IT large Infosys mentioned on Monday that it had been issued a tax demand of ₹341 crore by the Revenue Tax division for the evaluation yr 2020-21.
“Infosys Ltd on March 31, 2024, obtained order below Part 201 & 201(A) of the Revenue Tax Act, 1961 from the Revenue Tax Division, Authorities of India for evaluation yr 20-21 with a tax demand of ₹341 crores (together with curiosity),” the corporate mentioned in an trade submitting.
Additionally learn: Infosys to obtain windfall tax refund of ₹6,329 crore from revenue tax division
The corporate is at the moment assessing the ramifications of this directive on its monetary statements for the quarter and financial yr ending on March 31.
“The Firm is within the means of evaluating the implications of this order on the monetary statements for the quarter and yr ending March 31, 2024, and likewise evaluating submitting enchantment in opposition to this order,” it additional added.
These directives align with varied sections of the Revenue Tax Act of 1961.
Moreover, a department of the IT firm has been instructed by tax authorities to refund ₹15 crore for the 2014-15 evaluation yr. “Additional, a subsidiary of the Firm has obtained refund order below Part 154 of the Revenue Tax Act, 1961 from the Revenue Tax Division, Authorities of India for evaluation yr 14-15. The refund quantity as per the order is INR 15 crores. The Firm is within the means of evaluating the implications of this order on the monetary statements for the quarter and yr ending March 31, 2024,” it mentioned.
In the meantime, the IT agency is poised to obtain a tax refund of ₹6,329 crore together with a tax legal responsibility of ₹2,763 crore, as per evaluation orders. These refunds, inclusive of curiosity, relate to evaluation years starting from 2007-08 to 2018-19.
Additionally learn: Zomato will get GST demand order of ₹23.26 crore for FY 2018-19
The corporate additional mentioned the directives are in accordance with totally different provisions outlined within the Revenue Tax Act of 1961. These refunds, which embody accrued curiosity, relate to evaluation years starting from 2007-08 to 2018-19.
“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,” the corporate mentioned in a launch to the exchanges.
Nonetheless, the tax legal responsibility for the evaluation yr 2022-23, inclusive of curiosity, contrasts with Infosys’ earlier tax demand for the evaluation yr 2011-12, totaling ₹4 crore, together with curiosity.
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Printed: 01 Apr 2024, 09:22 PM IST
Supply: Live Mint