SEBI Reg. Investment Advisor

Download App

MoneyWorks4Me

Kingfisher to face music for Rs 153 cr TDS default

21 Dec 2011 Evaluate

The government is taking action against debt-ridden Kingfisher Airlines for not depositing Rs 153 crore, which the company deducted as TDS from its employees, with the exchequer. Proceedings have been initiated for FY 2010-11 to crystalise the default amount, levy interest on delayed payment and take further statutory action. The liabilities with regard to TDS default, as quantified from preliminary examination, was Rs 53.82 crore for 2010-11 and Rs 100 crore for the current fiscal. Out of the (total liability), Rs 21.04 crore has been collected by the IT Department. The airlines has filed a commitment letter and has undertaken to pay the balance TDS liabilities by the end of the current financial year. The Vijay Mallya-promoted airlines has not defaulted on payment of dues towards provident fund of the employees. The airlines has been facing financial problems on account of huge debts and is struggling to stay afloat. Recently, it has cancelled several flights and suspended operations of its budget carrier Kingfisher Red.

Peers
Company Name CMP
Interglobe Aviation 4638.75
SpiceJet 13.88
Raymond 422.05
Global Vectra Helico 203.85
Taneja Aerospace 281.55
View more..

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

Our Vision

To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.

What Makes MoneyWorks4Me Different

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through:

×