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Cipla’s tax demand was revised from ₹773.44 crores to ₹559.18 crores. The tax reduction impacted Cipla share price positively, reflecting improved investor confidence.
Cipla Limited’s total tax demand for assessment years (AY) 2015-16 to 2022-23 has been significantly reduced. The tax liability was revised from ₹773.44 crores to ₹559.18 crores, following a detailed evaluation of statutory requirements. The tax demand for AY 2015-16 alone decreased from ₹312.96 crores to ₹98.70 crores. This revision has brought relief to the company and positively impacted Cipla share price.
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Initial Demand: ₹773.44 crores for AY 2015-16 to 2022-23.
Revised Demand: Reduced to ₹559.18 crores.
Significant Reduction: AY 2015-16 tax reduced to ₹98.70 crores.
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The reduction in tax demand came after Cipla undertook a comprehensive evaluation of statutory requirements. The company attributed the delay in disclosure to the time required for this analysis. Despite the delay, the revision has been welcomed by stakeholders as it reduces financial strain on Cipla, improving its fiscal health.
Assessment Year | Initial Demand (₹ Crores) | Revised Demand (₹ Crores) |
2015-16 | 312.96 | 98.70 |
2016-17 to 2022-23 | 460.48 | 460.48 |
Total | 773.44 | 559.18 |
Following the tax revision, Cipla share price saw positive movement as investors responded favourably to the reduced financial liability. This development is expected to boost investor confidence and enhance Cipla’s market position.
Cipla’s tax demand reduction from ₹773.44 crores to ₹559.18 crores marks a significant relief for the company. This revision is likely to have a lasting impact on Cipla share price, bolstering its financial outlook and investor sentiment.
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