Federal Bank to receive ₹489.60 Crore refund from Income Tax Dept.
The Federal Bank will receive a refund of ₹489.60 crore from the Income Tax Department for AY 2015-16 and AY 2017-18. The refund includes interest and is based on an ITAT order from August 13, 2024.
A refund of this magnitude is likely to have a positive impact on the bank's liquidity and profitability, though it is not a core operational or strategic development.
The announcement details a significant refund amount to be received by the bank, which is a positive financial event.
The Federal Bank Limited has received orders from the Income Tax Department, Corporate Circle 2(1), Kochi, on 26 March 2026, giving effect to the Hon’ble ITAT order dated 13 August 2024.
As per these orders, the aggregate amount refundable to the Bank for Assessment Year (AY) 2015-16 and AY 2017-18, including interest under Section 244A of the Income-tax Act, is ₹489,60,20,918 (Rupees four hundred eighty-nine crore sixty lakh twenty thousand nine hundred and eighteen only).
The bank has been requested to take this information on record.
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