Federal Bank has announced that it is set to receive a substantial tax refund amounting to ₹322,62,67,421 for the assessment year 2016-17. This refund, including interest under Section 244A of the Income-tax Act, 1961, follows an order from the Income Tax Department, Corporate Circle 2 (1), Kochi.
The refund order was issued on 26 March 2026, in accordance with the Hon’ble Income Tax Appellate Tribunal (ITAT) order dated 13 August 2024. The bank received the official communication from the Income Tax Department on 27 March 2026 at 4:02 p.m.
This development is a result of the bank’s ongoing efforts to resolve outstanding tax matters for the specified assessment year. The refund is expected to bolster the bank’s financial position, providing additional liquidity.
Federal Bank, headquartered in Aluva, Kerala, continues to maintain its commitment to compliance and regulatory requirements, ensuring transparency and accountability in its financial dealings.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).