New Delhi, August 28, 2024.
Leading FMCG maker HUL said that it has received a demand notice of Rs 962.75 crore from the Income Tax Department and will go in for an appeal against the order.
The notice relates to non-deduction of TDS on payment of Rs 3,045 crore to GlaxoSmithKline Consumer Healthcare (GSKCH) for the acquisition of Intellectual Property Rights of the Health Foods Drinks (HFD) business consisting of brands as Horlicks, Boost, Maltova, and Viva, according to a recent exchange filing.
A demand of “Rs 962.75 crore (including interest of Rs 329.33 crore) has been raised on the company on account of non-deduction of TDS as per provisions of Income Tax Act, 1961 while making remittance of Rs 3,045 crore (EUR 375.6 million) for payment towards the acquisition of India HFD IPR from GlaxoSmithKline ‘GSK’ Group entities,” it said.
