Federal Bank to Receive ₹322.63 Crore Refund from Income Tax Dept
The Federal Bank will receive a refund of ₹322.63 crore from the Income Tax Department for AY 2016-17. This includes interest under Section 244A of the Income-tax Act, following an ITAT order.
A refund of over ₹300 crore is a material financial event that will positively impact the bank's liquidity and profitability.
The announcement details a significant refund to be received by the bank, which is a positive financial development.
The Federal Bank Limited has received orders from the Income Tax Department, Corporate Circle 2 (1), Kochi on March 27, 2026, at 4:02 p.m. These orders, issued under Section 254 of the Income Tax Act, 1961, give effect to the Hon'ble ITAT order dated August 13, 2024, through orders dated March 26, 2026.
As per these orders, the bank is eligible for a refund amounting to ₹322,62,67,421 for the Assessment Year 2016-17, including interest under Section 244A of the Income-tax Act. This amount is equivalent to Rupees Three hundred twenty-two crore sixty-two lakhs sixty-seven thousand four hundred and twenty-one only.
What to do with a filing like this
The Federal Bank Limited filed this with the NSE as a statutory disclosure, categorised under taxation. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by The Federal Bank Limited. Read the original for the full detail.