Legal8 April 2026 at 03:01 pm
Rane (Madras) Ltd Receives Rectification Order from Income Tax Department for AY 2021-22 with Rs.5.08 Crores Tax Demand
AI Summary
Rane (Madras) Ltd has received a rectification order from the Centralised Processing Centre, Income tax Department, Bangalore, for the Assessment Year 2021-22. The order levies a tax demand of Rs.5.08 Crores, including a tax demand of Rs.3.45 Crores under appeal and an interest of Rs.1.63 Crores on non-payment of Tax Deducted at Source (TDS) on buy back of shares. The company will contest the order before the appropriate authority within the prescribed timelines.
Key Highlights
- Rane (Madras) Ltd received a rectification order from the Centralised Processing Centre, Income tax Department, Bangalore for AY 2021-22.
- The order levies a tax demand of Rs.5.08 Crores, including a tax demand of Rs.3.45 Crores under appeal and an interest of Rs.1.63 Crores on non-payment of TDS on buy back of shares.
- The company will contest the order before the appropriate authority within the prescribed timelines.