Key Quantitative Figures
The Assistant Commissioner of Income Tax, Circle 4(1)(1), Bengaluru, issued a rectification order under Section 154 of the Income-tax Act, 1961. This order revises the total tax demand for Assessment Year 2023-24 from ₹2,286.86 crore to ₹2,417.80 crore. The increase of ₹130.94 crore is attributed to interest levied under section 220 of the Income-tax Act.
Dates of Action
The rectification order is dated October 9, 2026. Mphasis Limited received this order on October 13, 2026. The intimation to the stock exchanges was made on October 14, 2026.
Parties Involved
The order was issued by the Assistant Commissioner of Income Tax, Circle 4(1)(1), Bengaluru. The recipient is Mphasis Limited.
Company's Response and Rationale
The company is evaluating options to avail itself of legal remedies. It intends to file an appropriate rectification petition addressing errors noted in the computation of the demand.
Financial Impact Assessment
Based on the rectification order, the company explicitly states that it does not expect any material impact on its financial statements.
Additional Information
#Tags: #Mphasis #IncomeTax #SEBIDisclosure #RegulatoryCompliance #TaxDemand #Neutral