Rane (Madras) Limited Faces Tax Demand and Interest Order from Income Tax Department
Rane (Madras) Limited has received a rectification order from the Centralised Processing Centre, Income tax Department, Bangalore, levying a tax demand and interest against the company.The communication details an order passed by the Income Tax department on December 26, 2022, under Section 143(3) of the Act. That order had levied a tax demand of Rs.3.45 Crores, which is currently under appeal. The CPC Bangalore subsequently issued a rectification order levying interest of Rs.1.63 Crores on the non-payment of Tax Deducted at Source (TDS) on Buy back of shares. This results in an overall tax demand totaling Rs.5.08 Crores.
The communication, dated April 07, 2026, pertains to the Assessment Year 2021-22.
The financial implications noted include the aggregate tax demand of Rs.5.08 Crores, which comprises the existing tax demand of Rs.3.45 Crores and the enhanced interest of Rs.1.63 Crores.
In response to the order, the company noted that the Department did not consider the fact that Rs.2.58 Crores had already been paid towards the TDS on buy back. Rane (Madras) Limited stated it would be contesting the order before the appropriate authority within the prescribed timelines.
For quick reference, the details of the tax demand and interest are summarized below:
| Component | Amount |
|---|---|
| Initial Tax Demand (under Section 143(3)) | Rs.3.45 Crores |
| Interest Levy (CPC Bangalore) | Rs.1.63 Crores |
| Total Tax Demand (including interest) | Rs.5.08 Crores |
The company confirmed that the transaction details in the rectification order were furnished by the Centralised Processing Centre, Income tax Department, Bangalore, on April 07, 2026.
The stock listings for Rane (Madras) Limited are available under the following codes:
| Exchange | Scrip Code / Symbol |
|---|---|
| BSE Limited (Listing Centre) | 532661 |
| National Stock Exchange of India Limited (NEAPS) | RML |
RML Stock Price Movement
Today, Rane (Madras) Limited shares edged higher to close at ₹710.65, posting a strong 4.26% gain. The equity saw activity with a total traded volume reaching 18,178 shares during the session.Source:
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