Rane (Madras) Limited has received a rectification order from the Centralised Processing Centre, Income tax Department, Bangalore, levying an additional tax demand and interest. The order, dated April 07, 2026, pertains to Assessment Year 2021-22. Previously, on December 26, 2022, the Income Tax Department had passed an order levying a tax demand of ₹3.45 Crores, which is currently under appeal. The rectification order from CPC Bangalore now levies interest of ₹1.63 Crores due to non-payment of Tax Deducted at Source (TDS) on a buyback of shares. This brings the aggregate tax demand to ₹5.08 Crores (₹3.45 Crores existing + ₹1.63 Crores enhanced). Rane (Madras) Limited stated that the department has not considered the fact that the company has already paid ₹2.58 Crores towards the TDS on the buyback. The company intends to contest the order before the appropriate authority within the prescribed timelines.
