MTNL gets Rs 623 crore in tax refund

State-run telecom company MTNL said on 1 August it has received tax refunds of Rs 623.18 crore for the assessment year 2006-07.

“The total amount of refund receivable from the Income Tax Department amounts to Rs 623.18 crore, which includes interest on refund amounting to Rs 103.62 crore,” the PSU, which operates in Delhi and Mumbai telecom circles, said in a filing to the BSE.

The Income Tax Department has issued a refund order to MTNL in the case of MTNL Subscriber Deposit for the Assessment Year 2006-07, the filing said.

It further said that from the said refund, Rs 255.06 crore has been adjusted against the tax demand for the other assessment years and a net cheque amounting to Rs 368.12 crores has been received in MTNL on August 1, 2013”.

Mahanagar Telephone Nigam Ltd (MTNL) had reported losses of Rs 5,321.12 crore for 2012-13 financial year.

Source: http://cablequest.org/news/telecom-news/item/2942-mtnl-gets-rs-623-crore-in-tax-refund.htmlSource: http://cablequest.org/news/telecom-news/item/2942-mtnl-gets-rs-623-crore-in-tax-refund.html