New Delhi [India]: Due to a lack of funds, SpiceJet has not deposited the PF money of the employees nor deposited the TDS money for several months.
Indian budget airline SpiceJet has started depositing Tax Deducted at Source (TDS) to its employees for the financial year (FY) 2021-22.
“We are happy to share that TDS for FY2021-22 of all employees has been deposited by SpiceJet. It will take a few days to reflect in your tax credit statement,” SpiceJet’s email to employees read.
“The Form-16 will hence be made available by next fortnight,” as per company mail to employees.
Further, the top management of the company assured the employees that, “Form 16 will be available to employees by next fortnight.”
In a letter written to employees by top airline management, the Airline assures that the remaining Provident Fund (PF) amount will be credited soon.
“Significant portion of PF contribution of all employees is also being credited,” SpiceJet said.
SpiceJet has been incurring losses for several quarters. The promoter of the company, Ajay Singh, is preparing to sell some of his stake in the company. He holds a total 60 per cent stake in SpiceJet. Earlier, he is looking for a buyer to sell his 24 per cent stake in the company.
The company’s reported loss in the June quarter stood at Rs 789 crore as against Rs 729 crore in the same quarter last year. As on June 30, the company’s liabilities were Rs 6,772 crore more than its assets.