Q TECH (01478): India Qutai received corrected orders issued by the tax authorities for the final assessment, the total amount of income tax payable including interest was reduced by approximately 503 million Indian Rupees.

Q TECH (01478) announced that India Qutai, with the assistance of its legal and tax advisors, filed an appeal with the Income Tax Appellate Tribunal on November 22, 2024 regarding the final assessment order. India Qutai also submitted an application for a deferment of payment of taxes according to the final assessment order. On November 29, 2024, the Income Tax Appellate Tribunal, while considering the application for deferral of tax payment, found that there may be legal interpretation errors, calculation errors in taxes, and other factual errors in the final assessment order, and directed the tax department to make corrections. On January 9, 2025, India Qutai received the corrected order from the tax department regarding the final assessment order. According to the corrected order, the tax department made several corrections to the final assessment order, including reducing the total amount of income tax payable including interest by approximately 503 million Indian Rupees (equivalent to about RMB 42.845 million), thereby adjusting the total amount payable to approximately 1.295 billion Indian Rupees (equivalent to about RMB 110 million) (including updated tax). After consulting with its Indian legal and tax advisors, India Qutai still disagrees with the tax logic and applicable data used in calculating the updated tax amount, and will continue to actively defend its position. As of the date of this announcement, the appeal process regarding the tax dispute is still ongoing, and India Qutai may consider further legal proceedings if necessary. The Group is still assessing the impact of the relevant events on the financial statements and will make adjustments to India Qutai's deferred income tax assets and provision for tax liabilities in accordance with applicable accounting standards. If there are any further significant developments, the company will inform shareholders and potential investors through announcements in accordance with the listing rules.