Agro Haryana

Shock to Infosys, received notice of Rs 341 crore from Income Tax; Will action be seen in shares today?

Infosys Share Price: The company informed in an exchange filing on Monday that Infosys Limited has received a tax notice of Rs 341 crore from the Income Tax Department on March 31, 2024 for the assessment year 2020-21.
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Shock to Infosys, received notice of Rs 341 crore from Income Tax; Will action be seen in shares today?

Agro Haryana, New Delhi Income Tax Notice To Infosys: Veteran software service provider company Infosys has suffered a setback from the Income Tax Department.

In the information given by the company, it was told that a notice has been received from the Income Tax Department regarding the demand of tax of Rs 341 crore for the assessment year 2020-21 (AY 2020-21). 

The company said that it is assessing the impact of the order on its financial statements for the quarter and financial year ending March 31, 2024. Infosys also said that it is considering filing an appeal against this order.

Refund of Rs 15 crore also ordered

In the information given by the company in the exchange filing to the stock market, it was said that 'Infosys Limited has received a tax notice for Rs 341 crore from the Income Tax Department on March 31, 2024 for the assessment year 2020-21. 

Apart from this, a subsidiary of Infosys has received a refund order of Rs 15 crore from the tax authority for assessment year 2014-15. These orders are according to different sections of the Income Tax Act, 1961.

The government bank had received a notice of Rs 564 crore.

It was told that as per the assessment order, the country's second largest IT company is to get a tax refund of Rs 6,329 crore with a tax liability of Rs 2,763 crore. This refund, including interest, pertains to assessment years 2007-08 to 2018-19. 

Earlier, the Income Tax Department had given a notice of more than Rs 100 crore to Tata Group company Tata Chemicals Limited. Only last week, Bank of India has received a notice of Rs 564 crore.

Impact may be seen on shares:

After Infosys received income tax notice of Rs 341 crore, the company's shares may be affected in Tuesday's trading. During the closed trading session on Monday, Infosys shares saw a slight fall of Rs 3 and closed at Rs 1495.80. 

The 52 week high of the share is Rs 1,731 and low level is Rs 1,215.45. The market cap of the company is Rs 5,33,950 crore.

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