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An announcement from Mphasis Limited ( (IN:MPHASIS) ) is now available.
Mphasis Limited has disclosed that it received an income-tax assessment order for Assessment Year 2023-24, along with a demand notice of Rs 2,286.86 crore from the Income Tax Department’s Assessment Unit. The order cites additions to taxable income tied to ESOP-related deductions, payments to overseas associated enterprises without tax deducted at source, and discrepancies between GST turnover and audited financial statements.
The company’s management maintains that the order will not have a material financial impact, noting that several proposed adjustments relate to recurring issues already pending before the Supreme Court and backed by favorable High Court precedents. Mphasis plans to file a rectification petition to address computational errors and is preparing to challenge the assessment through appropriate legal appeals, expressing confidence in securing a favorable outcome at the appellate stage.
More about Mphasis Limited
Mphasis Limited is an Indian IT services and solutions provider focused on application development, digital transformation, and business process services for global clients. The company operates in the technology and outsourcing industry, catering to enterprises across sectors that rely on complex software, cloud, and data-driven platforms to run and modernize their operations.
Average Trading Volume: 24,354
Technical Sentiment Signal: Hold
Current Market Cap: 407B INR
See more insights into MPHASIS stock on TipRanks’ Stock Analysis page.