BENGALURU: Infosys is expecting a refund of R6,329 crore from the Income Tax Department. The company also informed the stock exchanges about tax demand of R2,763 crore, citing various assessment orders.
Infosys said it has 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 the orders, the company expects a refund of R6,329 crore (including interest). 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,” Infosys said in its filings.
The IT company also said it has received an order for assessment year 22-23 with a tax demand of R2,763 crore, including interest, and for assessment year 11-12 with a tax demand of R4 crore, interest included. Infosys has received assessment orders for subsidiaries as well, totalling R277 crore.
These include assessment orders for assessment years 21-22 and 18-19, respectively, with total tax demand of R145 crore; order for assessment year 22-23 with a tax demand of R127 crore; and for assessment year 22-23 entailing tax demand of R5 crore -- all of them inclusive of interest.
“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 and also evaluating filing appeals against these orders,” the IT company Infosys said.
A subsidiary of the company has received refund orders under Section 254 for assessment years 07-08 and 08-09 and under Section 154 for assessment year 16-17, it said, adding that the refund amount as per these orders is R14 crore. Infosys is scheduled to declare its financial results for the March quarter and full FY24, on April 18.