Yes Bank Faces Rs. 244.20 Crores Income-Tax Demand for AY 2016-17

Yes Bank Ltd. has received a rectification order from the Jurisdictional Assessing Officer (JAO), Mumbai, demanding an additional tax of Rs. 244.20 crores for the assessment year 2016-17. The demand is a result of the recomputation of interest under sections 234A and 234B of the Income-tax Act, 1961, without any substantial reasons. The Bank believes it has adequate grounds to substantiate its position and does not expect any material adverse impact. The Bank has filed a rectification application with the JAO and is pursuing other remedies, including filing an appeal before the first level appellate authority.