Latest Expert Exchange Queries
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: list of goods taxed at 4% :: empanelment :: form 3cd :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: ACCOUNTING STANDARD :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: VAT Audit :: TDS
 
 
« Indirect Tax »
 Income-tax (16th Amendment) Rules, 2017
 TDS, TCS deferred for smooth GST rollout
 GST may lead to better operating profit margin for multiplex operators
 Indirect taxes must equal direct taxes
  Income Tax dept issues notices to ‘farmers’ claiming suspect agricultural income
 GST would match or be lower than the multiple indirect taxes on real estate
 Tax incidence under GST lower than current indirect taxes
 Here's the complete list of pre-GST discounts being offered by companies
 Applicability of Explanation 2 to Section 132B of the I.T. Act, 1961- reg.
 Here’s all you need to know about TDS and why it is deducted
 New indirect tax regime

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