Go Digit Receives ₹384 Crore Income Tax Demand for AY 2023-24
Go Digit General Insurance Limited received an Income-tax demand of ₹3,84,43,19,480 for AY 2023-24, including ₹1,00,38,89,700 in interest. The demand arises from disallowances related to IBNR/IBNER provisions and TDS on reinsurance premiums. The company plans to appeal the order.
While the demand is substantial, the company states it is evaluating legal options and that the disallowances relate to industry-wide issues, suggesting potential grounds for appeal or mitigation. The ultimate financial impact is yet to be determined.
The company has received a significant income tax demand, which is a negative development.
Go Digit General Insurance Limited announced on March 26, 2026, that it has received an order from the Office of the Assistant Commissioner of Income-Tax, Central Circle 6(2), Mumbai, raising an Income-tax demand of ₹3,84,43,19,480, including interest of ₹1,00,38,89,700, for the Assessment Year 2023-24.
The demand pertains to adjustments made primarily due to the disallowance of provision for claims Incurred But Not Reported (IBNR) and claims Incurred But Not Enough Reported (IBNER), disallowance under Section 40(a)(ia) for non-deduction of TDS on certain expenses, and disallowance under Section 40(a)(i) for non-deduction of TDS on reinsurance premium paid to non-resident insurance companies. The company noted that these disallowances are primarily related to industry-wide issues.
Go Digit is currently evaluating legal advice on the implications of this order and intends to pursue an appeal or explore other appropriate actions. The company will make further disclosures in its financial statements if required.
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