Shriram Finance Ltd. Receives Reduction in Tax Penalties
Shriram Finance Ltd. announced a reduction in tax penalties related to orders against its former entity, Shriram City Union Finance Limited, which was amalgamated with the company on April 1, 2022. The reductions stem from Rectification Orders received on March 30, 2026, from the Commercial Tax Officer, Chennai South, Tamil Nadu.The original penalty amounts, issued for the financial years 2018-19 and 2019-20, have been revised downwards. A summary of the changes is presented below:
| Financial Year | Original Penalty Amount | Reduced Penalty Amount |
|---|---|---|
| 2018-19 | Tax Demand: ₹13,03,53,551/- Interest: ₹15,73,02,807/- Penalty: ₹13,03,53,551/- | Tax Demand: ₹70,42,822/- Interest: ₹84,98,852/- Penalty: ₹70,42,822/- |
| 2019-20 | Tax Demand: ₹24,06,19,502/- Interest: ₹12,01,51,803/- Penalty: ₹24,06,19,502/- | Tax Demand: ₹1,02,20,890/- Interest: ₹1,06,00,042/- Penalty: ₹1,02,20,890/- |
The copies of the Rectification Orders were forwarded to the relevant officer on April 1, 2026. U Balasundararao, Company Secretary & Chief Compliance Officer, confirmed the immediate intimation following receipt of the orders.
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