Yes Bank faces INR 244.2 crore tax demand

Yes Bank [BSE:YESBANK] has disclosed a tax demand of INR 244.2 crore following a rectification order from the Jurisdictional Assessing Officer (JAO) related to the reassessment of its 2016-17 income tax assessment. The rectification order, intended to correct an error in the original reassessment, inadvertently resulted in a significantly higher interest calculation under sections 234A and 234B of the Income-tax Act. The bank plans to file a rectification application with the JAO and pursue all available remedies, including an appeal, considering the demand unsubstantiated. Yes Bank stated that it believes it has strong grounds to challenge the demand and anticipates no material adverse impact on its financials, operations, or other activities. The original assessment order was issued in December 2018, with a reassessment order following in March 2022.