Infosys to receives tax refund from IT dept of Rs 6,329 cr

Infosys said that it is expecting a refund of Rs 6,329 crore from the Income Tax Department, Government of India for assessment years 2007-08 to 15-16, 17-18 & 18-19 during the quarter.

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The orders received under section 250 & 254 of the Income Tax Act, 1961.

The company is in the process of evaluating the implications of these orders on the financial statements for the quarter and year ending 31 March 2024, company said in its filings.

The IT Company said that it has received an order under Section 143(3) of the Income Tax Act, 1961 for assessment year 2022-23 with a tax demand of Rs 2,763 crore including interest, and under section 201 & 201 (1A) of the Income Tax Act, 1961 for assessment year 2011-12 with a tax demand of Rs 4 crore, including interest.

Additionally, Infoys has received the followings assessment orders from the Income Tax Department, Government of India for subsidiaries of the company, totalling to Rs 277 crore.

Assessment orders with a total tax demand of Rs 145 crore (including interest) for assessment years 202122 and 201819, respectively, under section 143(3) and section 201 & 201 (1A) of the Income Tax Act, 1961.

A tax assessment order for assessment years 202223 pursuant to section 143(3) of the Income Tax Act, 1961 of Rs 127 crore is demanded (with interest).

A tax demand of Rs 5 crore (with interest) is included in the assessment order under section 143(3) of the Income Tax Act, 1961 for assessment years 2022-23.

The company is in the process of evaluating the implications of these orders on the financial statements for the quarter and year ending 31 March 2024 and also evaluating filing appeals against these orders, the company stated in the press release.

Further, a subsidiary of the company has received refund orders under section 254 for assessment years 2007-08 and 2008-09 and under section 154 for assessment year 2016-17, it said, adding that the refund amount as per these orders is Rs 14 crore. The company is in the process of evaluating the implications of these orders on the financial statements for the quarter and year ending 31 March 2024.

Read more at: Business Standard

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