Rashtriya Chemicals and Fertilizers Limited Receives Income Tax Demand Notice
Rashtriya Chemicals and Fertilizers Limited (RCF), a Government of India undertaking, announced it has received a demand notice from the Income Tax Department totaling Rs. 4,36,49,106. The demand relates to disallowances and additions made during assessments for the assessment years 2020-2021, 2021-2022, and 2023-2024.According to a communication to the Bombay Stock Exchange (BSE) and National Stock Exchange of India Limited, the details of the demand are as follows:
| Sr.No | Particulars | Details (AY) | Amount (Rs.) | Details |
|---|---|---|---|---|
| 1 | Name of the Authority | Income Tax Department | ||
| 2 | Period Involved | 2020-2021 | AY 2020-2021, AY 2021-2022, AY 2023-2024 | |
| 3 | Nature and details of the action(s) taken, initiated or order(s) passed | 2020-21 | 1911374 | Imposition of Penalty levied on education cess claimed on account of retrospective amendment. The company had already filed a rectification application on March 17, 2023. An appeal before the Commissioner of Income-tax (Appeal) is also filed on March 24, 2023, which is pending. |
| Nature and details of the action(s) taken, initiated or order(s) passed | 2021-22 | 21447412 | Imposition of Penalty levied on adjustments which have been disallowed. An appeal before the Commissioner of Income-tax (Appeal) is filed on July 27, 2023, which is pending. | |
| 4 | Date of receipt of direction or order | 2023-24, March 18 | 20290320 | Tax on erroneous demand raised on account of wrong disallowance. The company is in the process of filing a rectification application for the alleged demand. |
RCF stated it does not anticipate any future outflows in monetary terms as the underlying demands are considered erroneous and are expected to be rectified or deleted by the Commissioner of Income-tax (Appeal).
The communication was made by J.B. Sharma, Executive Director, Legal & Company Secretary of Rashtriya Chemicals and Fertilizers Limited.
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