DIRECT TAXES
| Tax authorities claim to recover Rs 60 cr from accounts Tue, 13 Mar 2012 00:51:07 +0530 |
| Business Standard Economy Policy News Tax authorities here who have attached various bank accounts of Kingfisher Airlines claim they have recovered nearly Rs 60 crore. The airline has not been able to deposit the TDS (tax deducted at source) it has been deducting while paying its vendors. The action was taken after a series of questions were raised during the Winter Session of Parliament about the status of the airline and how the Centre was addressing it. Finance Minister Pranab Mukherjee subsequently got the respective replies from the tax department. He informed the House that as much as Rs 300 crore was pending from the airline and action would be taken. “If the finance minister tells Parliament action will be taken, we will have to take action,” tax officials told Business Standard. On how the income tax department would approach this case, a senior officer said the next step would happen at the Central Board of Direct Taxes’ chairman level and subsequently with the finance ministry. “Our directive is to recover as much as possible. We are working by assuming the worst case scenario,” a senior Internal Revenue Service officer said. Requests for a statement went unanswered from Kingfisher Airlines’ management. |
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