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  1. #1
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    Dec 2009


    Default Kingfisher crisis: Deadline ends today to pay tax dues

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    Saturday is the deadline to pay at least Rs 9 crores out of Rs 60 crore service tax dues for Kingfisher Chairman Vijay Mallya, say media reports.

    Failure to do so may lead to freezing of his account again. Income Tax authorities had defrozen Kingfisher's accounts in February after Mallya paid up dues worth Rs 20 crores.

    Official records say the I-T and Service Tax departments have frozen as many as 40 bank accounts of the airline for non-payment of levies.

    With a major cash-crunch leading to delayed payments of salaries and other dues for over three months, sources had said earlier that the airline was putting in place a "holding plan" pending re-capitalisation and "there are several stations to which operations have been temporarily suspended".

    Kingfisher has also paid Rs 44 crore towards TDS arrears, which was due on or before March 27, as directed by the Income Tax Appellate Tribunal in Bangalore.
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