Expecting Refund Of Rs 6,329 Crore From Income Tax Department, Says Infosys

Anticipating Refund Of Rs 6,329 Crore From Revenue Tax Division, Says Infosys

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Infosys has obtained evaluation orders for subsidiaries as properly, totalling Rs 277 crore. (File)

New Delhi:

Infosys expects a refund of Rs 6,329 crore from the Revenue Tax Division, the nation’s second largest IT companies firm stated. It additionally knowledgeable the inventory exchanges about tax demand to the tune of Rs 2,763 crore, citing numerous evaluation orders.

Infosys Ltd stated it has obtained orders from the Revenue Tax Division for evaluation years 07-08 to 15-16, 17-18, and 18-19 in the course of the quarter.

“As per the orders, the corporate expects a refund of Rs 6,329 crore (together with curiosity). The corporate is within the technique of evaluating the implications of those orders on the monetary statements for the quarter and yr ending March 31, 2024,” Infosys stated in a BSE submitting.

Infosys, which competes with TCS and Wipro and others out there for IT companies contracts, is scheduled to declare its monetary outcomes for the fourth quarter of the present fiscal yr in addition to the complete FY24 on April 18.

The Bengaluru-headquartered IT firm additionally stated it has obtained an order for evaluation yr 22-23 with a tax demand of Rs 2,763 crore, together with curiosity, and for evaluation yr 11-12 with a tax demand of Rs 4 crore, curiosity included.

Infosys has obtained evaluation orders for subsidiaries as properly, totalling Rs 277 crore.

These embody evaluation orders for evaluation years 21-22 and 18-19, respectively, with complete tax demand of Rs 145 crore; order for evaluation yr 22-23 with a tax demand of Rs 127 crore; and for evaluation yr 22-23 entailing tax demand of Rs 5 crore — all of them inclusive of curiosity.

“The corporate is within the technique of evaluating the implications of those orders on the monetary statements for the quarter and yr ending March 31, 2024 and likewise evaluating submitting appeals towards these orders,” Infosys stated.

Additional, a subsidiary of the corporate has obtained refund orders beneath Part 254 for evaluation years 07-08 and 08-09 and beneath Part 154 for evaluation yr 16-17, it stated, including that the refund quantity as per these orders is Rs 14 crore.

“The corporate is within the technique of evaluating the implications of those orders on the monetary statements for the quarter and yr ending March 31, 2024. As on March 29, 2024, the above orders cumulatively exceed the materiality standards as prescribed beneath Regulation 30 of the Itemizing Rules (as amended), and accordingly this disclosure is submitted,” Infosys stated.

(Apart from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)

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