The Talks of Rs6,329 Crore Tax Refund Leads to 2% Surge in Infosys Stocks

Infosys Stocks

Infosys shares surged by 2 percent, reaching a peak of Rs 1,528 in Monday’s intra-day trading, following the company’s announcement of expecting a tax refund of up to Rs 6,329 crore. As of 09:45 am, the stock showed a 1 percent gain, trading at Rs 1,514, with approximately 92,000 shares traded on the BSE. Concurrently, the S&P BSE Sensex rose by 0.7 percent to 74,198. Currently, the stock is trading nearly 12.5 percent lower than its 52-week high of Rs 1,731.

In a filing with the exchange on Saturday, Infosys disclosed that it had received orders from the Income Tax Department pertaining to assessment years 2007-08 to 2015-16, 2017-18, and 2018-19. The company anticipates a refund of Rs 6,329 crore, including interest, based on these orders. Infosys is evaluating the impact of these orders on its financial statements for the quarter and fiscal year ending March 31, 2024.

Additionally, the company received orders for the assessment year 2022-23, with a tax demand of Rs 2,763 crore, including interest, and a tax demand of Rs 4 crore, including interest, for the assessment year 2011-12. Furthermore, Infosys’ subsidiaries have received tax demands totaling up to Rs 277 crore, while one subsidiary has been granted a tax refund of Rs 14 crore.

Meanwhile, the New York State Department of Taxation & Finance, USA, imposed a penalty of $2,424.08, and the Internal Revenue Service, Cincinnati, USA, imposed a penalty of $26,095.42 for the late filing of the Patient-Centered Outcome Research (PCOR) return for the quarter ended June 30, 2023.

In other news, Infosys announced a collaboration with Handelsblatt Media Group to enhance accessibility and comprehension of complex reports on global economic and finance issues for the public, leveraging generative AI. Infosys is expected to release its March quarter results on April 18, 2024.

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