3M India Limited has informed the Exchange about General Updates on Tax Litigations
3MINDIA · price
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3M India has received the final order (Form 4) from the Principal Commissioner of Income Tax, Bengaluru, settling its tax dispute for FY 2013-14 under the government's Direct Tax Vivad Se Vishwas Scheme, 2024. The company had opted for this scheme to resolve several pending tax litigations spanning FY 2004-05 to FY 2013-14. An aggregate tax of Rs 17.20 Crores for FY 2013-14 has already been paid under the scheme. The company has stated that this settlement has no material impact on its operations or activities.
This is a routine tax dispute resolution with no material impact on the company's business or financial position. The tax amount was already paid, so there is no new financial drag on the company, and shareholders should view this as a closure of an old tax matter.