Infosys receives demand notice of Rs 341 crore from income tax department | Top Vip News

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IT giant Infosys said on Monday that it had been issued a tax demand for $341 crore by the Income Tax department for the assessment year 2020-21.

“Infosys Ltd, on March 31, 2024, received an order under sections 201 and 201 (A) of the Income Tax Act, 1961 from the Income Tax Department, Government of India for the year 20-21 evaluation with a fiscal demand of $341 crore (including interest),” the company said in an exchange filing.

Also read: Infosys will receive refund of extraordinary taxes from $6,329 crore from income tax department

The company is currently evaluating the ramifications of this directive on its financial statements for the quarter and fiscal year ending 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 is also evaluating filing an appeal against this order,” he added.

These directives align with various sections of the Income Tax Act, 1961.

Additionally, the tax authorities have ordered a branch of the IT company to refund $15 crore for the assessment year 2014-15. “Further, a subsidiary of the Company has received a 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,” he said.

Meanwhile, the IT company is about to receive a tax refund from $6,329 crore along with a tax liability of $2,763 crore, according to the assessment orders. These repayments, including interest, relate to assessment years ranging from 2007-08 to 2018-19.

Also Read: Zomato gets GST demand order from $23.26 crore for FY 2018-19

The company further said that the directives are in accordance with different provisions outlined in the Income Tax Act, 1961. These refunds, which include accrued interest, relate to assessment years ranging from 2007-08 to 2018-19 .

“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 in a statement to the exchanges.

However, the tax liability for assessment year 2022-23, including interest, contrasts with Infosys’ earlier tax claim for assessment year 2011-12, totaling $4 crores including interest.

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