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Report: BYJU is under tax surveillance due to alleged delay in TDS deposits

News update

Edtech giant BYJU’S is facing scrutiny for allegedly delaying TDS (tax deducted at source) deposits and failure to file income tax returns for employees earning more than Rs 30 crore since April last year. According to a Financial Express report, the employees claim that their Form 26AS does not show the TDS deducted from their salaries from April 2023 onwards.

Payslips issued by BYJU’S show deductions throughout the period, indicating that tax was withheld but not deposited or reported. However, the salaries in Form 26AS were not updated after July, the report added. Queries sent to BYJU’S remained unanswered at the time of publication.

Apart from these issues, the Bengaluru-based company is also facing an insolvency petition filed by the Board of Control for Cricket in India (BCCI) at the National Company Law Tribunal (NCLT) over the early termination of the Team India jersey sponsorship rights deal. The hearing on this matter was adjourned until February 7.

Reports suggest that BYJU’S has filed an insolvency case with BCCI over a payment of Rs 158 crore, involving both law and fact, which requires arbitration. The company had earlier raised objections to BCCI’s September 2023 insolvency proposal.

The NCLT in Bengaluru concluded that the arbitration request will not affect the pending insolvency proceedings. BYJU’S is working to resolve the matter with the cricket administrator. The company announced plans to become profitable by March 2024 through a $1.2 billion consolidation, restructuring and debt settlement, including cutting 3,000 to 3,500 jobs and eliminating duplicate roles. In November 2023, it released specific financials related to its core business as part of its FY22 audited financial results. BYJU’s core business earned a total revenue of Rs 3,569 crore in FY22, up from Rs 1,552 crore in the previous year, and EBITDA loss narrowed to Rs 2,253 crore from Rs 2,406 crore in the previous financial year.

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