Colgate-Palmolive gets tax notice of Rs 248.74 crore, last date to file ITR is 31 July
Income Tax Dept: The Income Tax Department has issued a tax demand notice of Rs 248.74 crore to Colgate-Palmolive (India) Limited in a transfer pricing case.
The Income Tax Department has issued a tax demand notice of Rs 248.74 crore to Colgate-Palmolive (India) Limited in a transfer pricing case. The head of FMCG company Colgate-Palmolive India Limited (CPIL) said that it would challenge the order before the appellate tribunal. This company works in the dental care sector.
CPIL's net sales in FY 2023-24 were Rs 5,644 crore. According to a regulatory filing from the company, the notice was received on July 26. The income tax demand for transfer pricing-related issues is for the financial year ending March 31, 2021. CPIL said the demand amount includes an interest amount of Rs 79.63 crore. CPIL said that the financial operations or other activities of the company will not be affected due to this order. This demand has been made mainly due to transfer pricing-related issues.
The Income Tax Department said that income tax return filers should not make fake claims for expenses nor understate the income or exaggerate the deductions as doing so is a punishable offense. Doing so also delays the issuance of the refund. The last date for filing ITR for assessment year 2024-25 is July 31. According to the Income Tax Department and its administrative body Central Board of Direct Taxes (CBDT), more than five crore ITRs have been filed till July 26. In a recent public message, the Income Tax Department asked taxpayers to file their returns correctly and on time to get timely refunds. The department said that the refund claims are subject to verification checks, which may cause delays. Correct filing of ITR speeds up the refund process. Any discrepancy in the claims made will lead to a request for a revised return (to be filed by the taxpayer). The department cautioned people not to claim the wrong tax deduction at source (TDS) amount, understate their income or exaggerate deductions, or make claims for bogus expenses. The department said taxpayers' claims should be correct and accurate. Filing a false or bogus claim is a punishable offense.
