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Robinsons Bank Chooses Infosys Finacle To Support Its Expansion
IT major, Infosys Ltd said that Infosys Finacle has been selected by Philippines-based Robinsons Bank in order to support its branch network expansion and business growth. With this new technology transformation program, Robinsons Bank will consolidate and connect the multiple existing systems in use at the Bank as well as aim to reduce cost of operations across all its branches, the company said in a filing to the Bombay Stock Exchange. Commenting on the development, Infosys Finacle, Global Head, Haragopal M, said, "Finacle will power a new core banking and treasury solution for Robinsons Bank that is geared to deliver superior banking experience to its customers. Finacle is already collaborating with 9 banks in Philippines to accelerate their transformation and growth." Moreover, the Bank is in line to expand its branches to 100 in a time frame of three years and integrate recent acquisitions, the filing added. Meanwhile, Finacle will look into the major challenges such as effective localization of the solution and would also help in building relationships with customers through innovative new products and services.
Source - Infosys
Infosys To Challenge Rs 577 Cr Fresh Tax Notice
India's second largest software exporter Infosys Ltd on Monday said it would challenge the Rs 577 crore tax notice slapped by Indian authorities related to certain tax benefits on income from software development done overseas at the client's location and revenues from SEZs in India. "The company has received the assessment order from the Income tax authorities for fiscal 2009 on May 2, 2013 along with a demand order for an amount of USD 106 million," Infosys said in a filing to the US Securities and Exchange Commission (SEC) last week. "As the company is contesting this position like earlier years, the appellate authority would be approached within the time limit prescribed under the relevant law," the company added. Infosys is already contesting additional income tax demands of USD 214 million for fiscal 2005-2008 on account of disallowance of a portion of the deduction claimed by the company under Section 10A of the Income Tax Act.
Source - Infosys
Infosys Slapped With Additional Rs 582 Cr Tax Demand Notice
Increasing tax woes for India's IT giant, the Income Tax department has slapped a fresh tax demand notice of Rs 582 crore on Infosys.
"The company has received the assessment order from the Income tax authorities for fiscal 2009 on May 2, 2013 along with a demand order for an amount of USD 106 million," Infosys said.
The Bangalore-based IT bellwether, which is already challenging an additional income tax demands of around Rs 1,175 crore for four financial years beginning the year 2005 to 2008, said that it will also take legal action against the fresh tax demand notice.
The company specified that its position in tax cases is strong and it expects to win the matter including four fiscals that is pending before the Commissioner of Income tax (Apeals) Bangalore.
"The management believes that the ultimate outcome of this proceeding will not have a material adverse effect on the company's financial position and results of operations," the company added.
Source - Infosys