IT major Infosys has received a tax demand of ₹341 crore from the Income Tax Department for the assessment year 2020-21.
“The company is in the process of evaluating the implications of this order on the financial statements for the quarter and year ending March 31, 2024, and also evaluating filing appeal against this order,” Infosys said in an exchange filing.
Further, a subsidiary of the company has also received refund order under Section 154 of the Income Tax Act, 1961 from the Income Tax Department, for assessment year 2014-15. The refund amount as per the order is ₹15 crore.
The IT major yesterday was reported to be expecting a refund of ₹6,329 crore from the IT department. Infosys had received orders for assessment years 07-08 to 15-16, 17-18, and 18-19 during the quarter.
It had also informed the exchanges about the tax demand of around ₹2,763 crore, according to multiple assessment orders.