Infosys: Infosys set to receive Rs 6,300 crore tax refund gain

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Infosys, India’s second largest software services exporter, has made a windfall gain of Rs 6,329 crore due to income tax refund orders for 11 assessment years. The company got the refunds in the fourth quarter of financial year 2023-24, the company said.

The refunds, inclusive of interest, pertain to assessment years spanning from financial years 2007-08 to 2018-19, except 2016-17.

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Additionally, the income tax department has slapped a tax demand of Rs 2,763 crore for assessment year 2022-23, Infosys said in a regulatory filing late Saturday.

“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 said.

Infosys also has a tax demand of Rs 4 crore, including interest for assessment year 2011-12. The orders have also been sent to some of its subsidiaries.

In FY23, the company reported consolidated income tax expenses of Rs 9,214 crore, compared to Rs 7,964 crore in the previous year.

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Moreover, Infosys’ subsidiaries also got orders for tax liabilities of Rs 145 crore cumulative for assessment years 2021-22 and 2018-19, Rs 127 crore for assessment year 2022-23 and Rs 5 crore for assessment year 2022-23, in separate notices.One of the subsidiaries also got refund orders with Rs 14 crore refund amount for assessment years 2007-08, 2008-09 and 2016-17.

All the orders were issued as per various sections of the Income Tax Act, 1961.

“As on March 29, 2024, the above orders cumulatively exceed the materiality criteria as prescribed under Regulation 30 of the Listing Regulations (as amended), and accordingly this disclosure is submitted,” Infosys said.

Infosys and its units incurred a consolidated total tax expense of Rs 7,474 crore for the nine-month period ended December 2023.


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Infosys: Infosys set to receive Rs 6,300 crore tax refund gain

Infosys, India’s second largest software services exporter, has made a windfall gain of Rs 6,329 crore due to income tax refund orders for 11 assessment years. The company got the refunds in the fourth quarter of financial year 2023-24, the company said.

The refunds, inclusive of interest, pertain to assessment years spanning from financial years 2007-08 to 2018-19, except 2016-17.

Elevate Your Tech Prowess with High-Value Skill Courses

Offering College Course Website
IIM Kozhikode IIMK Advanced Data Science For Managers Visit
IIM Lucknow IIML Executive Programme in FinTech, Banking & Applied Risk Management Visit
MIT MIT Technology Leadership and Innovation Visit

Additionally, the income tax department has slapped a tax demand of Rs 2,763 crore for assessment year 2022-23, Infosys said in a regulatory filing late Saturday.

“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 said.

Infosys also has a tax demand of Rs 4 crore, including interest for assessment year 2011-12. The orders have also been sent to some of its subsidiaries.

In FY23, the company reported consolidated income tax expenses of Rs 9,214 crore, compared to Rs 7,964 crore in the previous year.

Discover the stories of your interest


Moreover, Infosys’ subsidiaries also got orders for tax liabilities of Rs 145 crore cumulative for assessment years 2021-22 and 2018-19, Rs 127 crore for assessment year 2022-23 and Rs 5 crore for assessment year 2022-23, in separate notices.One of the subsidiaries also got refund orders with Rs 14 crore refund amount for assessment years 2007-08, 2008-09 and 2016-17.

All the orders were issued as per various sections of the Income Tax Act, 1961.

“As on March 29, 2024, the above orders cumulatively exceed the materiality criteria as prescribed under Regulation 30 of the Listing Regulations (as amended), and accordingly this disclosure is submitted,” Infosys said.

Infosys and its units incurred a consolidated total tax expense of Rs 7,474 crore for the nine-month period ended December 2023.


Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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