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IT giant Infosys has been hit with a $225 penalty by the Nevada Department of Taxation for allegedly underpaying modified business taxes in the state, according to a report by The Economic Times. The penalty relates to a shortfall in payments for two quarters, spanning from Q4 2021 to Q1 2022, according to a stock exchange disclosure made by the company on Monday evening.
“Short payment” refers to a situation where the amount paid falls short of the invoiced tax amount.Infosys confirmed the receipt of the communication from the Nevada authorities demanding the penalty amount and stated it is currently investigating the veracity of the claim. The company further clarified that the alleged underpayment is not expected to have any material impact on its financials, operations, or other activities.
This is not the first time Infosys has faced tax-related penalties in the US. In August 2023, the Florida Department of Revenue imposed a $76.92 penalty for underpaying taxes in the state. Additionally, in October 2023, the Commonwealth of Massachusetts fined Infosys $1,101.96 for rejection of its family and medical paid leave return filings, noted the report.
In September 2023, Infosys found itself in a bit of hot water with the Indian tax authorities. The assistant commissioner of the Kelambakkam assessment circle in Chennai slapped the IT giant with a hefty demand notice of Rs 26.5 lakh for non-payment of Integrated Goods and Services Tax (IGST). The notice also included additional penalties and interest charges, bringing the total sum to a significant financial blow, according to the report by The Economic Times.
“Short payment” refers to a situation where the amount paid falls short of the invoiced tax amount.Infosys confirmed the receipt of the communication from the Nevada authorities demanding the penalty amount and stated it is currently investigating the veracity of the claim. The company further clarified that the alleged underpayment is not expected to have any material impact on its financials, operations, or other activities.
This is not the first time Infosys has faced tax-related penalties in the US. In August 2023, the Florida Department of Revenue imposed a $76.92 penalty for underpaying taxes in the state. Additionally, in October 2023, the Commonwealth of Massachusetts fined Infosys $1,101.96 for rejection of its family and medical paid leave return filings, noted the report.
In September 2023, Infosys found itself in a bit of hot water with the Indian tax authorities. The assistant commissioner of the Kelambakkam assessment circle in Chennai slapped the IT giant with a hefty demand notice of Rs 26.5 lakh for non-payment of Integrated Goods and Services Tax (IGST). The notice also included additional penalties and interest charges, bringing the total sum to a significant financial blow, according to the report by The Economic Times.
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