Indian Overseas Bank Recieves Refund Order Upto Rs 124 Crore For AY 2021-22

Indian Overseas Bank received a refund order for Rs. 123.8 crore from the Income Tax Department.

According to the order from Aug. 22, 2024, which was posted on the Income Tax Portal on Sept. 18, 2024, the bank is set to receive a refund of Rs. 123,86,61,549 for the assessment year 2021-22. This amount includes interest as per Section 244A of the Income Tax Act.

"We wish to inform you that the order was uploaded in the Income-tax Portal on Sept. 18, 2024 and the Bank became aware of the information in respect of the above said order on Sept. 19, 2024," the filing said.

Shares of Indian Overseas Bank closed 2.63% lower at Rs 57.46 apiece on the BSE, compared to a 0.29% advance in the BSE Sensex.