Kingfisher Airlines owes Rs 269 crore income tax: Govt

New Delhi: Vijay Mallya-promoted Kingfisher Airlines owes Rs 269.06 crore income tax and I-T Department has initiated penalty and prosecution proceedings against the private carrier, Government informed the Lok Sabha today.
Kingfisher Airlines was found to have deducted tax at source (TDS) on salary payments but had not deposited it in Government account, Minister of State for Finance S.S. Palanimanickam said in a written reply.
"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.
"Action for recovering has been undertaken and a total of Rs 103.03 crore has already been recovered. Penalty and prosecution proceedings under the Income-tax Act have also been initiated," Palanimanickam said.
18/05/12 PTI/Deccan Chronicle

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Categories: Kingfisher May 2012