Narayana Murthy’s Rs 583000 crore Infosys slapped with heavy fine, asked to pay Rs…IT giant Infosys has been fined around Rs 260000 which is nothing when you look at the financial transactions of the company.
Narayana Murthy’s Infosys is one of the most valuable tech companies in India right now with a market cap of more than Rs 583000 crore.
Narayana Murthy’s Infosys is often in the news for its business announcements, new ventures, acquisitions, hirings and other things.
As revealed by the company, Infosys has been slapped with a heavy fine due to non-payment of sales tax.
The penalty on Narayana Murthy’s firm has been imposed due to non-payment of sales tax for the period of April 2024.
Narayana Murthy’s Rs 583000 crore Infosys slapped with heavy fine, asked to pay Rs…
IT giant Infosys has been fined around Rs 260000 which is nothing when you look at the financial transactions of the company.
Narayana Murthy’s Infosys is one of the most valuable tech companies in India right now with a market cap of more than Rs 583000 crore. Although Infosys is based out of India, it caters to clients all over the globe and it currently has a presence in over 56 nations. Narayana Murthy’s Infosys is often in the news for its business announcements, new ventures, acquisitions, hirings and other things. However, the company is now trending in the news for a completely different reason. As revealed by the company, Infosys has been slapped with a heavy fine due to non-payment of sales tax.
IT giant Infosys has been fined around Rs 260000 which is nothing when you look at the financial transactions of the company. The penalty on Narayana Murthy’s firm has been imposed due to non-payment of sales tax for the period of April 2024.
Infosys was also recently slapped with a fine for alleged violation of short payment of modified business tax. For those who are unaware, 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. 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.
