Infosys to receive ₹6,329 cr tax refund from I-T dept

Infosys expects ₹6,329 crore tax refund, faces ₹2,763 crore tax demand, evaluating implications on financial statements.

Infosys expects a refund of ₹6,329 crore from the Income Tax Department, the country's second largest IT services company said.

It also informed the stock exchanges about tax demand to the tune of ₹2,763 crore, citing various assessment orders.

Infosys Ltd said it has received orders from the Income Tax Department for assessment years 07-08 to 15-16, 17-18, and 18-19 during the quarter.

"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," Infosys said in a BSE filing.

Infosys, which competes with TCS and Wipro and others in the market for IT services contracts, is scheduled to declare its financial results for the fourth quarter of the current fiscal year as well as the full FY24 on April 18.

The Bengaluru-headquartered IT company also said it has received an order for assessment year 22-23 with a tax demand of ₹2,763 crore, including interest, and for assessment year 11-12 with a tax demand of ₹4 crore, interest included.

Infosys has received assessment orders for subsidiaries as well, totalling ₹277 crore.