Hero Moto is notified of 605cr in taxes

NEW DELHI: Major two-wheeler manufacturer Hero MotoCorp said on Thursday that the Income Tax agency has sent them a demand notice for almost Rs 605 crore, interest included, for six assessment years. The business said in a regulatory filing that it received assessment orders and demand notifications dated March 30, 2024, referring to six assessment years, from the Income Tax Department on April 3, 2024.

It also said that the two-wheeler company is reviewing the directives and notifications it has received and would take the necessary action, such as submitting appeals and rectification petitions. According to Hero MotoCorp, the notification relates to six assessment years and represents a tax claim of Rs 309 crore plus interest. It also said that this is due to specific disallowances for the assessment years 2013–14 through 2017–18 and 2019–20.