IT large Infosys stated on Monday that it had been issued a tax demand of ₹341 crore by the Earnings Tax division for the evaluation 12 months 2020-21.
“Infosys Ltd on March 31, 2024, obtained order underneath Part 201 & 201(A) of the Earnings Tax Act, 1961 from the Earnings Tax Division, Authorities of India for evaluation 12 months 20-21 with a tax demand of ₹341 crores (together with curiosity),” the corporate stated 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 monetary 12 months 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 12 months ending March 31, 2024, and likewise evaluating submitting attraction in opposition to this order,” it additional added.
These directives align with varied sections of the Earnings 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 12 months. “Additional, a subsidiary of the Firm has obtained refund order underneath Part 154 of the Earnings Tax Act, 1961 from the Earnings Tax Division, Authorities of India for evaluation 12 months 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 12 months ending March 31, 2024,” it stated.
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.
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The corporate additional stated the directives are in accordance with completely different provisions outlined within the Earnings Tax Act of 1961. These refunds, which embrace 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 12 months ending March 31, 2024,” the corporate stated in a launch to the exchanges.
Nevertheless, the tax legal responsibility for the evaluation 12 months 2022-23, inclusive of curiosity, contrasts with Infosys’ earlier tax demand for the evaluation 12 months 2011-12, totaling ₹4 crore, together with curiosity.
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