Infosys gets tax demand of Rs 341 Cr from IT dept

Infosys get tax demand of Rs 341 Cr from IT dept

Infosys, the second-largest Indian IT services company, has received a tax demand of Rs 341 crore from the Income Tax Department for the 2020-21 assessment year.

In a filing with the stock exchanges, Infosys said, “The Company is in the process of evaluating the implications of this order on the financial statements for the quarter and year ending March 31, 2024, and also evaluating filing an appeal against this order.”

The company also mentioned that a subsidiary of the company has received a refund order under Section 154 of the Income Tax Act, 1961 from the Income Tax Department for assessment year 2014-15. The refund amount as per the order is Rs 15 crore.

This development comes after the company on Sunday announced that it is set to receive a tax refund of Rs 6,329 crore along with a tax liability of Rs 2,763 crore. The refunds inclusive of interest pertain to assessment years spanning from 2007-08 to 2018-19.

TCS gets top ranking on customer satisfaction in Nordic region

Tata Consultancy Services (TCS) has been ranked the number one IT service provider for customer satisfaction in the Nordics (Sweden, Norway, Finland, Denmark) in Whitelane Research’s independent survey of the top IT spending organisations.

TCS received the highest ranking in this survey for the 15th year in a row.

The Whitelane Research 2024 IT Sourcing Study surveyed over 450 participants from the region’s top IT spending organisations, which evaluated over 1,000 unique IT sourcing relationships. The report also found that 28% of respondents said that their organisation plans to outsource more over the next two years.

The top reason for this was more scalability to business needs (54%) followed by access to resources and talent (50%). In the assessment of IT providers, the report found TCS’ customer satisfaction score to be 80%, 7% higher than the industry average.

India faced 17 million cyber threats in 2023: Kaspersky

Cybersecurity company Kaspersky said the year 2023 witnessed over 17 million local threats that targeted organisations in India. These threats include objects that penetrated the target computer through infecting files or removable media, or initially made their way onto the computer in non-open form like programs in complex installers, encrypted files etc.

“It is imperative for businesses from all across different sectors to focus on building a holistic cyber defence with the right cyber security tools and Cyber Immunity strategy against the ever-evolving and sophisticated attacks and threats,” said Adrian Hia, Managing Director for Asia Pacific at Kaspersky.