3M India Limited has informed the Exchange about General Updates
3MINDIA · price
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3M India has received the Form 2 certificate from the Principal Commissioner of Income Tax, Bengaluru-2 for the financial year 2010-11, under the Direct Tax Vivad Se Vishwas Scheme, 2024. This scheme allows the company to settle pending income tax disputes. The company had earlier opted into the scheme to resolve tax litigations for FY 2004-05 to FY 2013-14, and has already received Form 2 for FY 2011-12 and FY 2013-14 as well. The aggregate tax amount payable for the assessment year is Rs. 12.11 Crore, which will be settled by adjusting against the company's existing tax refunds and amounts already adjusted by the tax authority. There is no additional cash outflow and no material impact on the company's operations.
This is a positive development for shareholders as it brings closure to a long-pending tax dispute (FY 2010-11) without any fresh cash outflow, since the settlement is adjusted against existing refunds. It reduces uncertainty around legacy tax litigations and is expected to have no meaningful impact on financials or operations.