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“As per the order dated 31.07.2024, the amount refundable to the Bank for the AY 2013-14 including interest u/s 244A of the Income-tax Act is ₹808,29,94,066/- (Rupees Eight Hundred and Eight Crores Twenty-Nine Lakhs Ninety-Four Thousand and Sixty Six Only),” the bank in a regulatory filing.
The refund arises from an order passed on July 31, 2024, following prior directives from the Commissioner of Income Tax (Appeals) issued in January and March 2023.
Also Read: Indian Overseas Bank Q2 Results | Net profit up 24% to ₹777 crore, NII climbs 8% to ₹2,537 crore
The refund order, issued under Section 250 of the Income Tax Act, was communicated to the bank through the Income Tax portal on December 11, 2024. Indian Overseas Bank confirmed that it became aware of the refund on the same date.
“Further, we wish to inform you that the order was received through Income Tax Portal on 11.12.2024 and the Bank also became aware of the information in respect of the above said order on 11.12.2024,” the bank said.
Yesterday, Indian Overseas Bank said it has received an order confirming a refund of ₹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 ₹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.
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 ₹57.56, up by ₹0.71, or 1.25% on the BSE.
Also Read: Indian Overseas Bank targets 3.25-3.30% net interest margin in FY25
