Infosys to challenge latest tax demand of $105.3 million
BANGALORE (Reuters) - Infosys Ltd, India's No. 2 software services exporter, said on Monday it would challenge a 5.77 billion rupees ($105.3 million) 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.
($1 = 54.8050 Indian rupees)
(Reporting By Harichandan Arakali; Editing by Prateek Chatterjee)
- Tweet this
- Share this
- Digg this
- Swedish 'Cold War' thriller exposes Baltic Sea nerves over Russia
- Bank of England suspends real-time payments system
- FTSE slips back, weighed down by oil stocks
- Sweden says credible reports of foreign submarine in its waters
- Turkey to let Iraqi Kurds reinforce Kobani as U.S. drops arms to defenders |