Orient Cement Limited — Important, 27-11-2024: Updates

The Assistant Commissioner of Income Tax Circle 5(1), Kolkata, has issued an order pertaining to a tax demand of ₹24.58 Crores for the fiscal year 2017-18. This comprises ₹20.70 Crores for income tax and ₹3.88 Crores for dividend distribution tax. The company believes the order mistakenly overlooks advance tax, self-assessment tax, TDS/TCS, and dividend distribution tax already paid. Orient Cement is preparing to submit a rectification request or appeal regarding this order but anticipates no major financial impact as a result. Monitoring this situation could present an opportunity for astute investors considering potential adjustments in fiscal obligations.