The company in its latest shareholder letter disclosed that they had an average of 4,18,ooo monthly active delivery partners in the last quarter of FY24
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Zomato, the food delivery giant, has developed a new tool that allows its delivery partners to seek refunds for tax deducted at source (TDS) by filing an Income Tax Return (ITR). This project represents a big step towards financial empowerment for the company’s extensive delivery partner network. “Thrilled to announce that we have just enabled all our delivery partners to get refunds on their TDS deduction through Income Tax Return (ITR) filing,” Deepinder Goyal, Co-founder and CEO, Zomato, said through a tweet on X, formerly Twitter.
Goyal further explained that Zomato is mandated by the government to deduct 1 per cent as TDS from the delivery partner payouts, which can be claimed as a refund through ITR filings. “Within 48 hours of going live on the Zomato Delivery Partner app, more than 1 lakh partners have initiated their ITR filing; we are expecting a total tax refund of more than Rs 40 Crores to our delivery partners,” he added.
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The company in its latest shareholder letter disclosed that they had an average of 4,18,ooo monthly active delivery partners in the last quarter of FY24. With this initiative, most of the delivery partners will be filing taxes for the first time.
Moreover, Zomato stated its fourth straight quarter of net profit with Rs 175 crore for the January-March period, a considerable increase from the previous year’s loss of Rs 188 crore. Operating revenue increased 73 per cent year on year, hitting Rs 3,526 crore for the quarter.
