IT Giant Infosys Announces BIG Refund Worth Rs 6,329 Crore – Check What It Said in Its Latest Regulatory Filing
Photo : PTI
India’s second-largest software services provider is set to receive a whopping tax refund of Rs 6,329 crore from the income tax department. This staggering sum is inclusive of interest. However, Infosys also faces a significant tax liability amounting to Rs 2,763 crore, as per recent assessment orders. These orders have been issued under various sections of the Income Tax Act, 1961.
In response to these developments, Infosys has diligently commenced the evaluation process to discern the impact of these orders on its financial statements. With the quarter and year ending on March 31, 2024, looming ahead, the company is working earnestly to assess the implications accurately, revealed a company statement.
According to a regulatory filing, the tax refunds and liabilities spans across several assessment years, ranging from 2007-08 to 2018-19. Amidst this timeline, for the assessment year 2022-23, Infosys finds itself liable for a significant sum, inclusive of interest. Furthermore, a tax demand of Rs 4 crore, including interest, looms over the assessment year 2011-12.
Filing appeals against the orders and meticulously evaluating the implications are part of the company’s approach to addressing the situation, the company said in a statement. Additionally, a unit of Infosys is set to receive refund orders under various sections of the Income Tax Act, amounting to Rs 14 crore. These refunds pertain to assessment years 2007-09 and 2016-17.
Infosys is a multinational information technology company that provides business consulting, information technology and outsourcing services. The company was founded in Pune and is headquartered in Bangalore.
Infosys share price settled in green in Thursday’s trading session to quote at Rs 1,495.25 apiece on the National Stock Exchange (NSE), up marginally 0.77 per cent. A total of 3.74 lakh shares changed hands of Infosys on Thursday which is a constituent of S&P BSE SENSEX index generating a total turnover of Rs 56.24 crore. The large cap company has a market cap of Rs 6,22,117.38 crore, as per BSE website. The shares of the company have a PE of 25.23x. In volume terms, over 125 lakh shares of the company were traded on the NSE during the day.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Today Technology Market ResearchDigital suggests its readers/audience to consult their financial advisors before making any money related decisions.)
