Infosys to get Rs. 6,300 crore tax refund from government
Infosys, a prominent software services provider in India, is set to receive a significant tax refund of Rs, 6,329 crore from the Indian government's income tax department. The company disclosed this information in a recent stock exchange filing. The refund amount also includes interest. The financial matters are related to assessment orders spanning fiscal years 2007-08 to 2018-19.
Infosys also faces significant tax demand
Infosys also disclosed a substantial tax demand in its statement. The company said it has also "received an assessment order under Section 143(3) of the Income Tax Act, 1961 for assessment year 22-23 with a tax demand of Rs. 2,763 crore (including interest)." Under Section 201 and 201 (1A) of the Income Tax Act, for assessment year 11-12, the IT giant faces a tax demand of Rs. 4 crore (including interest).
Infosys evaluates impact of tax orders on financials
Infosys is currently assessing the impact of these orders on its financial statements for the quarter and fiscal year ending March 31, 2024. The company clarified that its income tax expense includes both current and deferred income tax. Infosys is also considering filing appeals against these tax liability orders.
