Quick Summary
In a significant financial development, public sector lender Indian Overseas Bank (IOB) announced on Thursday, September 19, that it has received an order from the Income Tax Department confirming a refund of ₹123.87 crore. The refund, granted under Section 250 of the Income Tax Act, 1961, includes
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FAQ :
Indian Overseas Bank has received a total income tax refund of £123.87 crore.
The refund pertains to the assessment year 2021-22.
Yes, the refund includes interest granted under Section 244A of the Income Tax Act, 1961.
The Income Tax Department issued the refund order on August 22, 2024.
The bank considers this a positive financial outcome that adds to its financial reserves, enhancing liquidity for its operations and improving its balance sheet.
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