Infosys to receive tax refund of 6,329 crore from the income tax department

Infosys will get tax refund of Rs 6,329 crore due to windfall tax refund and it's unit expects to receive 14 crores as tax refund

Currently, India's second largest IT service company after Tata Consultancy service, Infosys is likely to get a windfall tax refund of Rs 6,329 crore from the Income Tax Department, given that the above tax includes tax refund of 11 years from assesment year of 07-08 to 17-18 except tax refund of assessment year 16-17 . Tax Apart from this, some subsidiary companies of Infosys are also likely to get tax refund from the Income Tax Department.

Statement of Infosys in BSE Filing 

Infosys said in the BSE filing, "As per the orders, the Company expects a refund of ₹6,329 crore (including interest). 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 is in the process of evaluating the implications of these orders on the financial statements for the quarter and year ending March 31, 2024. 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 further added.

Infosys : Also, Mentioned tax Liability in BSE Filing 

Apart from this, the company also told during BSE filing that Infosys has a tax liability of Rs 2,763 crore by assessments year 22-23 under section 143(3) of Income Tax Departed act 1961 . Futher added, a tax demand order of Rs 4 crore ( with interest) has also been imposed on the subsidiary company of Infosys for assessment year 22-23 under the Income Tax Department Act 1961.

Infosys has a total tax demand order of Rs 277 crore including assessment year 21-22, 23-23 and 18-19, of which tax demand of assessment year 22-23 is Rs 127 crore and Combined tax demand 145 crore for the year 21-22 and 18-19.

Also a Unit of Infosys Company have a total tax refund of 14 crore for the assessment year 07-08, 08-09 or 16-17, under section 254 and 154 of income tax department act 1961.

Apart from this, the tax expenditure of Infosys Company till the third quarter of assessment year 2023-2024, means till December 15 was 7,475 crores, before this the tax expenditure in the precious year 22-23 years was 7,475.