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Listed logistics startup BlackBuck today said it received a tax demand notice totalling INR 28.55 Lakh from the Income Tax (I-T) Department.
In a filing with the exchanges, the company said that the tax notice, dated July 7, was issued for failure to deduct tax on certain expenses, which were eligible for tax deducted at source (TDS).
As per the company, the tax demand, inclusive of taxes, pertained to the financial year 2017-18 (FY18) and was issued by the office of Assistant Commissioner of Income Tax (TDS), Bengaluru.
“Order under Sections 201(1) and 201(1A) of the Income-tax Act, 1961, on account of non-deduction of tax at source on certain expenses confirming total demand payable of ₹28,55,872/-… , inclusive of applicable interest,” said BlackBuck while elaborating on the nature of the violations.
Meanwhile, BlackBuck said that it has a “strong case on merits”, adding that the company plans to file an appeal against the notice before the appropriate authority. The logistics startup also said that the I-T department’s order will have “no material implications” on the company.
Founded in 2015 by Rajesh Yabaji, Chanakya Hridaya, and Ramasubramaniam B, BlackBuck initially started as an online truck aggregator and later expanded its offerings to a comprehensive range of solutions for load management, telematics, payment and vehicle financing.
It connects truck fleet operators to big and small businesses with shipment requirements. Besides, the company also offers GPS tracking and truck theft protection solutions, FASTag payments and fuel cards, verified communication channels between the trucker and the shipper and vehicle financing solutions.
On the financial front, the logistics company reported a consolidated net profit of INR 280.1 Cr in the fourth quarter (Q4) of the fiscal year 2024-25 (FY25) as against a net loss of INR 90.8 Cr in the year-ago quarter. The healthy profitable numbers came on the back of a tax credit worth INR 245 Cr in the quarter under review.
Meanwhile, operating revenues zoomed 30.6% to INR 121.8 Cr in Q4 FY25 from INR 93.2 Cr in the corresponding quarter last year.
The post BlackBuck To Appeal Tax Demand Notice Over TDS Issues appeared first on Inc42 Media.
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