Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: VAT RATES :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: cpt :: ACCOUNTING STANDARDS :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit
 
 
Indirect Tax »
 Why rejig of financial year could upset your tax planning
 The threat of harsh penalty should not impede tax compliance
 What are the tax exemption limits for allowances, reimbursements paid to employees? Find out
 High-income taxpayers to get priority treatment and extra facilities
 GST input tax credit rules: How taxpayers will benefit from ITC
 More complications in filing income tax returns
 Guidelines for selection of cases for scrutiny during the financial-year 2017-2018
 CBDT asks Income Tax officials to pull their socks up as revenue collection not satisfactory
 Nearly 15 pct growth in direct tax collections for fiscal 2017-18
 Transformation of indirect taxation landscape
 Plenty of hiccups' expected as India rolls out new tax reform

RBI reverses tax deduction from Telangana account
September, 04th 2015

The Reserve Bank of India (RBI) reversed its deduction of the Rs 1,274.2 crore from the account of Telangana for tax dues after a finance ministry order overruled the claims of the income tax (IT) department.

With this reversal, the dispute between the Telangana government and the I-T department is set to resume as the reversal will now leave the taxman's claim unsettled.

The RBI, which is a banker to states, had to deduct the amount from the state government's account after the I-T department threatened to treat the RBI as a tax defaulter if it failed to deduct since it obtained an order from the high courts of Andhra Pradesh and Telangana in its favour.

Tax claims arose after the Andhra Pradesh Beverages Corporation, a liquor distributor in the erstwhile Andhra Pradesh state, had tax dues of the said amount to the Income Tax department.

After the state was split, the newly-created states -Telangana and Andhra Pradesh-were tossing the claims at each other. Subsequently , the Income Tax department secured a court order saying that the Telengana government is liable to pay the tax.

But the finance ministry had said the RBI could do so only by following constitutional procedures.

"The consolidated fund of a State can be debited only after the due process of appropriation," the ministry said on August 31."Any decision to debit the cash balance of any state by RBI should be based on some executive order issued by the Competent Authority after following the legislative process of appropriation."

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions