Hero MotoCorp received an additional tax demand of Rs 26.40 crore from the Income Tax Department for the assessment year 2020-21. The company is examining the order and plans to appeal.
Photograph: Kind courtesy Presidio of Monterey/Creative Commons
New Delhi, Jan 1 (PTI) Two-wheeler maker Hero MotoCorp Ltd on Wednesday said it has received an additional tax demand of Rs 26.40 crore from the Income Tax Department for the assessment year 2020-21.
The company received an order dated December 31, 2024, from the Deputy Commissioner of Income Tax, Central Circle 27, New Delhi for the assessment year 2020-21, Hero MotoCorp Ltd said in a regulatory filing.
Stating that it had filed its income tax return for the assessment year 2020-21 on December 31, 2020, the company said the same was examined by the tax officer in detail as per the provisions of the Income Tax Act, 1961.
"The tax officer has made the additions to the reported income to the tune of around Rs 96.5 crore resulting in an additional tax demand of Rs 26.4 crore (approximately)," it added.
Hero MotoCorp said it is examining the order and would take appropriate steps, including filing of appeal and rectification application.
"In the opinion of the management, the demand raised is unsustainable in nature, and is unlikely to have material impact on financials, operations or other activities of the company," the filing said.
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