Step 2: Go to “My Account” -> select “E-Filing Processing Status”

Step 3: Enter Assessment Year -> 2009-10 and click on ‘Submit’

Step 4: View Processing Status for your return (see highlighted box below). In case of Refund, go to Step 5 to check Refund status. In case or No Demand No refund or Demand, await Intimation from CPC Bangalore

Step 5: To view Refund Status go to Tax Information Network (TIN) Website : https://tin.tin.nsdl.com/oltas/refundstatuslogin.html and enter PAN and Assessment Year and click ‘Submit’

Step 6: View refund Status. In case status is ‘dispatched by speed post’ -> track speed post by clicking on the hyperlinked Speed Post Ref. no: starting with “EY…”. In case ‘Mode of Payment’ is ‘ECS’ then check your Bank Account for Direct Deposit.

Step 7: Or go to http://services.ptcmysore.gov.in/speednettracking/. Enter the ‘Speed Post Ref. no’ in ‘Article Number’ and ‘Date’ in ‘Date of booking’ and click on ‘Track’

Step 8: View Status of Speed Post delivery -> click on ‘Movement’ to view tracking of article (see highlighted box below).

Step 9: Refund may be verified for correctness and in case of any error, the same may be brought to the notice of CPC, Bangalore. Intimation sheet will be directly mailed by Speed Post from CPC Bangalore.

www.mukeshraj.com

It has been brought to the notice of the Board that the following confusions/disputes prevail with respect to long term works contracts which were entered into prior to 01.06.2007 (when the taxable service, namely, Works contract came into effect) and were continued beyond that date:

(i)             While prior to the said date services like Construction; Erection, commissioning or installation; Repair services were classifiable under respective taxable services even if they were in the nature of works contract, whether the classification of these activities would undergo a change?

(ii)            Whether in such cases of continuing contracts, the Works Contract (Composition Scheme for payment of Service Tax) Rules, 2007 under Notification No. 32/2007-ST dated 22/05/2007 would be applicable?

2.         The matter has been examined.  As regards the classification, with effect from 01.06.2007 when the new service ‘Works Contract’ service was made effective, classification of aforesaid services would undergo a change in case of long term contracts even though part of the service was classified under the respective taxable service prior to 01.06.2007.   This is because ‘works contract’ describes the nature of the activity more specifically and, therefore, as per the provisions of section 65A of the Finance Act, 1994, it would be the appropriate classification for the part of the service provided after that date.

3.         As regards applicability of composition scheme, the material fact would be whether such a contract satisfies rule 3 (3) of the Works Contract (Composition Scheme for payment of Service Tax) Rules, 2007.  This provision casts an obligation for exercising an option to choose the scheme prior to payment of service tax in respect of a particular works contract.  Once such an option is made, it is applicable for the entire contract and cannot be altered.   Therefore, in case a contract where the provision of service commenced prior to 01.06.2007 and any payment of service tax was made under the respective taxable service before 01.06.2007, the said condition under rule 3(3) was not satisfied and thus no portion of that contract would be eligible for composition scheme.   On the other hand, even if the provision of service commenced before 01.06.2007 but no payment of service tax was made till the taxpayer opted for the composition scheme after its coming into effect from 01.06.2007, such contracts would be eligible for opting of the composition scheme.

4.         The Board’s previous Circular No. 98/1/2008-ST dated 04.01.2008 and the ratio of judgement of the High Court of Andhra Pradesh in the matter of M/s. Nagarjuna Construction Company Limited vs. Government of India (Writ Petition No. 6558/2008, dated 7-6-2010) are in line with the above interpretation.

5.         Trade Notice/Public Notice may be issued accordingly.

1. Selection of cases for scrutiny during the financial year 2010-11 will be done primarily through CASS this year. Manual Selection for scrutiny this year will be limited only to a few categories of cases listed below.
2. List of cases selected during each month in accordance with the selection criteria mentioned below shall be submitted by the Assessing Officers to their respective Range heads by the 15^th of the following month and also displayed on the Notice Board of their office.
3. These guidelines are meant only for the use of officers of the Income Tax Department. These are not be disclosed even if a request is made under the right to Information Act, in view of the decision of the Central Information Commission in the case of Shri Kamal Anand Vs Director (ITA-II), CBDT (Order No. CIC/AT/2007/00617 dated 21.02.2008).

