Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: articles on VAT and GST in India :: VAT RATES :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: VAT Audit :: ACCOUNTING STANDARD :: TDS :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« General »
 There will be no tax on farm or agriculture income
 RBI, Income Tax Acts to be amended for electoral bonds, Jaitley says
  Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
 I-T zeroes in on Mumbai trader in first crackdown after demonetisation
  Tax queries answered by Dilip Lakhani, Senior Chartered Accountant
 Income Tax Department Failed To Unearth Black Money Despite Information
 Govt filing twice as many cases as private cos in Supreme Court
 Taxes under GST 'to increase a bit', says CBEC Chairman
 Google Tax could soon make even downloading apps on your smartphone a costly affair!
 Chances for a tax audit have rarely been this low
 CBDT to make separate wing to probe benami, black money

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