IT Department slaps Rs 816 crore tax demand to Wipro

14 Jun 2013

The Income Tax Department of India has slapped Wipro with an over Rs 816 crore claim pursuant to which the latter has become the latest IT company to receive such notice after Infosys, WNS and iGate. The Bangalore-headquartered company stated that the draft assessment order from tax authorities for 2008-09 fiscal has arose primarily due to denial of deduction under section 10A of the Income Tax Act, 1961, in respect of profit earned by its undertaking in the Software Technology Park (STP) at Bangalore.

The Azim Premji-led company, whose American Depositary Receipts (ADRs) are listed on NYSE, expressed hope that the final outcome of the dispute will be in its favour.

Besides the fresh assessment order, Wipro is also facing tax demands of around Rs 3,936 crore including interest for the period March 31, 2001 to March 31, 2008 due to denial of deduction under section 10A of the Income Tax Act, 1961, on profits it earned in STP in Bangalore.

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