SELECTION CRITERIA APPLICABLE TO ALL RETURNS AT ALL STATIONS:

a)    Value of international transaction as defined u/s 92b exceeds Rs. 15 crores.

b)    Cases involving addition in an earlier assessment year in excess of Rs.10 lacs on a substantial and recurring question of law or fact which is confirmed in appeal or is pending before an appellate authority.

c)    Cases involving addition in an earlier assessment year on the issue of transfer pricing in excess of Rs.10 Lakhs or more.

d)    Assessments in survey cases for the financial year in which survey was carried out This criteria will not apply if all of the following conditions are fulfilled:

(i)            There are no impounded books or documents.

(ii)           There is no retraction of disclosure made during the survey.

(iii)          Declared income, excluding any disclosure made during the survey, is nor less than the declared income of the preceding assessment year.

e)    Assessment in Search & Seizure cases to be made under sections 158B, 158BC, 158BD, 153A 153C & 143(3) of the IT Act.

f)     Assessments initiated under section 147 / 148 of the IT Act.

g)    Assessing Officer may select any return of scrutiny after recording the reasons and obtaining approval of the CCIT/DGIT. The cases under this category should be selected if there are compelling reasons and the case is not selected through CASS. There cases should be watched by CCIT / CIT in respect of the quality of assessment.

To

All Category – I Authorised Dealer Banks

Madam / Sir,

External Commercial Borrowings (ECB) Policy – Liberalisation

1. Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to para 2 (iv) of the A.P. (DIR Series) Circular No. 46 dated January 02, 2009 relating to External Commercial Borrowings (ECB) Policy.
2. At present, entities in the services sectors viz., Hotels, Hospitals and Software are allowed to avail of ECB up to USD 100 million per financial year under the Automatic Route, for foreign currency and/or Rupee capital expenditure for permissible end-uses. On a review, it has now been decided to consider applications from the corporates in the Hotel, Hospital and Software sectors to avail of ECB beyond USD 100 million under the Approval Route, for foreign currency and / or Rupee capital expenditure for permissible end-uses. The proceeds of the ECB should not be used for acquisition of land.
3. The modifications to the ECB guidelines will come into force with immediate effect. All other norms of the extant ECB policy relating to eligible borrower, recognized lender, end-use, all-in-cost ceiling, average maturity period, prepayment, refinancing of existing ECB and reporting arrangements would continue to apply in the case of ECBs availed of by the aforesaid sectors under the Automatic Route as indicated above.
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, 1999 (42 of 1999) and is without prejudice to permissions/approvals, if any, required under any other law.

Yours faithfully,
(Salim Gangadharan)
Chief General Manager-in-Charge

1. In all the returns filed in ITR-1 and ITR-2, for the Asst. Year 2009-10, where the aggregate TDS claim does not exceed Rs. Three lakh (3 lacs) and where the refund computed does not exceed Rs. 25,000; the TDS claim of the tax payer shall be accepted at the time of processing of the return.
2. In all the returns filed in forms other than ITR-1 and ITR -2, for the Asst. Year 2009-10, where the aggregate TDS claim does not exceed Rs. Three lakh (3 lacs) and the refund computed does not exceed Rs. 25,000 and there is 10% matching of TDS amount claimed, the TDS claim shall be accepted at the time of processing of the return.
3. In all remaining cases, TDS credit shall be given after due verification.

The amended rules will apply only in respect of tax deducted on or after 1st day of April 2010.

Forms for TDS certificate have been revised to include the receipt number of the TDS return filed by the deductor. Now the Tax-deduction Account Number (TAN) of the deductor, Permanent Account Number (PAN) of the deductee, and Receipt number of TDS return filed by the deductor will form the unique identification for allowing tax credit claimed by the taxpayer in his income-tax return.

