Infosys gets fresh income tax demand of $106 mn

The income tax department has issued a fresh tax demand of $106 million against Infosys for fiscal year 2009.

Earlier,the tax department had issued a demand notice of $214 million (about Rs 1,175 crore) for four fiscals beginning 2005. The company said that it will take legal recourse against the fresh tax demand notice as well.

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The company has received the assessment order from the Income tax authorities for fiscal 2009 on May 2,2013 along with a demand order for an amount of $106 million, Infosys said in a filing to the US Securities and Exchange Commission last week.

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The filing added: As the company is contesting this position… the appellate authority would be approached within the time limit prescribed under relevant law.

The company has received demands from the Indian income tax authorities for payments of additional taxes totaling $214 million,including interest of $62 million upon completion of their tax review for fiscal 2005,fiscal 2006,fiscal 2007 and fiscal 2008, Infosys said.

The dispute for 2005-2008 is pending before the Commissioner of Income tax (Appeals),Bangalore and the company said it expects to win. The management,the filing said,believes that the final outcome of the proceeding will not have material effect on companys financial position and results of operation.

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