Friday, August 25, 2023

SpiceJet says TDS process has begun, co will deposit 'substantial' amount towards PF soon

Responding to media reports claiming non-payment of money into pension funds of employees for at least 18 months, Indian budget carrier SpiceJet on Friday told ET Online that the process for depositing TDS has already been initiated and that it will be depositing a substantial amount soon.

On TDS, the company said, "The process for depositing TDS has already been initiated by the Company and Form 16 is being gradually released." Further, it said that there was a certain deferral with respect to the disbursal of funds towards PF, but the company will be depositing a substantial amount soon.

Earlier in the day news reports suggested that SpiceJet has not submitted employee tax since the last fiscal year that ended on March 31 and that it also delayed salaries to senior employees by up to 3 weeks.

SpiceJet swung to a first-quarter profit on Monday as lower expenses more than offset a fall in revenue. It reported a consolidated net profit of Rs 197.64 crore for the quarter ended June 30, 2023, versus a net loss of Rs 783.72 crore in the year-ago period. However, the company's profit was lagely on the back of a 36% decline in total expenses for the said quarter to Rs 2,069.24 crore.

While the carrier just flew into profits, in July India's aviation watchdog had taken SpiceJet off its enhanced surveillance regime.

Nonetheless, SpiceJet is also involved in legal battles ahaint former promoter Kalanithi Maran and some lessors.

25/08/2023 Economic Times

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