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Business News/ Companies / News/  Infosys gets demand notice of 341 crore from income tax department
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Infosys gets demand notice of ₹341 crore from income tax department

Infosys receives tax demand of ₹341 crore from income tax department

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Infosys

IT giant Infosys said on Monday that it had been issued a tax demand of 341 crore by the Income Tax department for the assessment year 2020-21.

“Infosys Ltd on March 31, 2024, received order under Section 201 & 201(A) of the Income Tax Act, 1961 from the Income Tax Department, Government of India for assessment year 20-21 with a tax demand of 341 crores (including interest)," the company said in an exchange filing.

Also read: Infosys to receive windfall tax refund of 6,329 crore from income tax department

The company is currently assessing the ramifications of this directive on its financial statements for the quarter and fiscal year ending on March 31.

“The Company is in the process of evaluating the implications of this order on the financial statements for the quarter and year ending March 31, 2024, and also evaluating filing appeal against this order," it further added.

These directives align with various sections of the Income Tax Act of 1961.

Furthermore, a branch of the IT company has been instructed by tax authorities to refund 15 crore for the 2014-15 assessment year. “Further, a subsidiary of the Company has received refund order under Section 154 of the Income Tax Act, 1961 from the Income Tax Department, Government of India for assessment year 14-15. The refund amount as per the order is INR 15 crores. The Company is in the process of evaluating the implications of this order on the financial statements for the quarter and year ending March 31, 2024," it said.

Meanwhile, the IT firm is poised to receive a tax refund of 6,329 crore along with a tax liability of 2,763 crore, as per assessment orders. These refunds, inclusive of interest, relate to assessment years ranging from 2007-08 to 2018-19.

Also read: Zomato gets GST demand order of 23.26 crore for FY 2018-19

The company further said the directives are in accordance with different provisions outlined in the Income Tax Act of 1961. These refunds, which include accrued interest, relate to assessment years ranging from 2007-08 to 2018-19.

“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," the company said in a release to the exchanges.

However, the tax liability for the assessment year 2022-23, inclusive of interest, contrasts with Infosys' previous tax demand for the assessment year 2011-12, totaling 4 crore, including interest.

 

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Published: 01 Apr 2024, 09:22 PM IST
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