New Delhi: Two-wheeler major Hero MotoCorp on Thursday said it has received a demand notice from the Income Tax Department for around Rs 650 crore, including interest for six assessment years. On April 3, 2024, the company received a tax notice/requisition notice dated March 30, 2024 from the Income Tax Department for six tax years, the company said in a regulatory filing.
The two-wheeler major added that it will examine the orders/communications received and take appropriate action such as filing an objection or filing a claim for compensation. Hero MotoCorp said the notice included a tax claim of Rs 309 million and interest of Rs 296 million for an assessment period of six years. This is due to the specific impracticability in the assessment years 2013-14 to 2017-18 and 2019-20.
The Congress is battling a rise in income tax demands totaling Rs 3,567 crore during the critical Lok Sabha election period. The party faces legal challenges, including challenging key recovery orders in court amid allegations of bias by tax authorities.
The Congress has accused the BJP of tax terrorism and is facing demands for warnings and tax penalties. The court’s rejection was followed by a new announcement highlighting Sabah’s financial pressures ahead of the election. Mr Maken named Setaram Kesari, the Election Commission and the freezing of bank accounts among the twin allegations.
The Congress party is facing a fresh income tax demand of Rs 1,823.08 crore and has accused the BJP of “tax terrorism” ahead of the general elections. Ajay Maken and Jairam Ramesh plan to challenge these claims in the Supreme Court.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
