BYJU'S faces tax scrutiny over alleged TDS deposits delay: Report
BYJU'S employees claim that their Form 26AS doesn't show the TDS deducted from their salaries from April 2023.
Edtech company is under scrutiny for delaying TDS (tax deducted at source) deposits and failing to file income tax returns for employees earning over Rs 30 lakh since April last year.
According to a report by Financial Express, employees of BYJU'S claim that their Form 26AS doesn't show the TDS deducted from their salaries from April 2023.
Pay slips issues by the employer show a deduction throughout the period, indicating the tax was deducted but not deposited or reported. Salaries weren't updated in Form 26AS after July, the report added.
Queries sent to BYJU'S remained unanswered at the time of publishing the story.
Meanwhile, the Bengaluru-based edtech company is also facing an insolvency petition filed by the Board of Control for Cricket in India (BCCI) with the National Company Law Tribunal (NCLT), over the early termination of its sponsorship rights contract for Team India's jersey. The hearing has been adjourned till February 7.
According to media reports, BYJU'S has filed an insolvency dispute with BCCI over a Rs 158-crore payment. The dispute involves both law and fact, necessitating arbitration. The edtech company had lodged objections against BCCI's insolvency petition in September 2023.
The NCLT in Bengaluru concluded that the arbitration application would not impact the ongoing insolvency proceedings, and BYJU'S is working to resolve the matter with the cricket administrator.
BYJU'S has earlier announced that it plans to become profitable by March 2024 through consolidation, restructuring, and a $1.2-billion loan settlement, while cutting down 3,000-3,500 jobs and eliminating duplicated roles.
In November 2023, it released specific financial figures related to its core business as part of the audited financial results for FY22. BYJU’S core business earned a total income of Rs 3,569 crore in FY22, up from Rs 1,552 crore in the previous year, and the EBITDA loss decreased to Rs 2,253 crore from Rs 2,406 crore in the previous financial year.
Edited by Suman Singh
