Friday, July 15

Hero pays Rs.811 Crore tax on Honda stake buy : CBDT

Hero Group has reportedly paid Rs. 8.11 bn as capital gains tax for buying out partner Honda from their joint venture Hero Honda.

“Hero has paid the entire tax amount of Rs 8.11 bn in two tranches, Rs 1 bn in March and Rs 7.11 bn in April, at the highest rate of 22%. They have not sought any concession,” reports quoted a spokesperson for Central Board of Direct Taxes as saying.

He further added that it is capital gains tax, paid by way of withholding it from the payment made by Hero to Honda.

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