scrutiny assessment proceedings.
The order, dated March 19, 2026, comprises a total demand of Rs 63,375 crore, inclusive of interest. The bank attributed the demand to certain disallowances made by the assessment unit on various grounds.
State Bank of India highlighted that similar issues are already subject to litigation for previous financial years, suggesting a recurring matter. The bank stated that it will challenge the order and plans to appeal before the appropriate appellate authorities within the stipulated timeframe.
The country’s largest lender clarified that the tax demand will not affect its day-to-day operations or overall business activities. It emphasized that the order will not impact the bank’s functioning or other activities.
