Infosys penalized $225 by US Authority for tax violation

30 Jan 2024 , 01:20 PM

The US tax government has fined IT firm Infosys $225 for suspected violations of ‘short payment of modified business tax’ for two quarters, according to a statement from the company.

On January 25, the Nevada Department of Taxation contacted the Bengaluru-based software services exporter to collect a penalty. The violation(s)/contravention(s) committed or claimed to be committed is ‘short payment of modified business tax for Q4 2021 to Q1 2022,’ Infosys stated in a report issued on Monday evening.

Short payment is a partial or reduced payment made which is less than the billed amount. Infosys said that the organization is now deciding the next measures after verifying the information.

The corporation stated that there is no major impact on its finances, operations, or other activities.

 In August of last year, the Florida Department of Revenue slapped a similar penalty of $76.92 on Infosys for failing to pay taxes.

Later in October, the Commonwealth of Massachusetts issued an additional punishment of $1,101.96 on Infosys for rejecting family and medical paid leave returns for the first and second quarters of 2023.

In September, India’s commercial taxes department, especially the assistant commissioner of the Kelambakkam assessment circle in Chennai, issued a Rs 26.5 lakh demand notice for integrated goods and services tax (IGST), along with a penalty and interest charges.

At around 1.14 PM, Infosys was trading 0.56% higher at Rs 1,665.85 per piece, against the previous close of Rs 1,656.60 on NSE.

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