Union Bank, ElectraCard Services to launch ecommerce services

Electraecomm is a secure, online, real time payment processing solution, supporting all major credit and debit cards

ElectraCard Services, a provider of software solutions for electronic payment systems, has set up an electronic internet payment gateway with its solution, electraecomm for Union Bank of India, a public sector bank.

ECS's electraecomm is a secure, online, real time payment processing solution, supporting all major credit and debit cards from global payment processing networks and multiple currencies. It provides transaction acquiring and processing interfaces to web merchants, customers, EFT switches & acquirer networks.

ElectraCard Services will host the payment gateway and merchant management systems for Union Bank from its data centre in Mumbai. Along with electraecomm, Union Bank has also implemented electrasecure, a solution that will enable safe online transactions.

On Wednesday, Union Bank ended 0.93% up at Rs299.40 on the Bombay Stock Exchange, while the benchmark Sensex gained 1% to 18,596.02.


Readymade Steel lists at Rs115 on BSE

Readymade Steel India raised Rs34.75 crore through the issue

Shares of steel fabrication firm Readymade Steel India got listed at Rs115 apiece on the Bombay Stock Exchange today, reflecting a jump of over 6% vis-a-vis their issue price. The stock surged by 6.48% against its issue price of Rs108 a share on BSE in opening trade.

However, within minutes, the stock came under heavy selling pressure and was trading at Rs83.50, down 22.68% from the issue price.

Readymade Steel India, which is primarily in the business of providing ready-to-use steel for construction activities to the infrastructure industry, raised Rs34.75 crore through the issue.

The company plans to utilise the issue proceeds for partly financing the expansion of its existing facility at Khopoli in Raigad district of Maharashtra, and setting up of new facilities near New Delhi and Raipur, besides pre-operative expenses, including issue expenses and working capital requirements.

On Wednesday, Readymade Steel India ended Rs66.45 on the Bombay Stock Exchange, while the benchmark Sensex gained 1% to 18,596.02.


Delay in uploading TDS data on NSDL web site inconveniences taxpayers

Organisations deducting TDS are required to submit the data to the Tax Information Network on the NSDL site on the basis of which taxpayers are supposed to file returns

Taxpayers have been hampered in filing income-tax returns, due to an unexplained delay in updating of TDS data on the Tax Information Network (TIN) maintained on the web site of the National Securities Depository (NSDL).

From the information available it seems that this has particularly affected senior citizens who have subscribed to the postal Senior Citizen Scheme. But there are other complaints which suggest that people who have invested in various other financial products have also been inconvenienced.

According to the law, an individual/organisation that undertakes TDS (tax deducted at source) must compulsorily file the return of tax with the income-tax department on a quarterly basis.

These returns are given to the NSDL, who is the custodian of this data. NSDL digitises the information and creates a statement called 26AS, which can be accessed by taxpayers. Assessees can then check the TDS on TIN.

"I have a savings account with the State Bank of India (SBI) and also a fixed deposit account in SBI's Bagmari branch in Kolkata. I got a TDS certificate, but to date the TDS (is) not reflected on the NSDL site. It's not only my problem, (but) many of my friends also face same problem," reads one complaint on www.complaintsboard.com.

According to the I-T department, it is mandatory for organisations that deduct tax to provide consolidated TDS information to those whose tax has been deducted. One way taxpayers can get this information is from the NSDL web site.

But the unavailability of data on the web site is causing unnecessary hardship for taxpayers filing returns through the actual submission of forms or by e-filling.

For those who choose e-filling, the data must match with what is on TIN as the income-tax department will cross-check the data submitted with the information available on the web site. Any discrepancy will result in the taxpayer being denied a possible refund.

There is a similar problem for those filling returns through physical submission of forms, for currently, the income-tax department does not ask for supporting documents, such as Form16 and Form16A (TDS certificates) and will verify the data on TIN.

Strangely, the income-tax department advises tax assessees to file their returns only after checking the data on TIN, when the data itself is either incorrect or not there at all.

Responding to a message from Moneylife seeking an explanation in the matter, NSDL said, "TDS returns are submitted/uploaded to the ITD's (income-tax department) web site by the respective deductors (and in the case of Post Office savings, by the Department of Posts) and not by NSDL."



v subramanian

5 years ago

In my case there are some superfluous entries in Form AS26. My banker has confirmed that the entries in question do not pertain to my PAN. I am in a fix as to how to tally the TDS figures with Form AS 26.

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