Bank of Baroda Limited informed that the Bank has received a demand notice on June 28, 2024 from the Faceless Assessment Unit, Income Tax Department, pertaining to AY 2017-18. 1. Name of the opposing party, court/tribunal/agency where litigation is filed: Income Tax Department, Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC)/Writ before Hon'ble High Court as may deem fit. Brief Details of dispute/litigation: The Bank has received a demand order of INR 10,678.2 Million under section 156 of the Income Tax Act, 1961, pertaining to AY 2017-18.

Expected financial implication, if any, due to compensation, penalty etc.: The Bank is under the process of filing an appeal before the Commissioner of Income Tax (appeals), National Faceless Appeal Centre (NFAC)/Writ Petion before Hon'ble High Court (as may deems fit) against the said order within the prescribed timelines. Looking to the precedence/orders of appellate Authorities, the Bank believes that it has adequate factual and legal grounds to reasonably substantiate its position in the matter. Accordingly, the Bank expects the entire demand to subside.

As such, there is no impact on financial operations or other activities of the bank. Bank would avail recourse provided in Income Tax Statute against the demand raised in the order.