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Bank of Baroda to Appeal Rs 1,067.82 Crore Tax DemandState-owned Bank of Baroda has disclosed in a regulatory filing that it has received a demand order of Rs 1,067.82 crore under Section 156 of the Income Tax Act, 1961, for the assessment year 2017-18. The bank is preparing to challenge the order. Appeal Process UnderwayIn the filing, Bank of Baroda stated, "The Bank is under the process of filing an appeal before the Commissioner of Income Tax (appeals), National Faceless Appeal Centre
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FAQ :
Bank of Baroda has received a demand order of Rs 1,067.82 crore.
The tax demand is for the assessment year 2017-18.
The bank is in the process of filing an appeal before the Commissioner of Income Tax (appeals) or a writ petition before the Honourable High Court.
No, the bank believes it has strong grounds to substantiate its position and expects the entire demand to subside, with no impact on its financial operations.
The bank reported a net profit of Rs 4,886 crore, a 2.3 percent increase year-on-year, with improvements in its gross and net non-performing asset ratios.
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