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Informist, Wednesday, Apr. 1, 2026

NEW DELHI –  Muthoot Finance Ltd. Tuesday said it has received a tax demand of INR 9.78 billion from the Assistant Commissioner of Income Tax, Kochi. The tax demand pertains to disallowances made due to discount in employee stock ownership plan, non-deduction of tax deducted at source on certain foreign payments, and disallowance of expenses claimed for bad debts write-off, the non-banking financial company said in an exchange filing.

The income tax department has also "assessed the entire income at the old regime rate of 34.944% instead of the new regime rate of 25.168% alleging claiming of certain expenses as deduction under Chapter VIA of the Income Tax Act, 1961," the company said.

"The Company is of the firm view that the basis of additional tax demand raised by the Office of Income Tax is not tenable and is in the process of filing necessary appeal in the matter," Muthoot said. "There is no material impact on financial, operation or other activities of the Company due to the said Order."

For the December quarter, the Kerala-based company reported a net profit of INR 26.56 billion on total income of INR 72.63 billion. Shares of the company traded nearly 4% higher at INR 3,276.70 on the National Stock Exchange at 1239 IST.  End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Shweta

Edited by Avishek Dutta

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