Hindustan Unilever faces a Rs 962.75 crore tax notice for non-deduction of TDS in GSK HFD IP acquisition.
Hindustan Unilever (HUL) has been issued a Rs 962.75 crore tax notice by the Indian Income Tax Department over non-deduction of Tax Deducted at Source (TDS) in a remittance made for the acquisition of GlaxoSmithKline (GSK) Group's India Health Food Drink (HFD) intellectual property rights. HUL plans to appeal the notice and argues that income from intangible assets' sale isn't taxable in India. The company believes it has an indemnification right to recover the demand raised by the Income Tax department.
August 27, 2024
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