ICICI Lombard Receives Rs 1388 Crore IT Demand for AY 2021-22

ICICI Lombard, one of India’s largest general insurers, has received an Income Tax demand of Rs 1,388 crore for the Assessment Year 2021-22. The demand primarily pertains to alleged discrepancies in its tax filings. ICICI Lombard plans to contest this order, with the case likely to go through a legal dispute process. This development is part of an ongoing crackdown on large corporations over tax compliance, as the government seeks to plug gaps and enhance transparency in the corporate tax regime.