Mphasis Ltd‘s income-tax demand for assessment year 2023-24 has increased to ₹2,417.80 crore from ₹2,286.86 crore following a rectification order issued by the Income Tax Department, the company said in a regulatory filing on Wednesday.
The Assistant Commissioner of Income Tax, Circle 4(1)(1), Bengaluru, issued the order under Section 154 of the Income-tax Act, 1961, on October 9. The company received it on October 13, according to the filing.
The revised demand reflects interest levied under Section 220 of the Income-tax Act, Mphasis said.
The company is evaluating legal remedies and intends to file an appropriate rectification petition to address errors it has identified in the computation.
Despite the increase in the demand, Mphasis does not expect the rectification order to have any material impact on its financial statements.
The development follows the company’s earlier disclosure on March 26, 2026, regarding an assessment order passed under Section 143(3), read with Section 144B of the Income-tax Act, along with a notice of demand under Section 156 for assessment year 2023-24.
The latest filing was made under Regulation 30 of the Securities and Exchange Board of India’s Listing Obligations and Disclosure Requirements Regulations, 2015.
