GIC Re Gets ₹11.88 Billion Tax Demand For 2022-23

General Insurance Corp. of India has received a tax demand of ₹11.88 billion for the 2022-2023 assessment year, it informed exchanges on Saturday. 

The income tax department's demand relates to issues including additions towards provisions for claims incurred but not reported, disallowance of amortisation of premium on securities, and additional provisioning for doubtful debts, the company said in a filing.