Indian Overseas Bank gets ₹766 crore I-T demand notice
The Indian Overseas Bank (IOB) headquarters. File
| Photo Credit: The Hindu
Indian Overseas Bank (IOB) has received a demand notice for more than ₹766 crore from the Income Tax Department.
The notice, for ₹766 crore (₹7,66,02,83,968), is from the office of the Deputy Commissioner of Income-tax, Non-Corporate Circle-8, Chennai and pertains to AY 2015-16. In a filing on Tuesday (March 3, 2026), on the notice, IOB said it is in the process of challenging the order in the appropriate forum.
On aberrations/non-compliances identified by the authority, the Chennai-headquartered bank cited “re-computation of income and disallowances made with regard to claims made in the income tax returns.”
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