Infosys Ltd expects IT refund of INR 6328 crores, receives IT demand of Rs. 3044 crores

Infosys Ltd ('the Company') received orders under Section 250 & 254 of the Income Tax Act, 1961 from the Income Tax Department, Government of India for assessment years 07-08 to 15-16, 17-18 & 18-19 during the quarter. As per the orders the Company expects a refund of INR 6,329 crores (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 Company has also received assessment order under Section 143(3) of the Income Tax Act, 1961 for assessment year 22-23 with a tax demand of INR 2,763 crores (including interest) and under Section 201 & 201 (1A) of the Income Tax Act, 1961 for assessment year 11-12 with a tax demand of INR 4 crores (including interest).

Additionally, the followings assessment orders from the Income Tax Department, Government of India have been received by the subsidiaries of the Company:

- Assessment orders under Section 143(3) and Section 201 & 201 (1A) of the Income Tax Act, 1961 for assessment years 21-22 and 18-19 respectively with total tax demand of INR 145 crores (including interest).

- Assessment order under Section 143(3) of the Income Tax Act, 1961 for assessment year 22-23 with a tax demand of INR 127 crores (including interest).

- Assessment order under Section 143(3) of the Income Tax Act, 1961 for assessment year 22-23 with a tax demand of INR 5 crores (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 and also evaluating filing appeals against these orders.

Further, 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. The refund amount as per these orders is INR 14 crores. 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.

Shares of Infosys Limited was last trading in BSE at Rs. 1498.80 as compared to the previous close of Rs. 1484.10. The total number of shares traded during the day was 373978 in over 15437 trades.

The stock hit an intraday high of Rs. 1511.45 and intraday low of 1487.60. The net turnover during the day was Rs. 562349934.00.

Source : Equity Bulls

Keywords

Infosys INE009A01021 INFY ITRefund ITDemand IncomeTaxDeartment