IOB Secures ₹123.87 Crore Income Tax Refund for FY 2021-22

20 Sep 2024 , 02:38 PM

Indian Overseas Bank (IOB) received an order from the Income Tax Department under Section 250 of the Income Tax Act, 1961.

The order confirms a tax refund amounting to ₹123.87 Crore, including interest under Section 244A, for the assessment year 2021-22.

The official order was issued on August 22, 2024, and uploaded on the Income Tax Portal on September 18, 2024. IOB became aware of the order on September 19, 2024, through the portal update.

The refund was granted following a prior decision by the Commissioner of Income Tax (Appeals) on December 12, 2023. The refund order covers the amount due to the bank, including the applicable interest as per the Income Tax Act.

IOB has notified regulatory authorities of the refund through an official filing, highlighting the confirmed refund amount and the process involved. This refund is part of the bank’s tax assessments for the year 2021-22 and will contribute positively to its financials.