Photographer: Dhiraj Singh/Bloomberg

India to Ask Banks for at Least $295 Million in Back Taxes

  • Notices may be issued by April, according to two officials
  • Banks can appeal tax demands but must set aside provisions

India plans to issue demands for back taxes amounting to a total of at least 20 billion rupees ($295 million) from about a dozen banks as part of a government investigation into services levies, according to two officials with direct knowledge of the matter.

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