Infosys gets demand notice of ₹341 crore from income tax department

livemint.com:

₹341 crore by the Income Tax department for the assessment year 2020-21. “Infosys Ltd on March 31, 2024, received order under Section 201 & 201(A) of the Income Tax Act, 1961 from the Income Tax Department, Government of India for assessment year 20-21 with a tax demand of ₹341 crores (including interest)," the company said in an exchange filing. Also read: Infosys to receive windfall tax refund of ₹6,329 crore from income tax department The company is currently assessing the ramifications of this directive on its financial statements for the quarter and fiscal year ending on March 31.

“The Company is in the process of evaluating the implications of this order on the financial statements for the quarter and year ending March 31, 2024, and also evaluating filing appeal against this order," it further added. These directives align with various sections of the Income Tax Act of 1961. Furthermore, a branch of the IT company has been instructed by tax authorities to refund ₹15 crore for the 2014-15 assessment year.

“Further, a subsidiary of the Company has received refund order under Section 154 of the Income Tax Act, 1961 from the Income Tax Department, Government of India for assessment year 14-15. The refund amount as per the order is INR 15 crores. The Company is in the process of evaluating the implications of this order on the financial statements for the quarter and year ending March 31, 2024," it said.

Meanwhile, the IT firm is poised to receive a tax refund of ₹6,329 crore along with a tax liability of ₹2,763 crore, as per assessment orders. These refunds, inclusive of interest, relate to assessment years ranging from 2007-08 to 2018-19. Also read: Zomato gets GST demand order of ₹23.26 crore for FY 2018-19 The