R S Software India Ltd updates on Tax Demand by Franchise Tax Board, California, USA

R S Software (India) Limited has announced that Franchise Tax Board (FTB), in State of California, USA have levied a tax liability including Interest & penalty to the tune of $ 475826 for the Financial Year ending on 31/3/2011 and 31/3/2012. The company had expected these liabilities to be set off against expected credits and current Losses. In addition, for Tax year 2014-2016, based on their review and examination of the Corporation tax return filed by the company The FTB has assessed an underpayment of taxes during the period totaling to $302257 (comprising of $ 16418 for YE 03/2014, $347,063 for YE 03/2015 and a credit of $61224 for YE 03/2016).

The Company has already filed Protest against these demands. The company expects a favourable outcome for the years 2014-16. For the years 2011 and 2012 company is working on a payment plan to have a good standing in the state of California and file a to protest for revision of the demand for year ended on 03/2011 and 03/2012.

Shares of R. S. Software (India) Limited was last trading in BSE at Rs. 32.00 as compared to the previous close of Rs. 31.70. The total number of shares traded during the day was 122577 in over 238 trades.

The stock hit an intraday high of Rs. 33.10 and intraday low of 31.95. The net turnover during the day was Rs. 3947619.00.

Source : Equity Bulls

Keywords

RSSoftwareIndia INE165B01029 TaxDemand FTP California TaxLiability