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Meesho receives Rs 1,500 Cr tax demand for 2023-24

EntrackrEntrackr · 12d ago
Meesho receives Rs 1,500 Cr tax demand for 2023-24
Medial

Meesho receives Rs 1,500 Cr tax demand for 2023-24 E-commerce marketplace Meesho has received a tax demand of nearly Rs 1,500 crore from the Income Tax Department for the assessment year 2023-24, according to its regulatory filing with the stock exchanges. The Bengaluru-based company said the tax authority issued an assessment order under Section 143(3) of the Income-tax Act along with a demand notice under Section 156, which raised a total demand of Rs 1,499.7 crore, including applicable interest. The demand follows certain additions and adjustments made by the tax department to the income reported by the company for the assessment year. Meesho stated that it does not agree with the observations and adjustments made in the assessment order and is currently evaluating the matter. The company added that it believes it has adequate legal and factual grounds to contest the demand and is taking necessary steps to protect its interests. The company also said that the tax department issued a similar demand for the previous assessment year (2022–23). In that case, the Karnataka High Court granted an interim stay on the demand notice through an order dated April 17, 2025, and the case remains pending. According to the company, the latest assessment order and demand notice are not expected to have any major adverse impact on its financial position, operations, or other activities. Meesho reported a 31% year-on-year growth in operating revenue to Rs 3,517.5 crore in Q3 FY26, while its losses surged over 13X to Rs 490 crore during the same period. At the end of Friday’s trading session, Meesho shares closed at Rs 158.6, which gave the company a total market capitalization of Rs 71,578 crore (around $7.9 billion).

Zomato expects Rs 40 Cr tax refund to its delivery partners

EntrackrEntrackr · 1y ago
Zomato expects Rs 40 Cr tax refund to its delivery partners
Medial

Zomato has enabled Income Tax Return (ITR) filing for its delivery partners to get refunds on the 1% TDS (tax deducted at source) on delivery payouts. Within 48 hours, more than 1 lakh riders have initiated their ITR (income tax return) filing on its partners app, Zomato co-founder Deepinder Goyal said on X. Goyal disclosed that Zomato paid a total of more than Rs 4,000 crore to its delivery partners last year. This would roughly translate into Rs 40 crore as the TDS amount. So, delivery partners who have their income below the taxable income limit will be eligible for the refund. This is likely to apply to the majority of the delivery partners. Last year, the government directed businesses like Zomato and Swiggy to deduct 1% as TDS from the delivery partner payouts. “With this initiative, most of our delivery partners will be filing taxes for the first time in their lives, which should make their lives easier in the long run – for example – they will be able to get access to structured credit, they will qualify for scholarships for their kids at various educational institutions, etc,” said Goyal. The ITR filing by Zomato’s riders is a progressive move for the gig economy and government. Besides opening access to formal credit, TDS collection will also give income to the state’s exchequer. According to experts tracking gig economy, more players will now start TDS collection which eventually will provide income to the state’s exchequer. Such policy by the Gurugram-based firm makes sense as the company’s capitalization recently crossed Rs 2 lakh crore. The record jump in its share price also pushed Goyal into the billionaire club. Separately, Zomato received a Goods and Service Tax (GST) demand notice in Karnataka. The total amount includes Rs 5 crore in GST, along with Rs 3.93 crore in interest and Rs 50.2 lakh in penalties. Zomato, however, is appealing against the order before the appropriate authority.

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