Team Blitz India
NEW DELHI: IT major Infosys Ltd is poised to receive a tax refund totalling Rs 6,329 crore from the income tax department. Nonetheless, the company is concurrently confronting a substantial tax liability of Rs 2,763 crore as per assessment orders.
The directives are in accordance with different provisions outlined in the Income Tax Act of 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 release to the exchanges.
However, the tax liability for the assessment year 2022-23, inclusive of interest, contrasts with Infosys’ previous tax demand for the assessment year 2011-12, totaling Rs 4 crore, including interest.
