Mastek discloses income tax assessment order of Rs 123.58 crore for FY23
MASTEK · price
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Mastek received a Final Assessment Order from the Income Tax Dept for FY 2022-23, with total additions of Rs 123.58 crore. This includes a transfer pricing addition of Rs 90.95 crore and a domestic tax addition of Rs 32.63 crore. Penalty proceedings have also been initiated under section 270A. The company says there are errors in the computation sheet, such as higher tax rate applied, non-allowance of foreign tax credit, and missing advance tax credit for a merged subsidiary. Mastek plans to file objections with the Income Tax Appellate Authorities and believes there will be no material financial impact.
Tax demand of around Rs 124 crore flagged but company cites computation mistakes and plans to appeal, so near-term impact expected limited.