Infosys is expecting a refund of Rs 6,329 crore from the income tax department, the country’s second-largest IT services company has said.
It also informed the stock exchanges about tax demand to the tune of Rs 2,763 crore, citing various assessment orders.
Infosys said it has received orders from the income tax department for assessment years 2007-08 to 2015-16, 2017-18, and 2018-19 during the quarter.
“As per the orders, the company expects a refund of Rs 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,” Infosys said in a BSE filing.
Infosys, which competes with Tata Consultancy
Services, Wipro, Cognizant and others for global
IT services contracts, is
scheduled to declare its financial results for the March quarter and full 2023-24, on April 18.
The Bengaluru-headquartered IT company also said it has received an order for assessment year 2022-23 with a tax demand of Rs 2,763 crore, including interest, and for assessment year 2011-12 with a tax demand of Rs 4 crore, interest included.
Infosys has received assessment orders for subsidiaries as well, totalling Rs 277 crore.
These include orders for AY 2021-22 and 2018-19, respectively, with a total demand of Rs 145 crore; orders for AY 2022-23 with a demand of Rs 127 crore; and for assessment year AY 2022-23 entailing tax demand of Rs 5 crore — all of them inclusive of interest.
