Zydus Healthcare's Rs 285-Crore Income Tax Demand Rectified

Zydus Healthcare Ltd.'s Rs 284.6-crore income tax demand has been rectified to a demand of Rs 1.1 lakh, after the company filed an application, according to an exchange filing.

The intimation was received under Section 143 (1) of the Income Tax Act, 1961, while processing the Return of Income. The revised demand was determined because the centralised processing centre of the Income Tax Department had given short credit of tax deducted at source, it said.

ZHL plans to send another rectification order against the revised demand in order to remove the existing demand as well, the filing said.