Rs 1127 cr tax notice! Public sector bank RESPONDS - Do you own the stock?

rs 1127 cr tax notice! public sector bank responds – do you own the stock?

Rs 1127 cr tax notice! The Bank of India has said that it has received a demand notice under section 156 of the Income Tax Act, 1961, pertaining to AY 2016- 17 wherein certain disallowances have been made from the Assessment Unit, Income Tax Department.

The Bank of India, in its exchange filing, said that it would avail the recourse provided in the Income Tax Statute against the demand of Rs 1,127.72 crores raised in the order.

According to the exchange filing the Bank is in the process of filing an appeal before the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC) against the said order within the prescribed timelines.

“Looking to the precedence / Orders of Appellate Authorities, the Bank believes that it has adequate factual and legal grounds to reasonably substantiate its position in the matter. Accordingly, the Bank expects the entire demand to subside. As such, there is no impact on financial, operations or other activities of the Bank,” said the Bank of India in the regulatory filing.

Bank of India revises Interest Rates

The private sector bank informed the bourses earlier on Saturday, March 30, 2024, that the repo-based lending rate (RBLR) has been changed with effect from April 1, 2024, in terms of the pricing policy approved by the bank’s board.

“The Bank’s ALCO in meeting has increased the mark-up by 10 bps from the existing level of 2.75 per cent to 2.85 per cent and with present Repo Rate of 6.50 per cent, RBLR stands at 9.35 per cent which shall be applicable w.e.f.01.04.2024,” said Bank of India in the regulatory filing on the BSE.

The Bank of India has also said that the ALCO has approved a fixed rate spread (FRS) applicable for fixed rate loans in the retail segment of 0.50 per cent. With 1 year of MCLR and FRS, the fixed rate benchmark stands at 9.35 per cent w.e.f. April 1, 2024.

Bank of India Share Price History

The private sector bank commands a market cap of Rs 62,371.55 crore on the BSE. Bank of India is a constituent of S&P BSE 200 on the BSE. According to the BSE Analytics, Bank of India’s stock price has advanced 1.82 per cent in the last one week, 3.20 per cent in the last one month, 30.29 per cent in the last six months and 91.66 per cent in the last one year.