Max Financial First Large Corporate To Settle Tax Dispute Under Vivad Se Vishwas Scheme

Max Financial First Large Corporate To Settle Tax Dispute Under Vivad Se Vishwas Scheme – On Wednesday that it’s settled a long-pending tax case under the dispute resolution scheme tax Vivad Se Vishwas 2020 by Max Financial Services Ltd (MFSL) which was launched recently by the govt.

By clearing the litigation involving capital gains from the stake sale company has paid Rs 123.78 crore for settling its erstwhile telecom venture Hutchison Max Telecom Ltd which is a large private sector player in India to possess settled and paid in Jalandhar earlier this month and due taxes are remitted,” it said during a statement.

The payment also clears a tax dues contingent liability that has been reported on the company’s books for the past 20 years.

MFSL is listed on both NSE and BSE with a shareholding from Analjit Singh sponsor family and a group of marquee institutional investors like KKR, ny Life, Baron, Vanguard, Blackrock and Aberdeen as the scheme was announced during the Union Budget speech on February 1. Under this scheme, taxpayers whose tax demands are locked at issue in multiple forums pay due taxes by June 30 and obtain an entire waiver of interest and penalty afterlife assurance company after a 72.5 per cent stake in Max life assurance Company Ltd, making it India’s first listed company focused exclusively on life assurance.

Read more Corporate News on India Frontline.