Indian Overseas Bank ( IOB ), a public sector bank, announced that it will receive an income tax refund of Rs. 1,359.29 crore for the assessment year (AY) 2015-16. This amount includes interest under Section 244A of the Income Tax Act. The order for this refund was issued on August 17, 2024, and the bank was informed through the Income Tax Portal on December 10, 2024.
In a regulatory statement, the bank said, “As per the order dated 17.08.2024, the amount refundable to the Bank for the assessment year 2015-16 including interest under Section 244A of the Income Tax Act is Rs. 1,359,29,17,840.” This refund was followed by earlier decisions made by the Income Tax Department in March and December 2023.
Step by Step Guidance for Tax Audit & E-filing, Click Here
This refund adds to the bank’s recent tax refunds, including Rs. 1,238 crore received in November 2024 for AY 2019-20 and Rs. 123.8 crore in September 2024 for AY 2021-22. These refunds have helped strengthen the bank’s financial position and improve investor confidence.
Second Quarter Performance
For the quarter ending September 30, 2024, IOB reported good results:
Background
Indian Overseas Bank was established in 1937 and has grown into a trusted financial institution, offering services like retail banking, personal banking, merchant banking, and digital banking. The Bank is Headquartered in Chennai and was founded by M. Ct. M. Chidambaram Chettyar with a focus on foreign exchange and overseas banking.
Step by Step Guidance for Tax Audit & E-filing, Click Here
The Rs. 1,359 crore refund will improve the bank’s liquidity helping it strengthen its financial position. Combined with its improving performance, lower bad loan levels, and steady growth, IOB is in a strong position to achieve long-term success in the banking sector.
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
