Infosys To Get Rs.6329 Crore In Tax Return From Income Tax Dept.
By: Geetanjali
Infosys, one of the largest IT giant, is expecting to get Rs.6329 in tax return from the Income Tax Department for a period of 11 years, from the assessment year 2007-08 to 2018-19.
Infosys during an exchange filing said, “As per the orders, the company expects a refund of ₹ 6,329 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”.
The tech giant has also received a tax demand of Rs.2,763 crore for the assessment year 2022-23. Its subsidiaries have also received tax demands of Rs.145 crore for the assessment years 2021-22 and 2018-19. For the assessment year 2022-23 has faced a tax demand of Rs.127 crore and Rs.5 crore respectively.
For the assessment year 2011-12, Infosys received a tax deduction of Rs.4 crore, which also includes interest rates. Infosys subsidiaries have received a tax return of Rs14 crore for the year 2007-08 and 2008-09 under Section 254, and 2016-17 under Section 154 of the Income Tax Act, respectively.
Infosys Technologies Private Limited is all set to declare its financial declaration for the March quarter and FY 2024, on April 18.
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