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Infosys Ltd, one of India’s leading IT services companies, has announced that it anticipates a refund of ₹6,329 crore from the Income Tax Department. This revelation comes after the company received orders for assessment years spanning from 2007-08 to 2018-19 during the quarter.
The company also disclosed tax demands amounting to ₹2,763 crore, citing various assessment orders. These developments were shared in a filing to the stock exchanges by Infosys.
According to Infosys, the assessment orders cover a wide range of years, including 2007-08 to 2015-16, 2017-18, and 2018-19. The expected refund of ₹6,329 crore, which includes interest, is a significant financial event for the company. Infosys is currently evaluating the implications of these orders on its financial statements for the quarter and the fiscal year ending March 31, 2024.
Infosys competes with other major players in the IT services market such as TCS and Wipro. The company is scheduled to announce its financial results for the fourth quarter of the current fiscal year as well as the full fiscal year 2023-24 on April 18.
In addition to the refund expectations, Infosys also revealed tax demands from the Income Tax Department. These include a tax demand of ₹2,763 crore for assessment year 2022-23 and ₹4 crore for assessment year 2011-12, both including interest.
Furthermore, assessment orders were received for Infosys subsidiaries, with total tax demands of ₹277 crore. These orders cover various assessment years, including 2021-22, 2018-19, and 2022-23.
Infosys stated that it is in the process of evaluating the implications of these orders on its financial statements and is considering filing appeals against them. The company also mentioned refund orders received by its subsidiary under Section 254 and Section 154 for various assessment years.
As of March 29, 2024, the cumulative impact of these orders exceeds the materiality criteria prescribed under Regulation 30 of the Listing Regulations. Infosys emphasized that it will provide further updates as the situation evolves.
Sources By Agencies
