Yes Bank Faces Tax Demand: Plans Rectification Application

Yes Bank has recently received an additional tax demand amounting to 2.44 billion rupees from the Income Tax Department. This demand stems from a reassessment order that the bank finds unsubstantiated. To address this, Yes Bank plans to file a rectification application to correct apparent errors in the assessment order. The bank remains confident in its position and does not foresee any adverse impact on its financial or operational health. This development underscores Yes Bank's proactive stance in resolving regulatory challenges with transparency and compliance.

 

Key highlights:

Sources: Reuters, Business Standard.