October 1, 2024
Dear Sir/Madam,
| SUB: | Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. |
This is to inform you that the Income Tax Department, Additional DIT (I&CI) vide its Order dated September 27, 2024 and communicated to us vide their e-mail dated September 30, 2024, has imposed a monetary penalty of Rs. 50,000 (Rupees Fifty thousand only) under Section 271FAA of the Income Tax Act, 1961 (the Act), with regard to furnishing inaccurate information under Section 285BA(1)(k) of the Act.
The Bank is reviewing the Order and evaluating appropriate legal remedy, including filing an appeal, as per law.
The relevant information is attached as Annexure A.
This is for your information and records.
Thanking you.
Yours faithfully,
For Axis Bank Limited
Sandeep Poddar
Company Secretary
Encl.: As above.
CC: London Stock Exchange
Singapore Stock Exchange
Annexure A
| Sr No | Particulars | Details |
| 1 | Name of the Authority | Additional DIT (I&CI), Ahmedabad |
| 2 | Nature and details of the action(s) taken, initiated or order(s) passed | Order u/s. 271FAA of the Income Tax Act, 1961 |
| 3 | Date of receipt of direction or order, including any ad-interim or interim orders, or any other communication from the authority | September 30, 2024 |
| 4 | Details of the violation(s)/ contravention(s) committed or alleged to be committed | The Bank has received an order u/s. 271FAA in respect of furnishing inaccurate information u/s 285BA(1)(k) of the Income tax Act, 1961 |
| 5 | Impact on financial, operation or other activities of the listed entity, quantifiable in monetary terms to the extent possible | Penalty levied amounting to Rs. 50,000/-
The Bank does not expect any material impact on financial, operation or other activities of the Bank due to the said order.
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