Corporate hospital chain Fortis, has received a rectification order from the Income-Tax department over an income tax demand of a ₹89.53 crore raised by the body for the assessment year 2022-23.
In a stock exchange filing the hospital parent company Fortis Healthcare informed that over the demand of ₹89.53 crore raised by Income Tax department for Assessment year 2022-23, “a rectification order” has been received wherein “mistakes” in aforesaid order has been rectified and tax demand has been reduced to “Nil.”
As per the company, the ratification has been made owing to several mistakes in the order issued by the department under the Section 143(3) of the Income Tax Act, 1961.
On March 21, the Income Tax department had raised a tax demand of ₹89.53 crore including ₹9.54 crore in interest from the hospital for the assessment year 2022–23.
A tax demand notice issued by the Income Tax Department (I-T Department) is a formal communication to a taxpayer informing them of an outstanding tax liability and is issued when the department determines that the taxpayer owes additional taxes, interest, penalties, or other dues based on assessments or audits.
Source #ET
