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Infosys expects a refund of ₹6,329 crore from the Income Tax Department, the nation’s second largest IT companies firm stated.
It additionally knowledgeable the inventory exchanges about tax demand to the tune of ₹2,763 crore, citing varied evaluation orders.
Infosys Ltd stated it has obtained orders from the Income Tax Department for evaluation years 07-08 to 15-16, 17-18, and 18-19 in the course of the quarter.
“As per the orders, the company expects a refund of ₹6,329 crore (including interest). The company is in the process of evaluating the implications of these orders on the financial statements for the quarter and year ending March 31, 2024,” Infosys stated in a BSE submitting.
Infosys, which competes with TCS and Wipro and others available in the market for IT companies contracts, is scheduled to declare its monetary outcomes for the fourth quarter of the present fiscal 12 months in addition to the complete FY24 on April 18.
The Bengaluru-headquartered IT firm additionally stated it has obtained an order for evaluation 12 months 22-23 with a tax demand of ₹2,763 crore, together with curiosity, and for evaluation 12 months 11-12 with a tax demand of ₹4 crore, curiosity included.
Infosys has obtained evaluation orders for subsidiaries as effectively, totalling ₹277 crore.
These embody evaluation orders for evaluation years 21-22 and 18-19, respectively, with whole tax demand of ₹145 crore; order for evaluation 12 months 22-23 with a tax demand of ₹127 crore; and for evaluation 12 months 22-23 entailing tax demand of ₹5 crore — all of them inclusive of curiosity.
“The company is in the process of evaluating the implications of these orders on the financial statements for the quarter and year ending March 31, 2024 and also evaluating filing appeals against these orders,” Infosys stated.
Further, a subsidiary of the corporate has obtained refund orders beneath Section 254 for evaluation years 07-08 and 08-09 and beneath Section 154 for evaluation 12 months 16-17, it stated, including that the refund quantity as per these orders is ₹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 March 31, 2024. As on March 29, 2024, the above orders cumulatively exceed the materiality criteria as prescribed under Regulation 30 of the Listing Regulations (as amended), and accordingly this disclosure is submitted,” Infosys stated.