Government Authorities (Pay and Accounts Officer or Treasury Officer or Cheque Drawing and Disbursing Officer) responsible for crediting tax deducted at source to the credit of the Central Government by book-entry are now required to electronically file a monthly statement in a new Form No. 24G containing details of credit of TDS to the agency authorised by the Director General of Income-tax (Systems).

Due date for furnishing TDS return for the last quarter of the financial year has been modified to 15th May (from earlier 15th June). The revised due dates for furnishing TDS return are

Due date for furnishing TDS certificate to the employee or deductee or payee is revised as under

DSM/BY/GN

Under the scheme an opportunity is given to the defaulting companies to make their default good by filing belated documents and to become regular compliant in future.

Reliefs provided in scheme are:

1. Condoning the delay in filing documents with the Registrar.
2. Granting immunity from prosecution and
3. Charging additional fee of 25 percent of actual additional fee payable for filing belated documents under the Companies Act,1956 and the rules made there under.

Defaulting company shall mean a company registered under the Companies Act, 1956 and a foreign company falling under section 591 of the Act, which has made a default in filing of documents on the due date(s) specified under the Companies Act, 1956 and rules made there under;

The scheme is valid from 30th May, 2010 to 31st August, 2010.

The Scheme shall not apply to following:

1. Filing of documents for incorporation or establishment of place of business in India
2. Where specific order for condonation of delay or prior approval under the provisions of the Companies Act, 1956 is to be obtained from the Company Law Board or the Central Government or Court or any other Competent Authority is required.
3. Companies against which action under sub-section (5) of section 560 of the Act has been initiated by the Registrar of Companies
4. Any defaulting private company or public company which has not increased its paid capital up to the threshold limit of rupees one lakh and rupees five lakh respectively as provided in sub section (3) and (4) of section 3 of the Companies Act, 1956.

How the Scheme will function

• The defaulting company shall pay statutory filing fees as prescribed under the Companies Act and rules made there under along with an additional fee of 25 percent of the actual additional fee standardized under sub-section (2) of Section 611 of the companies Act, 1956,payable on the date of filing of each belated document;

• The application for seeking immunity in respect of belated documents shall be made electronically in the Prescribed Form.

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1. The full text of “Model Equity Listing Agreement – for SME Exchange” is given at Annexure A. This agreement shall be executed for listing of specified securities issued or migrated on SME exchange, in terms of Chapter XA of the SEBI (ICDR) Regulations.

1. Certain relaxations are provided to the issuers whose securities are listed on SME exchange in comparison to the listing requirements in Main Board, which inter-alia include the following:

a. Companies listed on the SME exchange may send to their shareholders, a statement containing the salient features of all the documents, as prescribed in sub-clause (iv) of clause (b) of proviso to section 219 of the Companies Act, 1956, instead of sending a full Annual Report;

b. Periodical financial results may be submitted on “half yearly basis”, instead of “quarterly basis” and

c. SMEs need not publish their financial results, as required in the Main Board and can make it available on their website.

1. The above listing conditions are specified in exercise of the powers conferred under Section 11 read with Section 11A of the Securities and Exchange Board of India Act, 1992.
2. The Model SME Equity Listing agreement specified in the „Annexure A‟ shall come into force with immediate effect. 6. All Stock Exchanges are advised to:

(i) execute the Listing Agreement with the issuing companies in line with the Model Listing agreement specified in the Annexure, without limiting or diluting any of the requirements thereof;

(ii) make necessary and consequential amendments, if any , to their bye-laws for the implementation of the above decision;

(iii) disseminate the same on their website for easy access to the Issuers and investors; and

(iv) communicate to SEBI, the status of the implementation of the provisions of this circular in the Monthly Development Report.

SME Listing agreement

The extant guidelines have been reviewed in consultation with the Government of India and accordingly the pricing guidelines in respect of issue of shares including preferential allotment have been revised