Saturday, July 13, 2024

Maruti Suzuki gets Income Tax Dept order to pay up Rs 2,159cr

Leading carmaker Maruti Suzuki India Limited has received a Draft Assessment Order for Rs 2,159.70 crore from the Income Tax Authority, the company told the BSE on Tuesday.

The draft assessment order dated October 3 is for the financial year 2019-20, the auto major said.

When the assessing officer finds any variance to the income or loss stated in the return filed by the assessee, he proposes a Draft Assessment Order which includes the total income or loss and the amount of tax payable.

“The company has received draft Assessment Order for the FY 2019-20 wherein certain additions/ disallowances amounting to Rs 2,159.70 crore with respect to returned income (the income disclosed by the Company in its Income Tax return) have been proposed,” Maruti Suzuki India Ltd said in the statement.

Maruti will file its objections before the Dispute Resolution Panel.

However, there is no impact on financial, operation or other activities of the company due to this draft Assessment Order, the company statement added.

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