Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: form 3cd :: articles on VAT and GST in India :: list of goods taxed at 4% :: due date for vat payment :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: TDS
 
 
« General »
 DHFL loan to Manpreet Estates under tax scan
 Council acts to ease cascading tax impact on petroproducts
 Income Tax comes a cropper tracking shell firms
 Income Tax returns: Is rental income from property taxable in hands of homeowners?
 Tax department to engage with corporates to spur receipts
 Furnish Form 67 to claim foreign tax credit in India tax return
 GST: Commerce ministry to write to finance ministry over trademark rule
 GST: Govt issues clarification to address service tax issues, misses key concerns
 How to file LUT/Bond for SEZ units under GST
 Exemption From Capital Gains On Sale Of Agricultural Land
 FinMin wants RBI to lower rates, boost domestic demand

Broke Kingfisher even retains tax cut from its staff, they get IT notices
November, 28th 2011

Such was the financial mismanagement at the cash-strapped Kingfisher Airlines that it did not deposit tax deducted from employees salaries amounting to Rs 422 crore over the last couple of years with the Income Tax authorities. The company failed to meet its obligations amounting to Rs 15 crore towards employees provident fund, service tax and fringe benefit dues too.

While the companys March 2011 annual report acknowledges the dues owned by it to the tax department, its employees came to know of this only recently when the income tax department sent them notices raising tax demands, in certain cases up to Rs 80 lakh, after they filed for a tax refund.

A Delhi-based aircraft maintenance engineer employed with Kingfisher Airlines till 2009 received a shock when he came to know that the airline did not deposit TDS. Now I get an intimation from the income tax department... through which an amount of Rs 2,88,480 has been demanded from me, he wrote in a complaint to the IT authorities, after he failed to get a response from the airlines personnel department.

Confirming the receipt of complaints from Kingfisher employees, top IT officials said the airline would soon be served a notice. We suspect there may be several such cases, said a Bangalore-based IT official, adding that apart from penalties, the defaulter could also be jailed.

An airline spokesperson declined to comment, and a questionnaire sent by The Indian Express remained unanswered for two weeks.

According to the companys annual report 2010-11, amounts payable from 2008-09 onwards in respect of tax deducted at source amounted to Rs 422.97 crore. Besides TDS, provident fund of Rs 43.80 lakh, service tax of Rs 10.47 crore and fringe benefit tax of Rs 4.50 crore were outstanding for a period of more than six months.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions