Intimation is hereby given that an order for demand was received on March 27, 2026, under Section 156 of the Income Tax Act, 1961. Further, an Order in the same regard has been received ....
NOVARTIND · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Novartis India has received a tax demand notice and order from the Income Tax department for Assessment Year 2020-21 (financial year ended March 2020). The demand relates to alleged non-compliance with TDS (Tax Deducted at Source) provisions on 'margin to stockist' and interest on MSMEs under Section 201(1)/201(1A) of the Income Tax Act. The total demand is approximately INR 10.28 crore, comprising a principal amount of INR 5.76 crore and interest of INR 4.53 crore. Additionally, penalty proceedings under Section 271C of the Act have been initiated. The company has stated it will file an appeal with the appropriate authority and seek a stay on the demand. The matter has been disclosed to BSE under SEBI Listing Regulations.
This is a material tax dispute, but the amount is modest relative to Novartis India's overall financial scale. Since the company is actively contesting the order and plans to seek a stay, the immediate cash outflow is uncertain. Investors should monitor the appeal outcome, as an adverse ruling could affect earnings, while a favorable outcome or stay would limit the impact.