Quick Summary
Indian pharmaceutical major Zydus Life revealed that its wholly-owned subsidiary, Zydus Healthcare Limited (ZHL), has received an Income Tax demand of Rs 284.58 crore. The demand, communicated under section 143(1) of the IT Act for the assessment year 2023-2024, originates from the CPC, Income Tax Department. Zydus Life reported in an exchange filing on December 26 that the tax intimation was issued due to apparent errors during the processing of ZHLs return of income. The identified mistakes
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FAQ :
Zydus Healthcare Limited has received an Income Tax demand totalling Rs 284.58 crore.
The tax demand is for the assessment year 2023-2024.
The demand is due to apparent errors in processing ZHL's return, including the disallowance of claims for deductions under sections 80-IE and 80-JJAA of the IT Act and inadequate credit of taxes deducted/paid.
Zydus Healthcare Limited, with legal guidance, anticipates no significant financial impact and believes the adjustments are not legally sustainable and are defensible.
ZHL plans to file a Rectification Application under section 154 of the IT Act with both the CPC and the Jurisdictional Assessing Officer to challenge the intimation.
Yes, Zydus Healthcare Limited is confident that the entire demand will be nullified following the rectification process.
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