Hero MotoCorp receives INR 605 crore tax demand notice from India's Income Tax Department.
Hero MotoCorp, India's largest two-wheeler manufacturer, has received a tax demand notice from the Income Tax Department for approximately Rs 605 crore, including interest, for six assessment years. The tax demand amounts to Rs 308.65 crore, with an additional Rs 296.22 crore as interest. The company plans to file appeals against the orders with the appellate authorities and submit rectification applications. Hero MotoCorp believes the demand is unsustainable and will not have a material impact on its financials, operations, or other activities.
April 04, 2024
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