Kingfisher owes employees income taxes

Victoria
By Victoria December 20, 2011 15:21

Kingfisher owes employees income taxes

Kingfisher Airlines owes the Indian government about Rs 130 crore ($24.6 million) of tax deducted at source (TDS) revenue taken from employees’ salaries for the last two fiscal years. The airline has committed to pay the debt by the end of the current financial year to March 2012.

The airline is also required to clear all of its outstanding debts before it can seek any more funds from its lenders.

Kingfisher Airlines is reported to have pending requests with banks for Rs 670 crore of funded and non-funded working capital limits.

Victoria
By Victoria December 20, 2011 15:21
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