State-owned general insurer New India Assurance gets ₹189.37 crore I-T demand order

State-owned general insurer New India Assurance Company has been issued an assessment order by the Income Tax Department asking it to pay more than ₹189.37 crore.

The order for ₹1,89,37,08,470 is for assessment year 2023-24 and issued by the National Faceless e Assessment Centre, disallowing certain expenses, New India Assurance said in a filing on Tuesday (March 24, 2026).

On the order’s impact, the insurer said the amount would be shown as a contingent liability in the financial statements. The company would also pursue an appeal before NFAC or other legal options against the said order.