Page 24 - Tcs

How 20% TCS will impact your foreign stock holdings, crypto from October 1

Those who are investing in foreign stocks, mutual funds, or cryptocurrencies abroad will have to pay more TCS if they spend beyond Rs 7 lakh in a financial year.

End of WFH? Tata Consultancy Services looks at 5-day work from office

No official memo for employees across the company, say sources

Accenture guidance delays hopes of demand pick-up for Indian IT: Analysts

Nirmal Bang analysts suggest investors use the gains to pare positions if overweight, especially in the tier-2 IT pack

Higher 20% TCS on overseas remittances, foreign tour kicks in from Oct 1

The higher rate of 20 per cent TCS to be levied on spending above Rs 7 lakh on foreign tour packages and liberalised remittance scheme (LRS) will kick in from October 1. Currently, funds transferred overseas under the Reserve Bank's LRS attract 5 per cent Tax Collection at Source (TCS) on amounts exceeding Rs 7 lakh. The TCS rate will go up to 20 per cent from October 1. Currently, LRS transfers up to Rs 7 lakh in a fiscal do not attract any TCS. The same provision will continue from October 1. At present, purchase of overseas tour packages currently attracts 5 per cent TCS. From October 1, such spending up to Rs 7 lakh will attract 5 per cent TCS. Above the threshold, TCS rate will be higher at 20 per cent. An assessee can take credit of the TCS amount paid at the time of filing income tax returns for the relevant assessment year. TCS of 5 per cent will continue to be levied on annual expenses exceeding Rs 7 lakh towards medical treatment and education each. For those availing

Travel agents body calls to abolish TCS ahead of implementation from Oct 1

As the new Tax Collection at Source (TCS) on foreign remittances is set to become applicable from October 1, travel agents' body TAAI has made a last-minute plea to the government, urging them to abolish the decision or defer its implementation until the next fiscal year to allow discussions on overseas tour packages. The government has raised the TCS on foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent. This will be applicable to international travel, sending money abroad and other remittances. Travel Agents Association of India (TAAI) has written to Finance Minister Nirmala Sitharaman, appealing to abolish TCS on overseas tour packages, highlighting the business loss and complexity of its implementation. In a letter to the FM, TAAI President Jyoti Mayal said the TCS is a huge challenge for the travel fraternity and would lead to a lot of business being diverted to overseas tour operators. Further, she pointed out that with GST alread

HCLT, Infosys: Morgan Stanley ups target price of IT stocks by up to 29%

Among individual stocks, Morgan Stanley has maintained their overweight rating on HCLT, LTIMindtree and Infosys within the large-caps.

India-Canada rift bad for business; IT firms may struggle to land new deals

Canada makes up to 5-6 per cent of Indian IT companies' revenues. Top companies like TCS and Infosys have recently acquired work from Canadian government departments and organisations

TCS expands partnership with Africa's Standard Bank Group for security ops

Tata Consultancy Services (TCS) on Monday said it has expanded partnership with Africa's Standard Bank Group for security settlement operations. The Indian IT major will use their TCS BaNCS Global Securities Processing Platform for centralising and standardising operations in over 15 markets of Standard Bank Group (SBG), the company said in a statement. TCS BaNCS Global Securities Processing Platform is a SWIFT-certified single consolidated solution to help both buy-side and sell-side firms implement robust, error-proof trade processing, clearing and settlement, custody, portfolio accounting, and corporate actions administration, as per the company. The platform has been deployed in seven markets while the rest will be covered by March 2024, the statement said. "With this rollout, SBG will be able to offer a consistent experience and service level across markets and enable enhanced data strategies," TCS Global Head for Financial Solutions Venkateshwaran Srinivasan said. We selecte

Indian IT cos don't see any immediate challenges due to India-Canada tussle

So far, both Canada and India have expelled senior diplomats in reciprocal moves. On Thursday, September 21, India temporarily suspended visa services for Canadian citizens

M-cap of nine of top-10 valued firms add Rs 1.80 trn; TCS biggest winner

The combined market valuation of nine of the top-10 most valued firms rallied by Rs 1,80,788.99 crore last week, amid an overall buoyant trend in equities, with Tata Consultancy Services (TCS) emerging as the biggest gainer. Last week, the BSE benchmark jumped 1,239.72 points or 1.86 per cent. The 30-share BSE Sensex rallied for the 11th day running on Friday. The 30-share BSE benchmark had jumped 319.63 points or 0.47 per cent to settle at a record closing of 67,838.63 on Friday. During the day, it rallied 408.23 points or 0.60 per cent to hit its fresh all-time intra-day high of 67,927.23. Hindustan Unilever Limited was the only laggard from the top-10 pack. The list of winners had Reliance Industries Limited, TCS, HDFC Bank, ICICI Bank, Infosys, ITC, State Bank of India, Bharti Airtel and Bajaj Finance. The market valuation of TCS jumped Rs 57,300.75 crore to Rs 13,17,203.61 crore. HDFC Bank added Rs 28,974.82 crore taking its market capitalisation (mcap) to Rs 12,58,989.87 ...

