Maruti likely to come under pressure after income tax assessment of Rs 2.16 billion

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Maruti likely to come under pressure after income tax assessment of Rs 2.16 billion

India’s largest car-maker has told exchanges that there is no impact on financial, operation or other activities due to this draft assessment

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The car manufacturers recently reported total sales of 181,343 units in September 2023, up 2.8 percent from year-ago period driven by higher utility vehicle sales.

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03 Oct, 2023 15:59

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The Maruti Suzuki stock, which closed 2.6 percent down the previous day, may come under pressure on October as well, a day after India’s biggest car manufacturer received a Rs 2,159.7 crore income-tax assessment notice.

According to a BSE filing, Maruti Suzuki received a draft assessment order for FY2020. According to the order, certain additions or disallowances amounting to Rs 2,159.7 crore with respect to returned income (the income disclosed by the company in its tax returns) have been proposed.

The company plans to file its objections before the Dispute Resolution Panel.

The company told exchanges, there was no impact on financial, operation or other activities due to this draft assessment.Also read:

 Maruti Suzuki receives show cause notice from GST Authority

Also read: Maruti Suzuki receives Rs 2,160 crore draft income tax assessment order

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TAGS: #Buzzing Stocks #Maruti Suzuki India

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