In a relief for CreditAccess Grameen, the Income Tax Department has reduced its income tax demand for AY19 from the company to Rs 122.63 crore from Rs 2,333 crore.

Share Market Live

NSE

The Bengaluru-based company said the Income Tax Department in its fresh assessment order dated February 28, 2023, has reduced the total income tax demand for the AY18-19 to Rs 122.63 crore from the earlier demand of Rs 2,333 crore.

CreditAccess Grameen, via an exchange filing, said, "Pursuant to the quashing of Income Tax Assessment Order for AY18-19 dated June 25, 2021, by the High Court of Karnataka vide its Order dated January 21, 2022, wherein the total income tax demanded earlier was Rs 2,333 crore for the AY19, the said Income Tax demand has now been reduced to Rs 122.63 crores under the fresh Assessment Order dated February 28, 2023, received from the Assessment Unit of Income Tax Department."

Also Read: Dish TV minority shareholders allege breach in corporate governance, company refutes: Exclusive

The microfinance institution added that it has made an application for rectification of the order under the relevant provisions of the Income Tax Act, of 1961.

The lender reiterates that the company has always maintained high standards of integrity, corporate governance, and compliance in all areas of its operations including the payment of taxes promptly, and continues to remain committed to the same.

Last year in December, CreditAccess Grameen completed two direct assignments worth Rs 297.79 core. In December 2022, it raised Rs 3,300.38 crore in Q3FY23 via term loans, NCDs, ECBs, and direct assignments.

Also Read: India is the place to be for many German companies, says SAP CEO