3M India Limited has informed the Exchange about General Updates Tax Litigations
3MINDIA · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
3M India has received Form 2 certificates from the Principal Commissioner of Income Tax, Bengaluru-2, confirming acceptance of its application under the Direct Tax Vivad Se Vishwas Scheme, 2024 for two financial years. The tax payable after adjustments has been determined at Rs. 2.26 Lakhs for FY 2004-05 and Rs. 7.17 Crores for FY 2009-10. This follows earlier Form 2 receipts for FY 2010-11, FY 2011-12, and FY 2013-14, with applications for other financial years still under review. The company has stated there is no material impact on its operations from this settlement. A final order in Form 4 is expected to follow.
Closure of long-pending income tax disputes removes uncertainty around legacy tax liabilities. The settlement amount appears manageable and the company confirms no material operational impact, making this a neutral to mildly positive development for shareholders.