Bengaluru, January 30: The Nevada Department of Taxation in the US has been slapped a fine of $225 for alleged violation of short payment of modified business tax for two quarters. However, the company maintained that it is in the process of determining further steps after checking the veracity of the claim.
Infosys said in a stock exchange filing, “On January 25, the Nevada Department of Taxation sent a communication for the collection of penalty. The violations and contraventions committed or alleged to be committed is short payment of modified business tax for Quarter 4, 2021 to Quarter 1 of 2022.” HP To Introduce Latest Premium ‘Spectre’ Laptops in India With AI-Enabled Features; Know More Details.
Infosys maintained that there is no material impact on finances, operations or other activities of the company following the development. Short payment refers to partial or reduced payment made that is lesser than the invoiced amount.
Earlier, Florida's department of revenue had imposed a penalty of $76.92 on Infosys in August 2023 for shortfall of tax payment. In October 2023, the Commonwealth of Massachusetts had imposed a fine of $1,101.96 on Infosys. Meta AI Releases ‘Code Llama 70B’ Powerful Open-Source Coding Tool for Developers and Researchers, Likely To Rival GitHub Copilot: Reports.
The Commercial Tax Department of India in September had last year sent a demand notice of Rs 26.5 lakh to Infosys for integrated goods and services tax (IGCST), along with penalty and interest charges.
(The above story first appeared on LatestLY on Jan 30, 2024 06:22 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).