TVS Electronics Ltd successfully negotiated a significant reduction in an initial income tax demand, which came down from ₹23.1 million to just ₹48,190. This positive resolution reduces potential financial stress and strengthens the company’s compliance stance amid ongoing tax assessment proceedings.
TVS Electronics Limited has announced a major relief on a pending income tax demand initially raised at ₹23.1 million. Following the company’s submissions and clarifications to the tax authorities, the disputed amount was drastically cut to ₹48,190. The original demand arose from assessments for the fiscal year 2022-23 related to the deduction of tax at source (TDS) at a lower rate based on vendor certificates.
The company has been actively engaged in preparing responses and providing necessary documentation to the Income Tax Department, resulting in the proposed variation being dropped, as confirmed in the recent assessment order dated March 21, 2025. This development reflects TVS Electronics' commitment to maintaining transparent tax practices and efficient dispute resolution.
Key Highlights
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Initial tax demand reduced from ₹23.1 million to ₹48,190.
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The dispute linked to TDS deductions at a lower rate during FY 2022-23.
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Company’s comprehensive response led to dropping the proposed variation.
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Recent assessment order received on March 21, 2025 confirms resolution.
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Reinforces TVS Electronics’ robust approach towards tax compliance and dispute management.
Sources: TVS Electronics Official Filings, Stock Exchange Announcements, Income Tax Department