New Delhi: Kingfisher Airlines, which is now operating much lesser number of flights than in November, would not operate direct flights to some major cities and several Tier-II cities now on, as per the truncated schedule it has submitted to the aviation regulator. Among the cities to which it would not operate direct flights include Jaipur, Thiruvananthapuram, Nagpur and even Hyderabad, sources said quoting the fresh schedule the airline submitted...
07:31 PM, Feb 25, 2012
New Delhi: Rejecting the revised appeal by Kingfisher Airlines to allow 18 months to clear dues, the Income Tax Department on Friday sought Rs 35-40 crore as upfront payment and asked the airline to pay the balance dues in 8 months. Unhappy with Kingfisher's offer to make payments over 18 months period on weekly basis, the I-T Department summoned the airline management for a meeting and made it clear that...
05:23 PM, Feb 24, 2012
New Delhi: Ahead of the Budget, a key Parliamentary panel scrutinising the Direct Taxes Code (DTC) is likely to recommend raising of income tax exemption limit to Rs 3 lakh and tax breaks on investments to Rs 2.5 lakh. "There is a consensus among the members that annual tax exemption limit be raised to Rs 3 lakh," sources said after the meeting of the Parliamentary Standing Committee on Finance chaired...
04:56 PM, Feb 24, 2012
New Delhi: UPA Chairperson Sonia Gandhi has refused to disclose details of her Income Tax returns under the Right To Information act. Sources say party leaders have also defended her stand. Congress leaders supported Sonia saying that all details were with the I-T department and there was no need to go public with them. Sources also say that the details could be misused if made public. Chennai-based RTI activist V...
11:09 AM, Feb 24, 2012
New Delhi: There's more trouble for Kingfisher Airlines. After SBI sources came on record that they are not ready to lend anymore money to the airline company, more banks are coming out from the consortium of lenders to kingfisher. UCO bank chairman came on record and said 'no money for Kingfisher'. Bank of India has also said that it will not give any money to Kingfisher till the consortium of...
11:14 PM, Feb 23, 2012
New Delhi: The Income Tax department has called the Kingfisher Airlines management for a meeting on Thursday. The I-T department has rejected the revised appeal by the airlines, asking the airlines to first revisit the conditions of payments. Sources have said that the Kingfisher has offered to make payments over 18 months period on weekly basis. They also added that the Income Tax authorities are not happy with the tenure...
02:51 PM, Feb 23, 2012
New Delhi: Kingfisher Airlines has submitted a copy of its revised schedule to the Directorate general of Civil Aviation (DGCA). The crisis-hit airlines has formally announced a sharp drop in their operations. The DGCA had pulled up the airlines' CEO Sanjay Aggarwal on Tuesday for the sudden flight cancellations and not coming up with a realistic plan. Only 28 of 64 Kingfisher aircraft will operate now. DGCA will monitor Kingfisher's...
01:39 PM, Feb 22, 2012
New Delhi: Kingfisher Airlines will submit a detailed revised schedule for the aircraft that it is still operating to the Directorate General of Civil Aviation (DGCA) by 12 noon on Wednesday. The DGCA pulled up the airlines' CEO Sanjay Aggarwal on Tuesday for the sudden flight cancellations and not coming up with a realistic plan. Kingfisher is currently operating 28 of its 64 aircraft. Speaking out on the crisis, Kingfisher...
08:03 AM, Feb 22, 2012
New Delhi: The Income Tax department is likely to defreeze the frozen accounts of Kingfisher Airlines, which has been hit by a major cash crunch, leading to cancellations of several flights in almost all its routes across the country. According to sources, Kingfisher Airlines is also likely to make partial payments of Income Tax dues. The airlines owes as much as Rs 53.8 crore for financial year 2011 to the...
07:44 PM, Feb 21, 2012
Personal FN The year 2011 was rather turbulent for the Indian economy as it was steered by series of downbeat economic and geopolitical events, both in India as well as across the globe. As the Reserve Bank of India (RBI) adopted an anti-inflationary monetary policy stance, to tame the inflation bug, it took a toll on the economic growth rate clocked by our country as it dwindled due to high...
