Hero MotoCorp: Two-wheeler company Hero MotoCorp got a big blow, Income Tax Department sent a notice of so many crores

Digital Desk- New Delhi: The Income Tax Department has sent a demand notice of about Rs 605 crore with interest for six assessment years to the country's largest two-wheeler company Hero MotoCorp.

The company gave this information on Thursday. Hero MotoCorp said in a stock exchange filing that it has received an assessment order/demand notice dated March 30, 2024 from the Income Tax Department on April 3, 2024, for six assessment years.

When did you violate the rules?

According to a statement from Hero MotoCorp, it is investigating the notice and will take necessary steps including filing an appeal/rectification application.

Hero MotoCorp said the notice pertains to six assessment years, which includes a tax demand of Rs 308.65 crore and interest of Rs 296.22 crore. It has been told that this is regarding violation of some rules for the assessment years 2013-14 to 2017-18 and 2019-20.

Hero MotoCorp sales in financial year 2023-24

Hero MotoCorp is also the world's largest scooter and motorcycle manufacturing company. Its total two-wheeler sales in the financial year 2023-24 were 56,21,455 units (including domestic sales and exports). Its sales have increased by 10% in the fourth quarter of FY 24. At the same time, its global business increased by 16% during the entire financial year.

Products in the premium motorcycle segment

In the last financial year, Hero MotoCorp introduced several products in the premium motorcycle segment, such as Xtreme 125R, Xtreme 200S, Xtreme 160R 4V, Harley-Davidson X440, Karizma XMR and Mavrick 440. It also strengthened its network. Opened 75 Premia outlets and launched more than 400 Hero 2.0 stores.