Tax & Penalty14 May 2026, 08:11 pm
Tamilnad Bank: Income Tax Demand Reduced to ₹2.93 Cr
AI Summary
Tamilnad Mercantile Bank Ltd. received a rectification order from the Income Tax Department, reducing the demand notice for A.Y 2013-14 from ₹2,04,23,11,454 to ₹2,93,39,404. The initial demand was raised by disallowing a claim under Section 36(1)(viia) of the Income Tax Act, 1961. The bank states that the revised notice will not have a material impact on its financial statement.
Key Highlights
- Income Tax Department reduces demand for Tamilnad Mercantile Bank.
- Revised demand notice is ₹2.93 Cr, down from ₹2,04,23,11,454.
- Rectification order received on May 14, 2026, for A.Y 2013-14.
- Initial demand was due to disallowance under Section 36(1)(viia).
- Bank anticipates no material financial impact from the notice.