Indian Overseas Bank receives Rs 1238 crore as Income Tax Refund

Public Sector Lender, Indian Overseas Bank has received an order for a tax refund of Rs 1,238 crore from the Income Tax Department, according to an exchange filing on Tuesday. The taxation body's tax refund order pertains to the assessment year 2019-20, the public sector lender said. The amounts also include an interest, as per Section 244-A of the Income Tax Act.

The fresh tax refund will be issued to Indian Overseas Bank a couple of months after it secured another tax refund of Rs 123.8 crore from the I-T department. The refund order pertained to assessment year 2021-22, the lender had said in a regulatory filing in September.

Shares of Indian Overseas Bank closed marginally lower by 0.02% at Rs 52.45 apiece on the NSE, compared to a 0.11% decline in the benchmark Nifty 50 index. The stock has risen by 32.28% in the last 12 months and by 20.3% on a year-to-date basis.

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