In a stock exchange statement, HDFC Life Insurance Company stated on June 28 that it has received a tax demand of Rs 1,495.17 crore from the Income Tax department for the assessment year 2021–2022. A claim for interest of Rs 592.41 crore is also included in the ruling.

According to the life insurance, there was an error in the tax demand calculation and a correction application will be sent to the tax authorities.

According to the corporation, the accurate tax demand is roughly Rs 1,141.09 crore.

"There are mathematical errors in the tax demand calculation process. The business is currently applying for correction with the tax authorities.

The corrected tax demand when the rectification order is passed would be roughly Rs. 1,141.09 crore, and interest will be recalculated in accordance with that amount, according to the regulatory filing.

At 13:07 PM, the company's stock was trading on the NSE for Rs 593.65, down 0.07 percent.