Infosys: Infy To Get Over ₹6k Cr In I-t Refund For 11 Years | Bengaluru News

Mar31,2024



Bengaluru: Infosys will receive one tax refund Rs 6,329 crore including interest Income tax departmentFor assessment year From 2007-08 to 2018-19. Infosys has also received assessment order for 2022-23 tax demand Of Rs 2,763 crore.
The company said in an exchange filing that it is in the process of evaluating the implication of these orders on its financial statements for the quarter and year ending March 31. The company's two principal tax jurisdictions are India and the US, although the company also files tax returns in other foreign jurisdictions.
There is a tax demand of Rs 4 crore including interest on Infosys for assessment year 2011-12. Additionally, Infosys subsidiaries have received assessment orders with a total tax demand of Rs 145 crore for assessment years 2021-22 and 2018-19 respectively. It faces two other tax demands of Rs 127 crore and Rs 5 crore respectively for assessment year 2022-23.
“Furthermore, a subsidiary of the company has received refund orders under section 254 for assessment years 2007-08 and 2008-09 and under section 154 for assessment year 2016-17. According to these orders the refund amount is Rs 14 crore. The company is in the process of evaluating the implication of these orders on the financial statements for the quarter and year ending March 31, 2024,” Infosys said in its filing. As of March 29, the above orders cumulatively exceed the materiality criteria prescribed under Regulation 30 of the Listing Regulations, and the disclosure has been submitted.
Deferred income tax assets and liabilities are recognized in the financial statements for all temporary differences arising between the tax base of assets and liabilities and their carrying amounts, Infosys said in its 2022-23 annual report. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that the related tax benefits will be realized.

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