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Infosys Ltd To Challenge New Tax Demand Of INR5.77 Billion-Business Standard


Wednesday, 12 Jun 2013 12:38am EDT 

Business Standard reported that Infosys Ltd would challenge INR5.769 billion 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.