Govt taking action against Kingfisher for TDS default: FinMin
The government today said it is taking action against debt-ridden Kingfisher Airlines for not depositing Rs 153 crore, which the company deducted as TDS from its employees, with the exchequer.india Updated: Dec 20, 2011 20:23 IST
The government on Tuesday said it is taking action against debt-ridden Kingfisher Airlines for not depositing Rs 153 crore, which the company deducted as TDS from its employees, with the exchequer.
"Proceedings have been initiated for FY 2010-11 to crystalise 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 Rs 53.82 crore for 2010-11 and Rs 100 crore for the current fiscal, he said.
The Minister further said, "Out of the (total liability), Rs 21.04 crore has been collected by the IT Department. The airlines has filed a commitment letter and has undertaken to pay the balance TDS liabilities by the end of the current financial year".
Palanimanickam said the Vijay Mallya-promoted airlines 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 October 30, 2011", he said.
The airlines 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.