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IndiGo gets Rs 944 crore tax penalty from I-T dept; airline to contest
Business Today
·
4m ago
Medial
IndiGo received a Rs 944 crore tax penalty from the Income Tax department for the assessment year 2021-22. The penalty stemmed from an erroneous belief that an appeal had been dismissed, while it is actually still pending adjudication. IndiGo, through its parent company InterGlobe Aviation Ltd, plans to contest the penalty, asserting that the appeal filed with the Commissioner of Income Tax (Appeals) remains active and unresolved.
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IT dept rejects PB fintech subsidiary’s Rs 86 Cr expense claim, issues Rs 9 Cr demand notice
YourStory
·
4m ago
Medial
The Income Tax Department disallowed Rs 85.6 crore in expenses claimed by PB Fintech's subsidiary, Paisabazaar Marketing, for fiscal 2023-24 due to insufficient substantiation. A demand notice for Rs 9.32 crore was issued, which PB Fintech plans to contest due to discrepancies. Despite the disallowance, the company stated it wouldn't face additional tax liabilities, as it can offset this against carried-forward losses, ensuring no immediate financial impact.
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Zomato gets Rs 11.82 crore tax demand notice
Economic Times
·
1y ago
Medial
Food delivery platform Zomato has been issued a tax demand and penalty order of Rs 11.82 crore ($1.6 million) related to Goods and Services Tax (GST) on exports services provided to its subsidiaries outside of India. The company plans to appeal against the order, stating that it believes it has a strong case. The order, issued by the Additional Commissioner of Central Goods and Services Tax, Gurugram, asserts a GST demand of Rs 5.9 crore ($800,000) with applicable interest and a penalty of the same amount. Zomato has clarified its position and provided supporting documents in response to the authorities' allegations.
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I-T dept flags financial reporting error after sending advance tax notices; asks tax-payers to wait for updates
Money Control
·
1y ago
Medial
Taxpayers who received advance tax payment notices from the income tax (I-T) department can breathe a sigh of relief for now, according to tax experts. The I-T department recently identified errors in the financial transaction data reported by taxpayers for the 2023-24 financial year. As a result, some taxpayers received notices for higher advance tax payments than expected. The department has advised these taxpayers to await further updates on their annual information statements and take no immediate action. The errors were attributed to inconsistencies in securities market data reported by an unnamed entity.
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Income tax dept imposes hefty penalty of Rs 103.63 crore on Tata Chemicals
IndianStartupNews
·
1y ago
Medial
The Income Tax Department has imposed a fine of Rs 103.63 crore on Tata Chemicals due to a violation related to the disallowance of interest expenses. The penalty was imposed under Section 270A of the Income Tax Act based on a breach of section 36(1)(iii) of the Act. Tata Chemicals plans to challenge the order and appeal against it before the National Faceless Appeal Centre, expressing confidence in a favorable outcome.
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Zomato gets Rs 4.59 crore tax demand notices
Economic Times
·
11m ago
Medial
Food delivery platform Zomato has received GST tax demand orders exceeding Rs 4.59 crore from Tamil Nadu and West Bengal authorities. The company plans to appeal against the demand. Tamil Nadu issued an order for GST of Rs 81,16,518, plus applicable interest and penalty, while West Bengal issued an order for GST of Rs 1,92,43,792, along with interest and penalty. Zomato stated that it has provided clarification along with relevant documents, and believes it has a strong case to defend the matter. The company does not anticipate any financial impact.
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United Breweries hit with ₹264.7 crore demand order from Maharashtra GST dept
Livemint
·
1y ago
Medial
United Breweries Ltd (UBL) has received a tax demand of over ₹263.70 crore from the Maharashtra State Goods & Service Tax Department. The demand includes additional tax, interest, and penalty for the fiscal year 2019-20. The tax order is due to the non-submission of declaration forms for concessional tax rates. UBL intends to defend the issue before the relevant appellate authority and expects minimal financial impact, except for a statutory pre-deposit. This is not the first time that UBL has faced such a tax order.
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Zomato gets service tax demand and penalty order of Rs 184 crore
Economic Times
·
1y ago
Medial
Food-delivery platform Zomato has received a service tax demand and penalty order totaling over Rs 184 crore for non-payment of service tax between October 2014 and June 2017. The tax was based on sales made by Zomato's foreign subsidiaries and branches to customers outside India. The company plans to file an appeal against the order, stating that it believes it has a strong case. Zomato has been shutting down its international operations, with minimal impact on its overall operations. The platform was previously issued a tax demand notice of Rs 23 crore by the Karnataka commercial taxes authority.
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Infibeam Avenues faces Rs 32 Cr GST demand; plans to appeal
YourStory
·
6m ago
Medial
Infibeam Avenues, an Indian fintech firm, faces a Rs 32.01 crore tax and penalty order from the Central GST Office, which it intends to contest. The order allegedly mistakes GST exemptions on certain card transactions. Infibeam argues the order ignores a GST Council clarification allowing exemptions for RBI-regulated payment aggregators. The company asserts the demand is unfounded and is exploring options, including rectification under the CGST Act, without expecting significant financial impact.
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Zomato gets tax demand order of Rs 23 crore
Economic Times
·
1y ago
Medial
Zomato has been hit with a tax demand of Rs 23.26 crore from the Assistant Commissioner of Commercial Taxes (Audit), Karnataka. The online food delivery platform plans to challenge the order and has stated that it believes it has a strong case. The demand relates to the Goods and Services Tax (GST) and includes additional interest and penalty charges. Zomato will appeal the decision before the appropriate authority.
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Delhivery Hit with INR 1.36 Crore Tax Penalty by Income Tax Department
StartupTalky
·
1m ago
Medial
The Delhi Income Tax Department has levied a penalty of INR 1.36 crore on Delhivery for undisclosed expenses during the 2015-16 fiscal year. Delhivery plans to contest the order. The company is also facing financial scrutiny from other tax authorities, including a show-cause notice for GST issues. Despite these challenges, Delhivery's acquisition of Ecom Express has been approved, aiding its expansion in the e-commerce logistics sector in India.
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