BANGALORE Infosys Ltd(INFY.NS), 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.
(Reporting By Harichandan Arakali; Editing by Prateek Chatterjee)
Trending On Reuters
India's $100 billion push into solar energy over the next decade will be driven by foreign players as uncompetitive local manufacturers fall by the wayside, no longer protected by government restrictions on the sector. Full Article
India's $100 billion solar push draws foreign firms as locals take backseat Full Article