05:41 PM, Feb 21, 2012
New Delhi: The Income Tax department has demanded over Rs 413 crore as tax from the world's richest cricket body, the BCCI as per its income assessment for the year 2009-10, of which only Rs 41 crore have been paid. This was revealed in response to an RTI query. The department said BCCI used to get income tax exemption as a charitable organisation but now that exemption has been withdrawn...
06:06 PM, Feb 19, 2012
New Delhi: A senior income tax officer, S S Rana, who led raids on the businesses of Uttar Pradesh liquor baron Gurpreet Chadha alias Ponty Chadha, was on Friday transferred. The transfer of the official has come after reports that information on the raid was leaked to Chadha. The Central Board for Direct Taxes had said that it would investigate how the information on the income tax departments raids on...
07:47 PM, Feb 17, 2012
New Delhi: The government is likely to provide some relief to individual income tax payers in the forthcoming Budget by raising the exemption limit to Rs 2 lakh, as provided in the Direct Taxes Code (DTC), and hiking the slabs for different tax brackets. The possibility of lowering the tax rates, however, is remote in view of the fiscal constraints being faced by the government, sources said, adding that the...
05:10 PM, Feb 06, 2012
New Delhi: Come next financial year, the PAN card is likely to become the most potent tool for the Income Tax Department to unearth black money, tax evasion and instances of criminal financing in the country. A recent directive of the Central Board of Direct Taxes (CBDT) to the I-T Dept has asked its officials to launch a special drive against those who have "not furnished their PAN (Permanent Account...
10:12 AM, Feb 05, 2012
New Delhi: The Income Tax department has been trying to establish links between liquor baron Ponty Chadha and Uttar Pradesh's Orai-based mining mafia head Sukhdev Singh. Recently, Rs 1.5 crore were recovered from Sukhdev's office in raids conducted by the IT department. The I-T department also raided liquor baron Ponty Chadha's premises across Delhi and UP. Jewellery worth Rs 4 crore and Rs 50 lakh cash was seized. I-T officials...
07:52 AM, Feb 04, 2012
New Delhi: Ahead of the crucial Uttar Pradesh Assembly polls that begin next week, the Income Tax department raided liquor baron Ponty Chadha's premises across Delhi and UP. Jewellery worth Rs 4 crore and Rs 50 lakh cash has been seized so far. I-T officials carried out raids at 17 properties owned by the businessman. In a late night development, the final locker that was found in a Noida mall...
09:30 AM, Feb 02, 2012
New Delhi: Liquor baron Gurpreet Chadha alias Ponty Chadha, known to be very close to UP Chief Minister Mayawati, has been raided by the Income Tax Department on Wednesday morning. The Directorate of Criminal Investigation of Income Tax raided 17 places belonging to the liquor baron across Delhi and Uttar Pradesh including his multiplexes in Noida and sprawling farm house in Chattarpur spread over 13 acres. Ponty Chadha is the...
12:11 PM, Feb 01, 2012
New Delhi: Chief Election Commissioner SY Quraishi has said that the use of black money during the Assembly elections was a major cause for concern and the EC was trying its best to deal with it. In an interview with CNN-IBN, Quraishi spoke about the use of money power, liquor and drugs during elections and the EC's efforts to crack it. Rajdeep Sardesai: Mr Quraishi, we are seeing the assets...
09:55 PM, Jan 25, 2012
New Delhi: The Election Commission on Wednesday conducted a raid at the residence of a close aide of Punjab Chief Minister Prakash Singh Badal and recovered narcotics from his house. The raid was carried out in collaboration with the Income Tax department. Dayal Singh Kollianwali, a close aide of the SAD chief, lives in Kollianwalli village in Lambi constituency, from where Parkash Singh Badal is contesting the Assembly elections. There...
06:08 PM, Jan 25, 2012
Bhopal: "MP gajab hai'... You've heard that touristy catchphrase saying Madhya Pradesh is truly amazing! But the slogan acquires a new meaning in the light of startling revelations about corrupt government staffers who are turning out to have amassed unaccounted wealth worth crores of rupees. In 2011, the state anti-corruption wing unearthed assets running into crores from many government employees, from peons to clerks to engineers. The assets include cash,...
07:44 AM, Jan 21, 2012
