Mumbai: The Government of India, Department of Financial Services run Infrastructure Development Finance Company (IDFC) got a windfall income tax refund of Rs 202.55 crore for Assessment Year 2023-24 on Monday. The tax refund will provide significant boost to liquidity of the non banking financial company (NBFC) to expand its portfolio.
The company said that the refund consisted of a tax component of Rs 189.25 crore along with an interest amount of Rs 13.3 crore. “IDFC has received a Rs 203 crore income tax refund under section 143(1)(a) of the Income Tax Act, 1961, marking a significant step in strengthening its capital reserves,” the NBFC said in a statement.
The leading non banking institution IDFC provides financial and advisory services to businesses in sectors such as investment banking, infrastructure and wealth management.
According to senior finance ministry officials, IDFC intends to allocate resources towards several key projects that align with its growth strategy providing opportunities for potential investments and strategic initiatives.
