Yes Bank Ltd. has received two separate tax demand notices, aggregating to a total demand of Rs 536 crore, as per the exchange filings made by the private lender on Wednesday.
In one of the filings, Yes Bank said it has received a demand notice for Rs 292.29 crore for the assessment year 2017-18.
The bank said it had received the assessment order passed under section 143(3) of the Income Tax Act, 1961, in December 2019 for AY 2017-18, wherein certain "additions/disallowances" were made.
The said assessment year was subjected to reassessment proceedings and the reassessment order was passed under section 147 in March 2022 after making certain additions, it added.
According to Yes Bank, the said reassessment order considered the income reported in the return of income instead of assessed income for computing the reassessed income.
It said that the Jurisdictional Assessing Officer, therefore, passed the rectification order to correct the mistake in the reassessment order and recomputed the tax demand. The bank received this order on April 15, 2025, at 13:28 hours.
"On the same day at 15:31 hours, the CPC also passed another rectification order," the lender said.
"As per the latest rectification order passed by the CPC on April 15, 2025, there has arisen additional tax demand of Rs 292.29 crores, wherein interest u/s 234A and 234B of the Act has been recomputed significantly upwards, without any cogent reasons,” the bank's filing stated.
The lender said that it will file a rectification application with JAO/CPC on an immediate basis "as the said demand appears to be unsubstantiated".
Before this, the bank also disclosed that it has received a demand notice of Rs 244.2 crore for assessment year 2016-17.
Shares of Yes Bank closed 2% higher at Rs 17.87 apiece on the BSE, compared to a 0.4% advance in the benchmark Sensex.
(With PTI inputs)
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