Zydus Lifesciences arm gets Rs 284.58 crore income tax demand notice

Zydus Lifesciences on Tuesday said its arm Zydus Healthcare Ltd has been served an income tax notice demand of Rs 284.58 crore for for the assessment year 2023-2024.

Zydus Healthcare Ltd (ZHL), a wholly-owned subsidiary, has received an intimation under section 143(1) of the Income Tax Act, 1961 (IT Act), determining demand of Rs 284.58 crore, Zydus Lifesciences said in a regulatory filing.

The intimation is for the assessment year 2023-2024 from the CPC, Income Tax Department, it added.

The demand is determined due to "apparent mistakes while processing its return of income", it said.

"The company strongly believes that once the rectification will be made, the entire demand will be deleted," Zydus Lifesciences said.

ZHL has already disagreed with demand on the e-filing portal of the Income Tax Department. It is also going to file Rectification Application under section 154 of the IT Act, before the CPC as well as before the Jurisdictional Assessing Officer against the said intimation, the filing said.