Press Esc to close
Sunday 21 December 2014
News updated at 3:04 AM IST
Weather
Max: 28°C
Min : 17.6°C
In Bengaluru
Partially cloudy

Infosys to challenge new tax demand of $105.3 million

BANGALORE, May 20, 2013, (Reuters) -
Reuters Image

Infosys Ltd, India's No. 2 software services exporter, said on Monday it would challenge a 5.77 billion rupees income tax demand raised by Indian authorities earlier this month.

The demand relates to certain tax benefits on income from software development done overseas at the clients' location and revenue from special economic zones in India, Infosys said in a statement.

It said the latest tax demand disregards a clarification by the government in January.

Infosys is also contesting similar tax demands for the fiscal years 2005 through 2008, according to a recent filing with the U.S. Securities and Exchange Commission.

"Infosys is in the process of filing an appeal before the Commissioner of Income Tax," the company said.


Go to Top

Photo Gallery
Christmas tree ornaments are displayed for customers at the Christmas ...

Christmas tree ornaments are displayed for customers at the Christmas ...

A cyclist takes a ride along the bike path off Truxtun Extension...

A cyclist takes a ride along the bike path off Truxtun Extension...

A participant during the Kambala, a traditional buffalo race...

A participant during the Kambala, a traditional buffalo race...

A large gathering at Virat Hindu Sammelan, organised by VHP...

A large gathering at Virat Hindu Sammelan, organised by VHP...

India's Ishant Sharma, center, celebrates with his teammates after he got the wicket...

India's Ishant Sharma, center, celebrates with his teammates after he got the wicket...

India's Umesh Yadav plays a shot during their play on day four of the second cricket test...

India's Umesh Yadav plays a shot during their play on day four of the second cricket test...

Australia's David Warner dives over the boundary rope trying to take a catch during their ...

Australia's David Warner dives over the boundary rope trying to take a catch during their ...

Indian American Richard Verma sworn-in as US Ambassador to India

Indian American Richard Verma sworn-in as US Ambassador to India

People takes protection against cold with woollens...

People takes protection against cold with woollens...

helicopter following a crash during the men's World Cup Downhill skiing...

helicopter following a crash during the men's World Cup Downhill skiing...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523