Announced Wed, 17 Jun · 12:03 IST
Subsidiary's income tax demand cut from INR 117 Cr to INR 61 Cr
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FORTIS · price
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Price reaction · full curve 14 horizons · vs prior close
-1.1%1-day move
₹969.40
prior close
₹949.25
base price
In-mkt
timing
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AI summary
Fortis Hospitals Limited, a wholly owned subsidiary of Fortis Healthcare, got its income tax rectification application processed successfully. The Income Tax Authority reduced the tax demand for Assessment Year 2024-25 from INR 117.04 Crores to INR 61.48 Crores, a cut of about INR 55.56 Crores. The order was issued under section 154 read with section 143(3) of the Income Tax Act.
Likely market impact
Positive for the company. Tax liability nearly halved, easing about INR 55.56 Crores of the subsidiary's tax burden.