Top headlines: Rs 950 cr tax evasion by Swiggy, Flipkart; 83 Tejas for IAF

From IT department revealing over Rs 950-crore tax evasion by Flipkart unit and Swiggy to Mahindra laying off two-thirds of staff at its North American subsidiary, here are top headlines this morning

Over Rs 950-crore tax evasion by Flipkart unit, Swiggy: I-T department

Over Rs 950-crore tax evasion by food delivery start-up Swiggy and Instakart (a group firm of Flipkart) has been detected following last week’s survey operations in Bengaluru. According to the initial findings of the Income Tax Department, third party vendors were also involved in the concealment of taxable income. ‘’The survey operations on the companies resulted in impounding of incriminating documents evidencing tax evasion issues including non-deduction from tax deducted at source (TDS) on commission income and cancellation charges by Swiggy and their restaurants. Read More

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