Indian Overseas Bank to receive Rs 1,359-crore income tax refund
The order, dated August 17, 2024, follows earlier orders passed by the Commissioner of Income Tax (Appeals) in March and December 2023.
Indian Overseas Bank to receive Rs 1,359-crore income tax refund
State-owned Indian Overseas Bank (IOB) on Tuesday (December 10) said it has received an order confirming a refund of Rs 1,359.29 crore for the assessment year 2015-16, including interest under Section 244A.
"As per the order dated 17.08.2024, the amount refundable to the Bank for the AY 2015-16 including interest u/s 244A of the Income-tax Act is Rs 1359,29,17,840/- (Rupees One Thousand Three Hundred and Fifty-Nine Crores Twenty-Nine Lakhs Seventeen Thousand Eight Hundred and Forty Only)," Indian Overseas Bank said in a regulatory filing.
The order, dated August 17, 2024, follows earlier orders passed by the Commissioner of Income Tax (Appeals) in March and December 2023. The bank was informed of the refund order through the Income Tax Portal on December 10, 2024. Shares of Indian Overseas Bank ended at Rs 56.91, down by Rs 0.53, or 0.92%, on the BSE.
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