Maruti Suzuki faces ₹2,160 cr draft assessment order from Income Tax dept
Maruti Suzuki India issued draft assessment order by Income Tax department for pending dues of ₹2,160 crore.
Maruti Suzuki India has disclosed that it has been issued a draft assessment order by the Income Tax department, indicating pending dues of ₹2,160 crore. This case pertains to the financial year 2019-20.
“The company has received a Draft Assessment Order dated October 3, from the Income Tax Authority for the financial year 2019-20,” the automaker announced in a Bombay Stock Exchange (BSE) filing on Tuesday.
The company has received a draft Assessment Order for the fiscal year 2019-20, which includes proposed additions/disallowances amounting to ₹2,159.7 crore related to the returned income (the income disclosed by the Company in its Income Tax return).
The automaker further said that it would challenge the order before the Dispute Resolution Panel.
“There is no impact on financial, operation or other activities of the Company due to this draft Assessment Order,” it added.
A draft assessment order is issued by the taxation authority once the assessment process against a company is concluded, Live Mint report says. It contains crucial information, including the total income or loss, the amount of tax owed or refundable, and other essential details pertaining to the period during which the assessment was conducted by the assessing officer.
Earlier today, Maruti Suzuki India reported a 1% decrease in its total production for September, with output totalling 174,978 units. In comparison, the company had manufactured 177,468 units in September 2022.
The production of entry-level cars, specifically the Alto and S-Presso models, experienced a substantial drop of 70%, resulting in only 10,705 units produced last month compared to 35,887 units during the same period the previous year, as disclosed in a regulatory filing by Maruti Suzuki India.
Likewise, the production of various models including Baleno, Celerio, Dzire, Ignis, Swift, and WagonR witnessed a decrease to 90,849 units in September, compared to 92,717 units in the same month of the preceding year.
Furthermore, the production of the mid-sized sedan Ciaz also declined to 2,304 units last month, down from 2,654 units produced in September 2022.
(Inputs from PTI)