The lender said it will contest the order before appellate authorities within prescribed timelines.
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DANISH SIDDIQUI
State Bank of India has received a tax demand of ₹63,37,52,52,550 (approximately ₹6,337.5 crore), including interest, from the Assessment Unit of the Income Tax department, the bank disclosed to stock exchanges on Friday.
The order, dated March 19, 2026, was issued under Section 143(3) read with Sections 144C(3) and 144B of the Income Tax Act, 1961, and pertains to scrutiny assessment proceedings for Assessment Year 2023-24. The Assessment Unit has made disallowances on various grounds, the bank said.
SBI noted that it is already in litigation on similar grounds for earlier assessment years. The bank said the aggregate demand exceeds its materiality threshold, necessitating the disclosure.
The lender said it will contest the order before appellate authorities within prescribed timelines. It also clarified that the order has no impact on its operations or other activities.
Published on March 20, 2026
