Mphasis: Income Tax Demand Revised to ₹2,417.80 Cr

Mphasis Ltd has received a rectification order under Section 154 of the Income-tax Act, 1961, revising its tax demand for Assessment Year 2023-24. The demand has increased from ₹2,286.86 crore to ₹2,417.80 crore due to interest levied under section 220 of the income tax Act. The company is evaluating legal remedies and plans to file a rectification petition regarding errors in the computation. Despite the revision, Mphasis does not expect any material impact on its financial statements and will make this information available on its website.