India withholding tax refund

[Table of Contents](#ic5e280ddd1ef46fe9ace2a18e7a582b7_7)   
  
5.     Income Taxes  
The provision for income taxes consists of the following:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | Fiscal year ended January 31, |
| 2022 |  | 2021 |  | 2020 |
| Federal: |  |  |  |  |  |
| Current | $ | (0.5) |  |  | $ | 9.8  |  |  | $ | (2.3) |  |
| Deferred | (5.4) |  |  | (741.0) |  |  | 7.6  |  |
| State: |  |  |  |  |  |
| Current | 2.5  |  |  | 19.0  |  |  | (0.4) |  |
| Deferred | 0.3  |  |  | (57.5) |  |  | 2.1  |  |
| Foreign: |  |  |  |  |  |
| Current | 82.5  |  |  | 87.6  |  |  | 69.6  |  |
| Deferred | (11.7) |  |  | 20.6  |  |  | 3.7  |  |
| Income tax provision (benefit) | $ | 67.7  |  |  | $ | (661.5) |  |  | $ | 80.3  |  |

  
Foreign pretax income was $559.5 million in fiscal 2022, $527.8 million in fiscal 2021, and $475.5 million in fiscal 2020.  
The differences between the U.S. statutory rate and the aggregate income tax provision are as follows:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   | Fiscal year ended January 31, |
| 2022 |  | 2021 |  | 2020 |
| Income tax provision at U.S. Federal statutory rate | $ | 118.6  |  |  | $ | 114.8  |  |  | $ | 61.9  |  |
| State income tax benefit, net of the U.S. Federal benefit | 2.2  |  |  | (43.0) |  |  | 1.8  |  |
| Foreign income taxed at rates different from the U.S. statutory rate | (25.4) |  |  | (11.5) |  |  | (81.0) |  |
| Valuation allowance adjustment | (0.2) |  |  | (637.4) |  |  | 93.9  |  |
| Transition tax and revisions due to subsequent regulations | —  |  |  | —  |  |  | 9.6  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
| Tax effect of non-deductible stock-based compensation | 32.3  |  |  | 24.8  |  |  | 29.2  |  |
| Stock compensation (windfall) / shortfall | (43.2) |  |  | (35.1) |  |  | (22.5) |  |
| Research and development tax credit benefit | (18.5) |  |  | (15.5) |  |  | (19.8) |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
| Closure of income tax audits and changes in uncertain tax positions | (0.4) |  |  | 0.1  |  |  | (2.1) |  |
| Tax effect of officer compensation in excess of $1.0 million | 7.0  |  |  | 4.6  |  |  | 3.4  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
| Non-deductible expenses | 4.5  |  |  | 2.3  |  |  | 5.4  |  |
| Global intangible low-taxed income, foreign derived intangible income | 24.1  |  |  | (65.0) |  |  | —  |  |
| India withholding tax refund | (43.8) |  |  | —  |  |  | —  |  |
| Acquisition-related integrations | 9.0  |  |  | —  |  |  | —  |  |
| Other | 1.5  |  |  | (0.6) |  |  | 0.5  |  |
| Income tax provision (benefit) | $ | 67.7  |  |  | $ | (661.5) |  |  | $ | 80.3  |  |

  \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_(1) The above comparative for fiscal 2021 and fiscal 2020 have reclassified to conform to the current period presentation.  
Autodesk’s fiscal 2022 tax expense is primarily driven by the U.S. and foreign tax expense, including withholding taxes on payments made to the United States or to Singapore from foreign sources, offset by shared-based compensation deductions, India withholding tax refunds and generation of federal tax credits.  
  
  
  
  
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