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An announcement from Tamilnad Mercantile Bank Limited ( (IN:TMB) ) is now available.
Tamilnad Mercantile Bank has disclosed that the Assessment Unit of the Income Tax Department has raised a tax demand of Rs. 2.04 billion under Section 156 of the Income Tax Act. The demand follows an order under sections 147 read with 254 and 144B, disallowing the bank’s claim for deduction under Section 36(1)(viia) for the assessment year 2013-14.
The bank received the order on 18 March 2026 and has stated that it is in the process of filing an appeal against the tax demand. Management expects the matter to be decided in the bank’s favour and does not anticipate any material impact on its financial statements from the notice at this stage.
More about Tamilnad Mercantile Bank Limited
Tamilnad Mercantile Bank Limited is an Indian private-sector bank headquartered in Thoothukudi, Tamil Nadu, operating in the banking and financial services industry. The bank focuses on retail and commercial banking, serving customers primarily in southern India and is listed on both the National Stock Exchange of India and BSE.
The bank offers a range of deposit, lending, and ancillary financial services to individuals, small and medium enterprises, and corporate clients, positioning itself as a regional lender with a strong presence in its core markets.
Average Trading Volume: 15,873
Technical Sentiment Signal: Buy
Current Market Cap: 96.5B INR
Learn more about TMB stock on TipRanks’ Stock Analysis page.