Infosys gets Rs 341 crore tax demand for AY 2020-21

New Delhi: Infosys has received a tax demand of Rs 341 crore for assessment year (AY) 2020-21 from the Income Tax Department, the IT services company said on Monday adding it is evaluating filing an appeal against the said order.

The Bengaluru-headquartered company said it is in the process of evaluating the impact of the order on its financial statements for the quarter and year ending March 31, 2024. Infosys also said it is evaluating filing an appeal against this order.

“Infosys Ltd on March 31, 2024, received order...from the Income Tax Department, Government of India for assessment year 20-21 with a tax demand of Rs 341 crore (including interest). 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 an appeal against this order,” Infosys said in a BSE filing.

Further, a subsidiary of the company has received refund order from the Income Tax Department for assessment year 2014-15, it said adding the refund amount as per the order is Rs 15 crore.

“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,” Infosys said.

Infosys recently informed the stock exchanges that it expects a refund of Rs 6,329 crore from the I-T Dept. In the same breath, it had also informed about a tax demand to the tune of Rs 2,763 crore,

citing various assessment orders.