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Maruti Suzuki Faces ₹2,160 Crore Assessment

Oct 4, 2023

By: BlinkX Research Team

Maruti Suzuki India has revealed that it received a draft assessment order from the Income Tax department indicating outstanding dues of ₹2,160 crore for the fiscal year 2019-20. The automaker made this disclosure in a filing to the Bombay Stock Exchange (BSE) on Tuesday.

The draft Assessment Order for FY 2019-20 encompasses proposed additions/disallowances amounting to ₹2,159.7 crore related to the returned income (i.e., the income disclosed by the Company in its Income Tax return).

Maruti Suzuki stated its intention to contest the order before the Dispute Resolution Panel and emphasized that this draft Assessment Order will not impact the company's financial, operational, or other activities.

A draft assessment order is issued by the taxation authority at the conclusion of the assessment process against a company. It contains vital information, including the total income or loss, the amount of tax owed or refundable, and other essential details regarding the period during which the assessment was conducted by the assessing officer.