Tax Setback for GSK as IT Dept Raises Rs 2.01 Crore TDS Demand
New Delhi: GlaxoSmithKline Pharmaceuticals (GSK) Limited has received a final assessment order from the Income Tax Department raising a total TDS demand liability of Rs 2.01 crore for the assessment year 2020-21, comprising Rs 1.11 crore towards TDS and Rs 0.90 crore as interest, and is set to file an appeal against the order.
The order has been issued by the TDS Authority, INT Tax Circle 2(3)(2), under Sections 201(1) and 201(1A) of the Income Tax Act, 1961, through an assessment order dated March 31, 2026. The demand pertains to an alleged TDS default under Section 201 of the Act.
While the company has not specified the nature of the alleged violation, it has confirmed that it is contesting the assessment order and is in the process of approaching the appropriate appellate authority.
GlaxoSmithKline Pharmaceuticals clarified that there will be no impact on its financial statements at this stage, given that the matter is under dispute and subject to appeal.
The disclosure was made to the stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which requires listed entities to report material regulatory actions and developments.
The company emphasized that it will take necessary legal steps in accordance with applicable laws while addressing the issue and pursuing relief through the appellate mechanism.
