Maruti Suzuki India receives Rs 2,159 crore Income Tax draft assessment order
This comes close on the heels of a show cause notice from the Goods and Services Tax authorities of Rs Rs 139.3 crore last month.
Maruti Suzuki, the country's largest carmaker, on Tuesday received a draft assessment order from the Income Tax department for 2019-20, amounting to Rs 2,159 crore.
"The company has received draft Assessment Order for the FY 2019-20 wherein certain additions/ disallowances amounting to Rs 21,597 million with respect to returned income (the income disclosed by the Company in its Income Tax return) have been proposed," the company noted in an exchange filing.
The company will file its objections before the Dispute Resolution Panel. There is no impact on financial, operation or other activities of the Company due to this draft Assessment Order, it noted.
This comes close on the heels of a show cause notice from the Goods and Services Tax authorities of Rs 139.3 crore.
The notice pertained to the period starting July, 2017 to August, 2022 proposing to demand interest and impose penalty, besides appropriating tax already paid, amounting to Rs 139.3 crore in matter of tax liability under reverse charge basis on certain services, stated the exchange filing with Bombay Stock Exchange.
"The company will file a reply to the Show Cause Notice before the Adjudicating Authority. There is no impact on financial, operation or other activities of the company due to this Show Cause Notice," claimed the company in a statement.
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