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Tech giant Infosys to receive windfall tax refund of Rs 6,329 crore from I-T department

IndianStartupNews · 1y

Indian technology company Infosys is set to receive a tax refund of around $750 million from the Income Tax Department. The refund covers multiple assessment years from 2007-08 to 2018-19. However, Infosys also faces tax liabilities of about $360 million for the assessment year 2022-23 and a demand of $540,000 for the year 2011-12. Additionally, several subsidiaries of Infosys have received assessment orders, resulting in a collective tax demand of approximately $37 million. The company is evaluating the implications of these orders on its financial statements and may appeal against them.