v3.24.1.1.u2
Other Income, Net (Tables)
 12 Months Ended
Mar. 31, 2024
Expenses by nature [abstract]  
Summary of Other Income

Other income consists of the following:

 

(Dollars in millions)

 

 

 

Year ended March 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Interest income on financial assets carried at amortized cost

 

 

128

 

 

 

107

 

 

135

 

Interest income on financial assets fair valued through other comprehensive income

 

 

122

 

 

 

119

 

 

86

 

Gain / (loss) on investments carried at fair value through profit or loss

 

 

34

 

 

 

18

 

 

24

 

Interest income on income tax refund (1)

 

 

237

 

 

 

—

 

 

 

–

 

Exchange gains / (losses) on forward and options contracts

 

 

12

 

 

 

(80

)

 

 

12

 

Exchange gains / (losses) on translation of other assets and liabilities

 

 

11

 

 

 

131

 

 

 

24

 

Others

 

 

24

 

 

 

40

 

 

27

 

 

 

 

568

 

 

 

335

 

 

 

308

 

(1) During the year ending March 31, 2024, the Company received orders under section 250 and 254 of the Income Tax Act, 1961, from the Income Tax Authorities in India for the assessment years, 2007-08 to 2015-16, 2017-18 and

2018-19. These orders confirmed the Company's position with respect to tax treatment of certain contentious matters. As a result, interest income (pre-tax) of $232 million along with the corresponding tax impact was recognized.