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SpiceJet Ltd is in for trouble as it is likely to face penal action for violation of tax deducted at source (TDS) norms and non-distribution of Form 16 to its employees.
"There are some violations and we are looking into it,’’ KV Chowdary, Chairman, Central Board of Direct Taxes (CBDT), told newspersons here on Friday while responding to questions at a press conference.
While declining to disclose the quantum of funds involved, he said action would be initiated to recover the tax with penal interest adding: "Some penalty will also be there,’’ the official said.
OTHER CASES
On the status of the Vodafone case, he said the company preferred arbitration. "Two arbitrators have already been appointed including one from India. The process is on for appointing the third arbitrator," he said.
On Nokia tax issue, the official said if there were no stays by courts, the assessment could be completed before the end of present financial year. The matter was still pending in the court, he added.
Nokia has been facing a tax dispute with the Centre and State Government on its manufacturing plant in Chennai. The plant could not be included in the $7.2 billion sale of its handset business to Microsoft.
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