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HomeLatest NewsBusinessInfosys To Receive Rs 6,329 Cr Tax Refund From IT Dept

Infosys To Receive Rs 6,329 Cr Tax Refund From IT Dept


New Delhi: Infosys expects a refund of Rs 6,329 crore from the Revenue Tax Division, the nation’s second-largest IT providers 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 acquired orders from the Revenue Tax Division for evaluation years 07-08 to 15-16, 17-18, and 18-19 through the quarter. “As per the orders, the corporate expects a refund of Rs 6,329 crore (together with curiosity). 

The corporate is within the means 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, Wipro and others out there for IT providers 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. (Additionally Learn: Zomato Will get Tax Demand Order Of Rs 23.26 Crore)

The Bengaluru-headquartered IT firm additionally stated it has acquired 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 acquired evaluation orders for subsidiaries as properly, totalling Rs 277 crore.

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

“The corporate is within the means 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 in opposition to these orders,” Infosys stated.

Additional, a subsidiary of the corporate has acquired refund orders beneath Part 254 for evaluation years 07-08 and 08-09 and beneath Part 154 for evaluation years 16-17, it stated, including that the refund quantity as per these orders is Rs 14 crore. (Additionally Learn: TCS Achieves New Milestone; 3.5 lakh Workers Skilled In Generative AI Abilities)

“The corporate is within the means 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 Laws (as amended), and accordingly this disclosure is submitted,” Infosys stated.

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