Export of Goods and Software – Realisation and Repatriation of export proceeds – Liberalisation

RESERVE BANK OF INDIA Foreign Exchange Department
Central Office
Mumbai - 400 001

RBI/2009-10/513
A.P. (DIR Series) Circular No.57 June 29, 2010

To
All Category - I Authorised Dealer Banks

Madam / Sir,

Export of Goods and Software – Realisation and Repatriation of export proceeds – Liberalisation

Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P.(DIR Series) Circular No.70 dated June 30, 2009 increasing the period of realisation and repatriation to India of the amount representing the full export value of goods or software exported, from six months to twelve months from the date of export, subject to review after one year.

2. The issue has since been reviewed and it has been decided, in consultation with the Government of India, to extend the above relaxation up to March 31, 2011.

3. The provisions in regard to period of realisation and repatriation to India of the full export value of goods or software exported by a unit situated in a Special Economic Zone (SEZ) as well as exports made to warehouses established outside India remains unchanged.

4. AD Category - I banks may bring the contents of this circular to the notice of their constituents and customers concerned.

5. The Directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

Yours faithfully,
( G. Jaganmohan Rao)
Chief General Manager

INTERNAL GUIDELINE TO INCOMETAX DEPT. IN RESPECT OF FORM. 26AS

Dated: June 18, 2010

D.O. No. FTS-799468/2010- MEMBER (R)

You may be aware that the Tax Credit Statement (in Form 26AS) in respect of each PAN holder is being compiled by the Income Tax Department on real time basis. Such statements are available for online view to the PAN holder, to enable him/her to take timely corrective steps in case of missing gaps. It is thus considered desirable to increase the awareness about the same among all sections of society.

2. The object is to give the taxpayer feedback regarding the tax credits as reported by the tax deductors/collector s besides showing taxes deposited by way of self assessment tax, advance tax etc. The tax credit reflected in such statement may increase or decrease in case the deductor revises the information/ updates the information or files the TDS returns after finalization of Form 26AS (Tax Credit Statement). The procedure for creation of this Tax Credit Statement is in accordance with section 203 AA of the I.T. Act, 1961 or the second proviso to sub section (5) of section 206C of the LT. Act, 1961.

3. The credits reflected in this statement are available in our system for giving tax credit at the time of processing of returns. Therefore, it is critical that these statements actually reach the taxpayer so that corrections, if any, are done before the return is filed, I.e. Before July, 2010, and the tax credit available to them is known to them is complete, correct and upto date.

4. In case of missing entries or unmatched entries, the taxpayers may be advised to contact their deductor and ascertain whether the deductor has either

i) erred in quoting the correct PAN or not quoted the PAN; or

ii) not filed the TDS return; or

iii) has not paid the required TDS to Government account.

4.1 In such a case, the taxpayer may approach the deductor and persuade the deductor to rectify the deficiencies. Kindly note that since the tax statement will be the basis for giving tax credits, hence, absence of tax credit will bind the Officer to adhere to the tax credit available.

5. From the current financial year onwards you can also view your tax credits by undertaking a one-time registration. Detailed procedure for registration is available at www.incometaxindia. Gov.in and www.tin-nsdl. Com.

6. Statements in 26AS have been sent to about 50 lakh taxpayers through emails obtained from different sources wherein corresponding PANs were mapped. Statements are being sent in a password protected PDF file.

7. The objective of this communication is to:

i) Apprise you of the above facility especially in the light of issues of matching of TDS entries while processing the returns; and

ii) Request you to give adequate publicity to this attempt of the department.

8. As a senior officer of the department, it is hoped that under your leadership and guidance, the scheme would find adequate publicity and acceptability amongst taxpayer in your jurisdiction.

9. In case you have personally not availed of the above facility, you could:

i) Register for the above utility which is password protected and is transmitted through secured and safe algorithm; The procedure for registration is mentioned in detail at www.tin-nsdl. Com;

ii) Encourage officers/ officials working in your charge to register for the same:

iii) You may also consider sending us authenticated PAN-email mapping of officers so that such statements are sent to them.

10. In case of clarifications, the following officers at the Directorate of Income Tax (Systems) may be contacted:

RBI Guidelines for alterations/corrections on payment instruments

Prohibiting alterations / corrections on cheques : No changes / corrections should be carried out on the cheques (other than for date validation purposes, if required). For any change in the payee’s name, courtesy amount (amount in figures) or legal amount (amount in words), etc., fresh cheque forms should be used by customers. This would help banks to identify and control fraudulent alterations. ”
 
In simple terms,
With regards to recent guidelines issued by RBI on alterations or corrections on payment instruments (Cheques) vide cicular DPSS.Co.CHD. No. 1832/01.07.05/2009-10 dated 22nd February 2010

1) While issuing cheques, alteration on amount or the payee name will no longer be allowed.
2) Cheques with such corrections will no longer be honoured effective 1st July 2010.

Hence please issue fresh cheques in case of any corrections.

It may be noted that cheques with alterations or corrections (despite having your signature next to them) will no longer get cleared by banks after 1st July 2010.

Note : Alterations on Date will still be accepted.

View TDS/Tax Credit (Form 26AS) with Free of Cost

New facility added in "My Account" for registered E-filers to View the Tax Credit Statement (Form 26AS) to verify if the tax payments made by you or TDS deducted from salary or interest etc are correctly reported to the Department.

https://incometaxindiaefiling.gov.in/portal/index.jsp

TDS Notification

Latest TDS Notification - Notification: 41 Date of Issue: 31/5/2010

Link : http://docs.google.com/fileview?id=0B-0hzoMM8_XZZjRmNmY5ZTItMTc4NC00ODkwLTliOWQtNGQ2YzA0NGMyYThj&hl=en

Link for all Notifications : http://law.incometaxindia.gov.in/DIT/Notifications.aspx

CBDT Circular - Explanatory notes

Income Tax - 05/2010 - dated June 3, 2010

Explanatory notes to the provisions of the Finance (No. 2) Act, 2009

Link  : http://docs.google.com/fileview?id=0B-0hzoMM8_XZZGFhZTk0ZmQtNTY0ZC00ZmNiLWI5ODYtMTMzYTc4Y2ExNjA1&hl=en

DISA Classes, Madurai

Proposed dates for DISA Classes at Madurai is as follows:
(SUBJECT TO APPROVAL & ACCEPTANCE BY ICAI):
June 12,13,19,20 & July 3,4,10,11,17,18, 24,25

Note :
Dates wherein no classes shall be held & remarks
Jun 26,27 - Residential Conference by MBSIRC of ICAI

Class timings : 9.30 AM to 6 PM
Minimum Attendance compulsory : 90%