The Tamilnad Mercantile Bank Limited got a Tax Demand Notice under Section 156 of the Income Tax Act, 1961 for Rs.25.97 lakh.
Reetu | Oct 17, 2024 |
Tamilnad Mercantile Bank gets Tax Demand Notice of Rs.25.97 Lakh on TDS matter
The Tamilnad Mercantile Bank Limited got a Tax Demand Notice under Section 156 of the Income Tax Act, 1961 for Rs.25.97 lakh from the office of the Deputy Commissioner of Income Tax, TDS Circle, Madurai for the Assessment under Sections 201(1) and 201(1A) for the assessment year 2013-14, according to the exchange filing.
The Income Tax Department has declined to accept the contention of paying interest to its depositors without deducting the TDS after receiving Form 15G/15H from depositors.
The Bank did not expect any significant impact on its finances, operations, or other activities due to this tax notice.
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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