Sundaram Mutual Fund floats fixed term plans

Sundaram Mutual Fund new issue closes on 1st March

Sundaram Mutual Fund has launched Sundaram Fixed Term Plans-AD, AE and AX, a close-ended income scheme.

The objective of the scheme would be to generate income with minimum volatility by investing in debt and money market securities, which mature on or before the maturity of the scheme.

The new issue for plans AD and AE closes on 1st March. The minimum investment amount is Rs5,000. The new issue for plan AX closes on 18th February.


Shreyas Relay Systems enters into strategic alliance with All India Coastal Forwarder Welfare Committee

Shreyas Relay Systems through this strategic alliance aims to bridge up the knowledge gap amongst the members of AICFWC by creating a knowledge-interactive platform

Shreyas Relay Systems has entered into a strategic alliance with All India Coastal Forwarder Welfare Committee (AICFWC), India's only association focusing on domestic cargo in containers using costal shipping. The company organised 'Trade & Logistics Knowledge forum 2011', a knowledge-based interactive platform on logistics segment for the members of the association. The first series of event was recently organised at Gandhidham, witnessing complete strength of association members' participation.

Shreyas Relay Systems through this strategic alliance aims to bridge up the knowledge gap amongst the members of AICFWC by creating a knowledge-interactive platform. The company at regular intervals will conduct such knowledge forums jointly with AICFWC to educate the members on best practices in logistics and transportation planning, various mandatory documentation requirements and trade development models that are likely to be implemented in near future. Overall it will help the members address key issues and challenges that are faced at macro-level and will equip them better to cater the logistics requirement of their clients.

All India Coastal Forwarder Welfare Committee focuses on carrying domestic cargo in containers using costal shipping. The members' of the association cover 90% of the total market share of domestic cargo in containers.


Tata Motors fails to redress depositors’ tax grievance

Wrong entries on Form 26AS by Tata Motors deprives depositors of tax refund. Company and registrars ignore repeated complaints 

Remember the catchy slogan, 'Pay tax, karo relax'? Well, here is an instance that proves otherwise.

Charulata Vaswani is one among the many honest taxpayers in the country. And like many of them she has had the experience of a lifetime getting her tax refunds.

The stumbling block is the Form 26AS, a summary of all tax deductions against a PAN card, that most companies don't know about. The Income-Tax department requires a clearance against TDS (tax deducted at source) entries on such a form and it places the onus for this on the entity that deducts the tax amount. In the case of Ms Vaswani, the company conveniently shirked all responsibility.

After two frustratingly long years of complaining to Tata Motors, with whom her father and sister had a fixed deposit, the company responded to her queries only after Moneylife intervened. Still, the issue has not been resolved. Despite repeated appeals, the tax statements of her family members have several errors which have prevented them from claiming tax refunds.

Ms Vaswani's father and sister, who are NRIs, put a few lakhs of rupees in Tata Motors' fixed deposits through 'Link Intime', registrars and service providers, in Bhandup. Some time later, the Income-Tax department sent them Form 26AS, with a summary of all tax deductions against the PAN card. In order to claim any tax refund, all TDS entries must be marked 'F'. If, however, any entries are marked 'U' the taxpayer has to get the entity that has deducted the amount to rectify the challan, so that the entry is changed to an 'F', making it possible to claim the refund.
Ms Vaswani said that the Form 26AS for her father and sister had a 'U' against all TDS entries for Tata Motors. Consequently, they would have got about Rs35,000 less by way of tax refunds. Thus, began her ordeal. Call and emails she made to Link Intime from Delhi, were not answered. On one occasion, somebody who did take the call spoke rudely. Upset by the behaviour, Ms Vaswani wrote to Tata Motors directly. Sadly, the company also ignored here queries.

"My family members invested so much money with Tata Motors because we believed in the good name of the Tatas. If this is how they treat so-called 'valued NRI and HNI clients', I can't begin to imagine how they must be treating other investors," Ms Vaswani told Moneylife.

There were some unproductive communications with Link Intime. "They denied their mistake. They don't seem to have even heard about Form 26AS. They asked us to file the IT returns on the basis of the TDS certificate. But TIN-NSDL claims that the TDS certificate is not enough," Ms Vaswani said.

The NSDL reply makes it clear that the onus to make corrections is on the deductor. "It is for the concerned deductor to submit correct and complete TDS return. If the deductor has not filed/submitted or incorrectly filed/submitted the TDS return, then the Income-Tax Department looks into the matter."

After Moneylife took up the matter with Tata Motors, the company's representative Debasis Ray replied, saying, "We had taken up the said issue with Link Intime. We have taken corrective action and have filed revised TDS returns on 25.01.2011. We believe now you should be able to view credit of tax deducted in Form 26AS at the NSDL site."

Despite this assurance, some of the entries continued to be labelled 'U'. Vispi Patel, divisional manager of Tata Motors' secretarial segment, assured Ms Vaswani that all corrections had been done. He also said that the company had changed the FD Registrars from M/s Link Intime to M/s TSR Darashaw Limited. However, the errors remain.

Ms Vaswani says she is lucky to have got some assistance in this matter. "I don't know what other investors do. I suppose they just keep on suffering and probably end up facing some monetary loss also." She has suggested that the finance ministry do away with the Form 26AS procedure, or at least simplify it, to compel the deductor to make the corrections promptly. Is the government listening?



Nagesh KiniFCA

6 years ago

Send this to Ratan Tata who boasts of Tata Code of Conduct.
Wrong posting of any entry more particularly correct PAN is the basic duty of the one handling interest payment, matters little whether it is in-house Tata Central Share or any outsourced entity.
They should be penalized by calling for interest on delayed tax refund.This should be brought to the notice of both SEBI and CBDT.

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