Oyo Gets Income Tax Notices for Inaccurate Filing

Latest startup news

Hospitality company OYO got notice from income tax (I-T) officials for furnishing inaccurate data regarding their income.

According to reports, the income tax department has sent notices to parent company Oravel Stays in November and December for the assessment year 2016-2017.

The case is speculated to be linked to non-deduction of tax deducted at source (TDS) on payments made by the company in the assessment year 2016-17.

It is to be noted that OYO reported losses worth $56.24 million (₹ 400 crore) in its returns for 2016-2017. It is to be noted that the I-T department in December passed an order against the company and OYO has filed an appeal against the order this week.

“OYO Hotels & Homes is fully compliant with the payment of all taxes, and as a responsible citizen been abiding by all the laws of the land. On the claims raised by the Income Tax Department, OYO has filed an appeal with the appropriate appellate authority, and the matter is currently sub-judice,” said an OYO spokesperson.

The company has been going through a tough phase for the last few months. Earlier, various hotel lobbies of the country had sent legal notices to the company and threatened to organize nationwide protests. Now the latest blow from Income Tax is likely to become another hurdle for its plans for 2019.

Web Hosting


Please enter your comment!
Please enter your name here