Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: VAT Audit :: VAT RATES :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: TDS :: form 3cd :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: cpt :: ACCOUNTING STANDARD
« General »
 India’s GST among most complex in world, and it is 0% tax rate that is hurting the idea
 Can’t overrule courts with retrospective amendments, says Supreme Court
 Why tax planning should be an all-year round activity
 8 financial tasks you should do in the next 30 days
 Income Tax department may defend CPC in returns fraud case
  Income tax department sends notices to investors over tax treaty gains
 Seven months after GST rollout: Time for handholding over, Centre to intensify efforts to curb tax evasion
 Individual angels may get tax relief too
 The differences between tax and cess
 Startups that raised funds from angel investors face tax scrutiny
 Tax collection assumptions in India's budget ambitious

Aviation Crisis: After taxmen's threat, Jet Airways to pay dues
March, 12th 2012

Jet Airways on Saturday said it will pay dues to the service tax authorities, after they warned that its accounts could be attached.

Jet is said to owe 60 crore as dues to the tax authorities, according to two officials at the Excise Commissioner's office, which administers the service tax. Jet has not paid taxes for January and February. The service tax is to be deposited on the sixth of every month.

A Jet spokesperson said in a response to an ET query, "Service tax dues for January 2012 of 35 crore will be paid to the Authorities on 12 March 2012 and February 2012 service tax dues of 35 Crore will be paid on 15th March 2012".

"There is no truth in the statements made to certain sections of the media regarding attaching / freezing any of the Company's Bank Accounts... the company has generally been regular in meeting and discharging all its statutory obligations ," the spokesperson said.

Jet Airways is the second airline to be in the news for a default on tax dues in the current volatile market situation. The tax authorities have already frozen 42 accounts of Vijay Mallya-promoted Kingfisher Airlines. The Service Tax Rules empower the officials to issue such directions to a body or a person who holds income on behalf of a defaulter.

A service tax official said they expect the airline to pay the tax dues early next week. A delay attracts interest at one percent a month with penalty in some other cases as well. Jet Airways, however, in a reply to an ETquery said that the information is not correct.

Aviation experts say that Jet is now in a phase where the sectoral strains are catching up with it. Jet has a debt burden of 13,900 crore and has accumulated losses of over 1500 crore. The airline is also seeking to get help from the banks to raise working capital loan.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Organic SEO Outsourcing Organic Search Engine Optimization Outsourcing Organic Website SEO Organic SEO India Website SEO India Organic Search Engine Optimization India Organic Internet SEO India Organic Web

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