Kingfisher Airlines owes Rs 269 cr, I-T dept initiates proceedings

New Delhi: Kingfisher Airlines, the Vijay Mallya-promoted carrier, owes Rs 269.06 crore as income tax. The Income Tax (I-T) Department has initiated penalty and prosecution proceedings against the private carrier.
Kingfisher Airlines was found to have deducted tax at source (TDS) on salary payments but had not deposited it in the government account, Minister of State for Finance S S Palanimanickam said in a written reply to the Lok Sabha on Friday.
"Survey was conducted at the business premises of the aforesaid company and subsequently tax demand (including interest) amounting to Rs 372.09 crore pertaining to FYs 2009-10 to 2011-12 were raised," he said.
18/05/12 Business Today

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Categories: Kingfisher May 2012