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May 18th, 2012
Rs269 crore due to income tax…

Kingfisher Airlines owes Rs269.06 crore income tax and I-T Department has initiated penalty and prosecution proceedings against the private carrier, Government informed the Lok Sabha on Friday.

Kingfisher Airlines was found to have deducted tax at source (TDS) on salary payments but had not deposited it in Government account, Minister of State for Finance SS Palanimanickam said in a written reply.

“Survey…was conducted at the business premises of the aforesaid company and subsequently tax demand (including interest) amounting to Rs372.09 crore pertaining to FYs 2009-10 to 2011-12 were raised,” he said.

“Action for recovering has been undertaken and a total of Rs103.03 crore has already been recovered. Penalty and prosecution proceedings under the Income-tax Act have also been initiated,” Palanimanickam said.

He said in case of Employees State Insurance Corporation, an amount of Rs23.42 lakh is outstanding against the Bangalore unit of Kingfisher Airlines towards ‘interest and damages’, for which recovery action has been taken. The matter is pending in a court, he said.