India’s IT dept conducts survey action at 5 Shree Cement locations – CNBC-TV18 – ET Infra


Representative Image

BENGALURU -India’s income tax (IT) department was conducting a survey action at five locations of Shree Cement in the north-western state of Rajasthan, CNBC-TV18 reported on Wednesday, citing sources.

The Kolkata-headquartered cement firm and IT department did not immediately respond to Reuters’ requests for comment.

A survey action by the IT department is an investigative procedure carried out to ascertain a taxpayer’s actual income in a financial year, the report said.

Section 80-IA of the IT Act, under which Wednesday’s action was being conducted, provides for the deduction of 100% of profit and gains derived from specific businesses for 10 consecutive assessment years.

Shree Cement’s shares fell as much as 2.7% on the news, posting their biggest intraday percentage drop since May 24.

  • Published On Jun 22, 2023 at 07:30 AM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Get updates on your preferred social platform

Follow us for the latest news, insider access to events and more.



Source link

Leave a Comment

Your email address will not be published. Required fields are marked *

Open chat
1
How May I Help You.
Scan the code
Vishwakarma Guru Construction
Hello Sir/Ma'am, Please Share Your Query.
Call Support: 8002220666
Email: Info@vishwakarmaguru.com


Thanks!!