Infosys gets refund of ₹ 6,329 crore from IT department: Tax liability of ₹ 2,763 crore on the company, its subsidiaries also got assessment orders.

Infosys gets refund of ₹ 6,329 crore from IT department: Tax liability of ₹ 2,763 crore on the company, its subsidiaries also got assessment orders.

Tech company Infosys will be given a refund of Rs 6,329 crore by the Income Tax Department. The company has given this information in its exchange filing. According to assessment orders from 2007-08 to 2018-19, the company also has a tax liability of Rs 2,763 crore. The company said that Infosys is assessing the implications of these orders on the financial statements for the quarter and financial year ending March 31, 2024. The company is also evaluating the possibility of filing an appeal against the tax liability orders. The orders issued are as per various sections of the Income Tax Act 1961. The refund received by Infosys along with interest pertains to assessment years from 2007-08 to 2018-19. On the other hand, the tax liability including interest pertains to assessment year 2022-23. Apart from this, a tax demand of Rs 4 crore including interest has been made from Infosys for assessment year 2011-12. Income tax expense of Infosys in the financial year 2023 In the financial year 2022-23, Infosys recorded a consolidated income tax expense of Rs 9,214 crore, whereas in the previous financial year it was Rs 7,964 crore. Income tax expense of Rs 2,500 crore recorded in December 2023 According to the company, income tax expenditure includes current and deferred income taxes. The company recorded income tax expenses of more than Rs 2,500 crore for the quarter ending December 2023. Infosys’ subsidiaries also received assessment orders from the IT Department. The impact of these orders of the Income Tax Department is not limited only to the parent company Infosys, but the subsidiaries of Infosys have also received assessment orders from the IT Department. In these orders, a total tax of Rs 277 crore has been demanded including interest for assessment years 2018-19 and 2021-23. Apart from this, a unit of Infosys is expected to get a refund order of Rs 14 crore under various sections of the Income Tax Act 1961 for assessment years 2007-09 and 2016-17.

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