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Maruti Suzuki informed through an exchange filing that it has received a draft income tax assessment of Rs 2,966 crore for FY21-22
Maruti Suzuki
Maruti Suzuki Shares Today: Shares of leading car maker Maruti Suzuki were down by almost a percent in Wednesday’s trade on March 26 after the company informed through an exchange filing that it has received a draft income tax assessment of Rs 2,966 crore for FY21-22, but the management said it sees no financial impact due to this, and plans to file an objection before the Dispute Resolution Panel.
India’s largest carmaker said that it received a draft assessment order for the FY 2021–22 from Income Tax Authority, and clarified that there is no impact on financial, operation or other activities of the company due to this draft assessment order.
Shares of Maruti Suzuki India reacted sharply to the development, falling nearly a percent in early trade.
The company received the order on 24th March, 2025. The exchange filing further said, “…the company has received a draft Assessment Order for the FY 2021-22 wherein certain additions/disallowances amounting to Rs 29,660 million with respect to returned income (the income disclosed by the Company in its Income Tax return) have been proposed.”
The company will file its objections before the Dispute Resolution Panel, it said.
Earlier in July 2024, the company received a demand of Rs 779.2 crore, including interest from the Income Tax authority. Prior to that, the carmaker received a Draft Assessment Order for Rs 2159.70 crore in October, 2023 from the Income Tax Authority.
Earlier this month, the company announced hike in vehicle prices by up to 4 percent from April in order to offset the impact of rising input costs.
Maruti Suzuki sells models ranging from the entry-level Alto K-10 to a multiple-purpose vehicle Invicto in the domestic market. In January, the company had announced to hike prices by up to Rs 32,500 across various models from February 1.
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