Mastek Ltd Receives Final Income Tax Assessment Order

Mastek Ltd has received a Final Assessment Order from the Income Tax Department for FY 2022-23. The order includes a transfer pricing addition of ₹90,95,38,080 and a domestic tax addition of ₹32,62,88,114, totaling ₹1,23,58,26,194. Penalty proceedings under section 270A have also been initiated. The company believes there will be no material financial impact due to apparent errors in the computation sheet, such as incorrect tax rates, non-allowance of foreign tax credit, and non-grant of advance tax credit from a subsidiary. Mastek intends to file objections with the Income Tax Appellate Authorities.