Rs 104.7-cr IT notice to Care Health Insurance

The Income Tax (IT) Department has slapped a demand notice of Rs 104.77 crore on Care Health Insurance, a subsidiary of Religare Enterprises Ltd (REL), for the assessment years 2020-21 and 2021-22.

In a regulatory filing, the company said the demand notice has been sent from the Office of the Assistant Commissioner of Income-Tax, Central Circle 6(2) Mumbai.

Submitting that the financials of Care Health Insurance are consolidated with the company, REL said the IT demand, if required to be paid, is payable by the insurance company. “Based on the advice of tax consultants, Care Health would be filing an appeal against the said order before an appropriate forum within the prescribed timelines,” it added.