TCS joins Living Heart Project to create digital human heart models

Tata Consultancy Services on Monday said it joined the Living Heart Project of European technology major Dassault Systmes to create accurate digital human heart models. TCS in an exchange filing said it will use its domain and technology expertise, and research on the Digital BioTwin of the heart to contribute to model refinement, simulation, and technological implementation in developing and validating accurate and personalised digital human heart models. The TCS Digital BioTwin is a biophysics-based high-fidelity computational model developed by TCS researchers to enable the investigation of the function of a particular human organ remotely and non-invasively. The Living Heart Project unites an ecosystem of cardiovascular researchers, educators, medical device developers, regulatory agencies, including US FDA, and practising cardiologists, to develop and validate realistic digital simulations of the human heart. A groundbreaking project with the Living Heart simulated 3D heart m

Reliance Industries, Tata group partner Nvidia for India AI infrastructure

TCS will utilise the AI infrastructure and capabilities to build and process generative AI applications

Stocks to Watch: Reliance, Tata Consumer, Biocon, TCS, REC,Som Distilleries

Stocks to Watch on September 7, 2023: Tata Consumer Products has refuted reports that said it is in talks to acquire a majority 51 per cent stake in Haldiram's

TCS signs £800 million contract with digital unit of JLR for five years

TCS has operated in the UK for more than 45 years and works with over 200 clients

IT sector companies defer hikes, lower increments amid slow growth

Wipro has postponed salary hikes, while Infosys and HCL opt not to implement raises

Employee costs to haunt Indian IT even as biz prospects improve: Analysts

Indian IT Services companies, Goldman Sachs said, have doubled their market share in the last 10 years to 6.2 per cent of the global IT spending in CY22

'Technical glitch' in TCS system delays recruitment exam, probe ordered

A top bureaucrat in Maharashtra's revenue department will conduct an inquiry into the reason behind a technical glitch in the TCS server that caused a two-hour delay in start of recruitment examination for "talathis" on Monday in the state, causing inconvenience to candidates, said a Cabinet minister. IT major Tata Consultancy Services (TCS), responsible for conducting the online test, in a statement in the morning said, As per the technical team, there was a central hardware issue which has impacted the exam start time (9 am which was pushed to 11 am) in all the exam centres for talathi (revenue department officials) recruitment exam 2023 today. Maharashtra Revenue Minister Radhakrishna Vikhe Patil announced a high-level probe into the matter and expressed regret over inconvenience caused to candidates appearing for the exam. Talking to reporters here, he said, The additional chief secretary of the revenue department will conduct an inquiry into the reason behind the Tata ...

Top headlines: Hero Moto targets enhanced mkt share, market wrap and more

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M-cap of seven of 10 firms declines by Rs 80,200 cr; TCS biggest laggard

The combined market valuation of seven of the top 10 valued firms declined by Rs 80,200.24 crore last week amid a weak trend in equities, with Tata Consultancy Services and HDFC Bank emerging as the biggest laggards. In a holiday-shortened last week, the BSE benchmark fell by 373.99 points or 0.57 per cent. From the top 10 pack, Reliance Industries, Hindustan Unilever and Infosys were the gainers while Tata Consultancy Services (TCS), HDFC Bank, ICICI Bank, ITC, State Bank of India, Bharti Airtel and Bajaj Finance saw a decline in their valuation. The market valuation of Tata Consultancy Services (TCS) tanked Rs 29,894.45 crore to Rs 12,32,240.44 crore. HDFC Bank's valuation declined by Rs 19,664.06 crore to Rs 12,02,728.20 crore. The market valuation of Bajaj Finance eroded by Rs 12,233.5 crore to Rs 4,15,763.47 crore and that of ITC tumbled Rs 8,338.45 crore to Rs 5,50,821.26 crore. Bharti Airtel's market capitalisation (mcap) fell by Rs 8,081.38 crore to Rs 4,78,730.70 crore a

Write-offs, investments in loss-making arms drain Tatas' dividend income

Tata Sons also made a fresh equity investment worth around Rs 1,800 crore in Tata Electronics in the past two years