On October 15, The Tamilnad Mercantile Bank Limited has received a Notice of Demand under Section 156 of the Income Tax Act, 1961 for Rs.25.97 Lakh, from the office of Deputy Commissioner of Income Tax, TDS Circle, Madurai for the Assessment under Section 201(1) & 201(1A), pertaining to AY 2013-14, according to the exchange filing.
The Income Tax Department has declined to accept the contention of paying interest to its depositors without deducting the TDS after receiving Form 15G/15H from depositors.
The Bank did not envisage any relevant impact on financials, operations or other activities.
The disclosure has been made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
