Indian Overseas Bank Gets Rs 1,238-Crore Income Tax Refund

Indian Overseas Bank has received an order of tax refund of Rs 1,238 crore from the Income Tax Department, according to an exchange filing on Tuesday.

The taxation body’s tax refund order pertains to assessment year 2019-20, the public sector lender said. The amounts also includes an interest, as per Section 244-A of the Income Tax Act.

The fresh tax refund will be issued to Indian Overseas Bank a couple of months after it secured another tax refund of Rs 123.8-crore from the I-T department. The refund order pertained to assessment year 2021-22, the lender had said in a regulatory filing in September.

Read more at: NDTV | Profit