Tax & Penalty19 Jun 2026, 06:50 pm
New India Assurance Penalized ₹6.86 Lakhs by Income Tax Dept
AI Summary
The New India Assurance Company Ltd has received a penalty order from the Income Tax Department's Assessment Unit, demanding ₹6,86,196 for the Assessment Year 2014-15 due to underreporting of income from foreign dividends. The company plans to treat this as a contingent liability and pursue an appeal or other legal options. The penalty is quantifiable in monetary terms and will be reflected in the financial statements.
Key Highlights
- Income Tax Department imposes ₹6.86 Lakhs penalty on New India Assurance.
- Penalty relates to AY 2014-15 for underreported foreign dividend income.
- The amount will be treated as a contingent liability.
- Company intends to appeal the order or explore legal recourse.
Price Impact
More from NIACL