Govt taking action against Kingfisher for TDS default: Finance ministry

“Proceedings have been initiated for FY10-11 to crystallise the default amount, levy interest on delayed payment and take further statutory action,” minister of state for finance SS Palanimanickam informed Parliament

New Delhi: The government today said it is taking action against debt-ridden Kingfisher Airlines for not depositing Rs153 crore, which the company deducted as TDS (Tax Deducted at Source) from its employees, with the exchequer, reports PTI.

“Proceedings have been initiated for FY10-11 to crystallise the default amount, levy interest on delayed payment and take further statutory action,” minister of state for finance SS Palanimanickam said in a written reply in the Rajya Sabha.

The liabilities with regard to TDS default, as quantified from preliminary examination, was Rs53.82 crore for 2010-11 and Rs100 crore for the current fiscal, he said.

The minister further said, “Out of the (total liability), Rs21.04 crore has been collected by the Income Tax (I-T) Department. The airline has filed a commitment letter and has undertaken to pay the balance TDS liabilities by the end of the current financial year”.

Mr Palanimanickam said the Vijay Mallya-promoted airline has not defaulted on payment of dues towards provident fund of the employees.

“No dues of Employees’ Provident Fund Organisation (EPFO) and Employees State Insurance Corporation are pending against Kingfisher Airlines as on 30 October 2011,” he said.

The airline has been facing financial problems on account of huge debts and is struggling to stay afloat.

Recently, it has cancelled several flights and suspended operations of its budget carrier Kingfisher Red.

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COMMENTS

Nagesh Kini FCA

5 years ago

It is intriguing how the default was allowed to mount. Why no criminal action was initiated earlier.. After all the amount is not theirs but deducted from the employees' salaries and ought to have been deposited by the 7th of the next month.
With a significant shortfall in tax collections in the last two quarters of this fiscal the CBDT has rightly focused on corporates and TDS.

Global problems, high interest rates pulling down growth: Finance ministry

“The slower-than-expected growth this year could be attributed to global slowdown, which has resulted in slowing down of growth rate in many countries, including India, as well as to tight monetary policy to control inflation,” minister of state for finance Namo Narain Meena informed Parliament

New Delhi: Attributing the slowdown to the Reserve Bank of India’s (RBI) tight monetary policy and global problems, the government today informed Parliament that economic growth in 2011-12 will moderate to 7.5%, from 8.5% in the previous fiscal, reports PTI.

“The slower-than-expected growth this year could be attributed to global slowdown, which has resulted in slowing down of growth rate in many countries, including India, as well as to tight monetary policy to control inflation,” minister of state for finance Namo Narain Meena said in a written reply in the Rajya Sabha.

Although the Economic Survey in February had expected a growth rate of 9% for the current fiscal, the Mid-Year Analysis 2011-12 tabled in Parliament recently lowered the growth projection to 7.5%, he said.

“While the economy is expected to slow down in the current year from the levels achieved in 2010-11, India is still among the global frontrunners in terms of growth of gross domestic product (GDP),” Mr Meena said.

The government has been pursuing prudent macro-economic policies on an ongoing basis to obviate the impact of global financial crisis, he said, adding that the efforts were also being made to strengthen financial markets and increase social spending to protect poor.

The specific measures taken by the government recently to promote growth include “creation of Infrastructure Debt Fund, focusing on public private partnerships, announcement of New Manufacturing Policy, announcement of Draft Telecom Policy, introduction of Land Acquisition Bill in Parliament, and a number of legislative measures to develop banking sector in India”, he added.

Mr Meena said the Indian economy grew at an average annual rate of more than 9% between 2005-06 and 2007-08. The growth rate fell to 6.8% in 2008-09 on account of global financial crisis, but recovered the momentum to 8% in 2009-10.

“Even during 2011-12, which has been a relatively difficult year with the growth rate slowing down to 7.3% in the first half (April-September), India is still among the global front runners,” Mr Meena said.

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Be careful while typing URLs as misspelling may take you to a typosquatting website

Typosquatters register misspellings of popular websites in the hope that they will be able to make money out of traffic from unintentional typing mistakes made by internet surfers

In case you are one of the people who prefer to type a complete URL while surfing the Internet, here is a warning from IT security and control firm Sophos. It says one needs to be very careful while typing URLs otherwise you may be led to typosquatting websites like adult sites or phishing sites. Typosquatters register misspellings of popular websites in the hope that they will be able to make money out of traffic from unintentional typing mistakes made by internet surfers, the report added.

“It's so easy to mistype a URL, and it’s inevitable that from time to time you will end up on an unintended website. In the worst cases, careless typing can lead you to a criminal website designed to steal your identity or phish your credentials. A good idea is to bookmark your favourite websites rather than rely upon your fingers working correct,” said Graham Cluley, senior technology consultant at Sophos.

According to a study conducted by Sophos, there is a significant typosquatting ecosystem around high-profile, often-typed domain names. A huge 86% of the possible one letter misspellings of the Apple homepage led to typosquatting sites.

Sophos said it looked at typosquatting targeting its own website and those of Facebook, Google, Twitter, Microsoft and Apple. The study looked for registered websites for every single one letter typo of the company name: one letter omitted (e.g. Sopos), one letter mistyped (e.g. Sphos), or one letter added (Ssophos).

Of the 14,495 misspelled URLs looked at in the study, 738 or 5.1% were categorized by Sophos as cybercrime or adult. The former should always be blocked; the latter should be blocked at least in the workplace or around children, the security firm said.

The highest proportion of the squatting sites, 15% led to advertising sites. Cybercriminals will register misspelled sites to make advertising revenue every time someone mistypes the name of a popular site. Around 12% were found to be IT & hosting pages—suggesting that they have been registered with the intention of being held onto and sold at a profit, which is also known as ‘domain parking’, the report said.

Another important factor that makes people to type the URLs, is security concern related with clicking on a link, which is good thing. In addition majority of people even try to type the http or www and .com besides the URL. This can be avoided by using a shortcut. One should type the URL (like Google) and then press ‘control+enter’ buttons. This automatically adds the required http, www and .com in the URL.

User

COMMENTS

Narendra Doshi

5 years ago

In one of your recent articles (10 to 50 days ago) it was mentioned that one should ALWAYS type the URL for greater security and avoid password etc getting decoded easily.
Please define the % of risk in either case to enable decide which to use.

REPLY

MDT

In Reply to Narendra Doshi 5 years ago

Thanks Mr Doshi. We had said that one should avoid clicking on links from a search engine result, especially for using finanacial services online and should instead type the complete URL in the address bar. At the same time one should be careful while typing the URL and check before clicking the go button or pressing 'enter' button as wrong spelling may take you to wrong website that may not have good intention.

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