Company: INFY
Filing Date: 2025-10-21
Form Type: SC TO-C
Source: 0001193125-25-245101
Chunk: 75

Company: Infosys Ltd
Filing Date: 2025-10-21
Form: SC TO-C
Chunk 75
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 THEIR RESPECTIVE TAX OFFICERS IN THEIR CASE, AND THE APPROPRIATE COURSE OF ACTION THAT THEY SHOULD TAKE. THE COMPANY DOES NOT ACCEPT ANY RESPONSIBILITY FOR THE ACCURACY OR OTHERWISE OF SUCH ADVICE. THEREFORE, SHAREHOLDERS CANNOT RELY ON THIS ADVICE AND THE SUMMARY INCOME TAX IMPLICATIONS RELATING TO THE TREATMENT OF INCOME TAX IN THE CASE OF BUYBACK OF LISTED EQUITY SHARES ON THE RECOGNISED STOCK EXCHANGE IN INDIA SET OUT BELOW SHOULD BE TREATED AS INDICATIVE AND FOR GUIDANCE PURPOSES ONLY. General:The basis of charge of Indian income-taxdepends upon the residential status of the taxpayer during a tax year. The Indian tax year runs from April 1 until March 31. A person who is an Indian tax resident is liable to income-taxin India on his worldwide income, subject to certain tax exemptions, which are provided under the Income-taxAct, 1961 (“ Act”). A person who is treated as a non-residentfor Indian income-taxpurposes is generally subject to tax in India only on such person’s India-sourced income (i.e. income which accrues or arises or deemed to accrue or arise in India) and income received by such persons in India. In case of shares of a company, the source of income from shares would depend on the “situs” of such shares. As per judicial precedents, generally the “situs” of the shares is where a company is “incorporated” and where its shares can be transferred. Accordingly, since the Company is incorporated in India, the Company’s shares should be deemed to be “situated” in India and any gains arising to a non-residenton acceptance of such shares under the Buyback should be taxable in India under the Act. Further, the non-residentshareholder can avail benefits of the Double Taxation Avoidance Agreement (“ DTAA”) between India and the respective country of which the said shareholder is tax resident subject to satisfying relevant conditions including but not limited to (a) conditions present in the said DTAA (if any) read with the relevant provisions of the Multilateral Convention to Implement Tax Treaty related Measures to Prevent Base Erosion and Profit Shifting (“ Multilateral Instrument/ MLI”) as ratified by India with the respective country of which the said shareholder is tax resident, (b) non-applicabilityof General Anti-Avoidance Rule (“ GAAR”) and (c) providing and maintaining