Infosys Receives ₹6,329 Crore Refund from IT Department, Subsidiaries Also Under Assessment Orders

Infosys to Receive ₹6,329 Crore Tax Refund from Income Tax Department. The company disclosed this information in its exchange filing. Additionally, it also has a tax liability of ₹2,763 crore as per assessment orders from 2007-08 to 2018-19.

Infosys stated that it is assessing the implications of these orders on its quarterly and annual financial statements ending March 31, 2024. It’s also evaluating the possibility of appealing against these tax demands. The orders issued are under various sections of the Income Tax Act, 1961.

The refund, including interest, pertains to assessment years from 2007-08 to 2018-19, while the tax liability with interest is related to the assessment year 2022-23. Additionally, there’s a tax demand of ₹4 crore with interest for the assessment year 2011-12.

In the financial year 2023, Infosys recorded a consolidated income tax expense of ₹9,214 crore, compared to ₹7,964 crore in the preceding financial year.

In December 2023, it recorded an income tax expense exceeding ₹2,500 crore for the quarter. Infosys includes both current and deferred income tax expenses in its income tax expenditure.