3M India has resolved income tax disputes by opting for the Direct Tax Vivad Se Vishwas Scheme, 2024. The company has received a certificate in Form 2 for the financial year 2008-09, with a determined tax refund of ₹2.28 Crores. This settlement follows the company’s decision to settle several open tax litigations for the period FY 2004-05 to FY 2013-14.
Tax Dispute Settlement
3M India has opted for the Direct Tax Vivad Se Vishwas Scheme, 2024, to settle its income tax litigations. The company has received the Certificate in Form 2 for the Financial Year 2008-09 from the Principal Commissioner of Income Tax, Bengaluru – 2.
Scheme Participation
The Company had chosen the Scheme to settle open tax litigations for the period spanning from FY 2004-05 to FY 2013-14. The acceptance of the Company’s application by the Principal Commissioner of Income Tax, and the subsequent issuance of Certificate in Form 2 for FY 2008-09, facilitates the determination of the payable/adjusted/refundable amount under the Scheme.
Financial Impact
Following the adjustments for amounts already paid against tax arrears, the tax refund due to the Company has been determined to be ₹2.28 Crores based on the Form 2 received for FY 2008-09. The company anticipates that the next step will be the final order in Form 4.
Details on Forms 2
Prior to this, the company had already received Form 2s for FY 2004-05, 2006-07, FY 2007-08, FY 2009-10, FY 2010-11, FY 2011-12, FY 2012-13 & FY 2013-14 which were previously communicated.
Source: BSE
