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HindustanTimes Mon,21 Apr 2014

Infosys to challenge latest tax demand of Rs. 5.77 bn

Reuters  Bangalore, May 20, 2013
First Published: 10:34 IST(20/5/2013) | Last Updated: 10:37 IST(20/5/2013)

Infosys Ltd, India's No 2 software services exporter, said on Monday it would challenge a Rs. 5.77 billion ($105.3 million) income tax demand raised by the goverment earlier this month.

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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 US Securities and Exchange Commission.

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

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