Infosys has also received valuation orders for subsidiaries, totaling Rs 277 crore. (File)
New Delhi:
Infosys expects a refund of Rs 6,329 crore from the income tax department, the country’s second-largest IT services company said. It also informed the stock exchanges about tax demands amounting to Rs 2,763 crore, citing various assessment orders.
Infosys Ltd said it received orders from the Income Tax Department during the quarter for assessment years 07-08 to 15-16, 17-18 and 18-19.
“As per the orders, the company expects a refund of Rs 6,329 crore (including interest). The company is evaluating the impact of these orders on its financial statements for the quarter and year ended March 31, 2024,” Infosys said. said in a BSE filing.
Infosys, which competes with TCS and Wipro and others in the IT services contract market, is expected to announce its financial results for the fourth quarter of the current fiscal and the full FY24 on April 18.
The Bengaluru-headquartered IT company also said it has received an order for assessment year 22-23 with a tax claim of Rs 2,763 crore, including interest, and for assessment year 11-12 with a tax claim of Rs 4 crore, including interest.
Infosys has also received valuation orders for subsidiaries, totaling Rs 277 crore.
These include assessment orders for assessment years 21-22 and 18-19 respectively, with a total tax demand of Rs 145 crore; order for assessment year 22-23 with tax bill of Rs 127 crore; and for assessment year 22-23 with a tax claim of Rs 5 crore – all inclusive of interest.
“The company is evaluating the impact of these orders on its financial statements for the quarter and year ended March 31, 2024 and is also evaluating filing appeals against these orders,” Infosys said.
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, adding that the refund amount under these orders is Rs 14. crore.
“The Company is evaluating the impact of these orders on the financial statements for the quarter and year ended March 31, 2024. As of March 29, 2024, the above orders cumulatively exceed the materiality criteria prescribed under Regulation 30 of the Listing Regulations (as amended), and this disclosure is filed accordingly,” Infosys said.
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