A Zydus Life subsidiary is required to pay Rs 280 crore in income tax

 A Zydus Life subsidiary is required to pay Rs 280 crore in income tax

 A Zydus Life subsidiary is required to pay Rs 280 crore in income tax

According to the firm, ZHL does not anticipate any major financial effects from the information provided since the aforementioned changes are fully justified given the case's circumstances and are not legally sustainable.

According to the press release, Zydus is certain that the demand will be dropped in its entirety as soon as the information appeal is resolved.

Indian pharmaceutical giant Zydus Life said that Zydus Healthcare Ltd., a subsidiary, has been hit with an income tax demand of Rs. 284.58 crore.

Zydus Healthcare Ltd, a fully-owned subsidiary of Zydus Life, said in an exchange filing on December 26 that it has received notification under section 143(1) of the IT Act for the assessment year 2023–2024 from the CPC, Income Tax Department.

The following seeming mistakes during the preparation of the income return have resulted in the sending of tax information.

1. There is no foundation for a deduction claim under sections 80-IE and 80-JJAA of the IT Act; 2. There is less credit for taxes deducted or paid.

The business said that ZHL does not anticipate that the aforementioned information would have any major financial effect since the modifications are completely defendable within the circumstances of the case and are not sustainable under the law, according to counsel's judgment and opinion.

ZHL has already expressed disagreement with the aforementioned requirement on the Income Tax Department's e-filing page. ZHL and the CPC will jointly submit a rectification application to the Jurisdiction Assessing Officer under Section 154 of the IT Act in response to the aforementioned information.

According to the press release, the business is certain that the demand will be eliminated in its entirety when the remedy is made.