Infosys to receive Rs 6,329 crore tax refund from I-T department

Infosys is expecting a refund of Rs 6,329 crore from the Income Tax Department, the country's second largest IT services company has said. It also informed the stock exchanges about tax demand to the tune of Rs 2,763 crore, citing various assessment orders. Infosys 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 Rs 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.The Bengaluru-headquartered IT company also said it has received an order for assessment year 22-23 with a tax demand of Rs 2,763 crore, including interest, and for assessment year 11-12 with a tax demand of Rs 4 crore, interest included. Infosys has received assessment orders for subsidiaries as well, totalling Rs 277 crore. These include assessment orders for assessment years 21-22 and 18-19, respectively, with total tax demand of Rs 145 crore; order for assessment year 22-23 with a tax demand of Rs 127 crore; and for assessment year 22-23 entailing tax demand of Rs 5 crore -- all of them inclusive of interest.