The Public Sector Indian Overseas Bank announced that it had received an income tax refund of Rs.123.87 crore from the Income Tax Department under Section 250 of IT Act 1961.
Reetu | Sep 20, 2024 |
Indian Overseas Bank receives Income Tax Refund of Rs.123.87 Crore
The Public Sector Indian Overseas Bank (IOB) announced on Thursday (September 19) that it had received an order from the Income Tax Department under Section 250 of the Income Tax Act, 1961, confirming an income tax refund of Rs.123.87 crore. The refund, which includes interest under Section 244A of the Act, applies to the assessment year 2021-22.
“As per the order dated 22.08.2024 (uploaded in Income tax Portal on 18.09.2024), the amount refundable to the Bank for the AY 2021-22 including interest u/s 244A of the Income Tax Act is Rs.123,86,61,549,” according to a regulatory filing by Indian Overseas Bank.
The bank was notified of the order, dated August 22, 2024, which was issued in compliance with the previous ruling by the Commissioner of Income Tax (Appeals) on 12th December 2023. The order was uploaded on the portal of Income Tax on September 18, 2024, and the bank was made aware of it on September 19, 2024.
“Additionally, we wish to inform you that the order was uploaded in the Income Tax Portal on 18.09.2024 and the Bank became aware of the details in respect of the above-said order on 19.09.2024,” the bank stated.
Indian Overseas Bank’s shares closed at Rs.57.46 on the BSE, down Rs.1.55, or 2.63%.
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