Infosys Faces Tax Demand Notice of Rs 341 Crore : What Investors Need to Know

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INVC NEWS
Mumbai  : The IT sector giant Infosys has received a tax demand of Rs 341 crore for assessment year 020-21. The company is considering filing an appeal against this order.

Bengaluru-headquartered Infosys said it is evaluating its financial statements for the quarter and year ending March 31, 2024. In such a situation, the company is evaluating whether to file an appeal against this order.

Infosys said in a BSE filing that

Infosys Limited has received a tax demand order of Rs 341 crore (including interest) for assessment year 20-21 from the Income Tax Department, Government of India on March 31, 2024. The company is evaluating financial statements for the quarter and year ending March 31, 2024. Now the company is also considering filing an appeal against this order.

Apart from this, a subsidiary of the company has also received a refund order from the Income Tax Department for the assessment year 2014-15. According to the order, the refund amount is Rs 15 crore.

Infosys received notice from the department in these cases

Infosys, the country’s second-largest IT services company, recently informed the stock exchanges that it expects a refund of Rs 6,329 crore from the Income Tax Department. The company had also informed about a tax demand of Rs 2,763 crore citing various assessment orders.

Last week on Saturday, Infosys Ltd said in a BSE filing that it received orders from the Income Tax Department for assessment years 07-08 to 15-16, 17-18 and 18-19 during the quarter.

As per these orders, the company is expected to refund Rs 6,329 crore (including interest). The company is in the process of evaluating the implication of these orders on its financial statements for the quarter and year ending March 31, 2024.

Infosys will announce its financial results for the fourth quarter of the current financial year on April 18.

The company has received an order with a tax demand of Rs 2,763 crore including interest for assessment year 22-23 and a tax demand of Rs 4 crore including interest for assessment year 11-12.  Infosys has also received valuation orders for subsidiaries totaling Rs 277 crore.  At the time of writing the news, Infosys Share Price was trading at Rs 1,487.30 per share.

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