Shares of Infosys surged 2% after the company states that it expected a tax refund of ₹6,329 crore from the Income Tax Department and received a tax demand of ₹2,763 crore.
Infosys expects a refund of ₹6,329 crore from the Income Tax Department, the country’s second-largest IT services company said. It also informed the stock exchanges about a tax demand amounting to ₹2,763 crore, citing various assessment orders.
Infosys Ltd said it has received orders from the Income Tax Department for the assessment years 2007-08 to 2015-16, 2017-18, and 2018-19 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.
As of 9:35 am the shares were trading 1.13% higher at ₹1,515.00 on NSE
