The Hindu Business Line : Wipro gets I-T demand notice for Rs 261.7 cr

WIPRO Ltd has said that it has been served with a notice by the Income-Tax authorities for payment of Rs 261.7 crore as taxes under the I-T Act 1961, primarily on account of denial of the deduction under Section 10A for the software profits the company earns out of its software technology park (STP) units in Bangalore for 2001-02.

Mr Suresh Senapaty, Corporate Vice-President (Finance), told Business Line that the demands were not sustainable and that the company would fight it out by filing an appeal before Commissioner (Appeals), the first appellate authority.

The latest demand is on the same lines as the Rs 261.4-crore demand raised by the I-T authorities for 2000-01 in March 2004, against which the company has appealed, which is pending adjudication, Wipro said in a notice to the BSE on Monday.

It may be recalled that apart from Wipro, TCS was also served with such a demand to pay additional tax last year.

Software exporters are exempt from paying income-tax on their income under Section 10A and 10B of the Income Tax Act.

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