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Gary Shilling’s monthly Insight newsletter always contains a huge amount of informative macro insights (well named I guess). This month’s was no exception. In the letter he provided 9 bullet …
“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.