Utkarsh Small Finance Bank has informed that the Bank has received an intimation / issue letter dated March 11, 2024, regarding rectification u/s 143(1)(a) of the Income Tax Act, 1961, from the DC/ACIT of Income Tax, CPC, Varanasi, raising demand of Rs. 51,97,38,595/- (“Demand”) for AY 2023-24. The Bank believes that all its tax fillings are based on extant provisions of the income tax. Accordingly, the Bank expects to get relief from the concerned appellate authorities. The details as per SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023 is enclosed as Annexure-1.
The above information is a part of company’s filings submitted to BSE.
