Wipro has received a tax demand of Rs 816.4 crore. With this notice,the company has joined the list of other IT companies like Infosys and iGate,and BPO firm WNS that face similar notices.
In a filing with US Securities and Exchange Commission on Thursday,Wipro said,In March 2013,the company received the draft assessment order… with a demand of Rs 816.4 crore (including an interest of Rs 84.8 core) for the financial year ended March 31,2009. The company will file objections… before the Dispute Resolution Panel (DRP),within the time limit prescribed under the statute.
The company said it had received similar tax demands aggregating to Rs 3,935.6 crore (including interest of Rs 1,217 crore) arising primarily on account of denial of deduction in respect of profit earned by its undertaking in Software Technology Park at Bangalore for the years ended March 31,2001 to March 31,2008.
The appeals filed against the demand before the appellate authorities have been allowed in favour of the company by the second appellate authority for years up to March 31,2007.
Further appeals have been filed by the income tax authorities before the high court. For the year ended March 31,2008,based on DRP directions confirming the position of the assessing officer,the final assessment order was passed. The company has filed an appeal against this order before the Appellate Tribunal. FE