Online travel agent MakeMyTrip has received a tax demand of Rs 27.6 crore for the assessment year 2009-10, reports PTI (via FirstPost). A MakeMyTrip spokesperson confirmed this demand to the publication and noted that the demand has however significantly reduced after an adjustment of brought forward losses in accordance with a favorable order from appellate authorities earlier. However, he didn't disclose the revised tax demand to the publication. The spokesperson also informed that MakeMyTrip has filed an objection against this demand with the Commissioner of Income Tax (appeals) on May 30, 2013. We have contacted MakeMyTrip for more details on this and will update once we get a response. MakeMyTrip Financials: Last month, MakeMyTrip had reported a net loss of $6.5 million for the quarter ending March 31, 2012, a significant decline from a $3 million profit reported in the same quarter last year. This was on Net Revenues (Revenue less service costs) of $21.77 million, down 1.4% from $22.1 million revenues reported in the same quarter last year. For the year ending March 31, 2013, MakeMyTrip reported a net loss of $6.04 million for FY13, a significant decline from $9.3 million profit in the previous fiscal. Net Revenues (Revenue less service costs) stood at $88.17 million, a minor dip from $88.18 million revenues in the previous fiscal. Recent Tax Demands - Nokia: In January 2013, Nokia had received a tax claim of €225 million ($294 million) plus applicable Interest from Indian tax authorities, following which the company had filed a petition with the Delhi High Court in March 2013. Nokia withdrew its application a month later and the Delhi…
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
News
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
Advert
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
News
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
News
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...