Page 32 - Tcs

TCS: Forex dealers, tour package sellers to collect remittance undertakings

The government on Friday said foreign exchange dealers and sellers of overseas tour packages will have to take an "undertaking" from their customers about their past remittances and overseas visits made in a fiscal for the purpose of deducting TCS. The Income Tax department issued a set of FAQs on the applicability of changes relating to Tax Collection at Source (TCS) on Liberalised Remittance Scheme (LRS) and on the purchase of an overseas tour programme package. The differential rate of the TCS levy would kick in from October 1. The FAQ also defined what would constitute an 'overseas tour program package', on which from October 1, 5 per cent TCS would be levied on expenditures up to Rs 7 lakh. Beyond that, a 20 per cent rate would apply. Currently, these packages attract 5 per cent TCS. "It is clarified that the purchase of only an international travel ticket or purchase of only hotel accommodation, by in itself is not covered within the definition of 'overseas tour program ...

Attracted by govt support, Alcatel-Lucent hunts partners to Make-in-India

The company said that they not only want to make products for India but also plan to manufacture to export

Multi Commodity Exchange tanks after extending IT contract at higher cost

MCX's transition to the TCS-run platform has been delayed, despite the company assuring analysts and its investors that the transition would take place by end-June

Top headlines: TCS takes serious view of ethics breach, BRICS expansion

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TCS will take strong action against staff over ethics breach: Chandra

TCS bans six employees, six staffing firms in hiring scam

TCS banned 6 employees, 6 associate firms: Chandrasekaran on jobs scam

TCS has taken action against six employees after finding them guilty of accepting favours from certain staffing firms in the appointment of contractual workers, Tata Sons Chairman N Chandrasekaran said on Thursday. The largest IT services exporter is investigating the role of three more of its employees, Chandrasekaran said while speaking at the TCS annual general meeting here. "We have banned six employees and also six companies," he said in response to questions from shareholders. He said the company received two separate whistleblower complaints -- one pertaining to appointment of business associates or contractual workers in the US, and one in India, in late February and March, after which it investigated the allegations. Chandrasekaran said he cannot quantify the favours these employees got but the banned employees behaved in such a way that they were favouring certain firms. "The company will look at the whole BA (Business Associate) supplier management process and see what

Tour operators welcome govt move to defer hike in TCS on overseas packages

Domestic tour operators on Thursday welcomed the government's move to defer hike in tax collection at source on overseas tour packages till September 30 calling but reiterated that it should be brought down to 2.5 per cent. In a statement, Indian Association of Tour Operators (IATO) -- the apex body of tour operators in the country with more than 1,700 members -- thanked the government for "giving partial relief of deferring Tax Collection at Source (TCS) on the overseas tour packages till September 30, 2023, and also for withdrawing increase of TCS percentage from 5 per cent to 20 per cent on amount up to Rs 7 lakh per annum". "Though we are happy with this rollback, our long-standing demand is that the TCS should be reduced to 2.5 per cent as the main objective of the government is to bring more people into the tax net...," IATO President Rajiv Mehra said. He further said, "...if the government reduces the TCS percentage on overseas tour packages, a higher number of people will .

Large cost-optimisation deals returning for top Indian IT companies

In recent months both TCS and Infosys announced bagging mega deals

Top headlines: No TCS on credit card use overseas, Kempner's loan to Byju's

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No TCS on credit card spends overseas, says Ministry of Finance

Implementation of 20% tax on foreign remittances put off until October 1

TCS writes to board members about details on recruitment scam allegations

TCS is consulting with external auditors to investigate the situation, said a person aware of the development

Top headlines: Adani cos under Sebi lens, TCS on foreign remittances

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TCS gets external auditor to assist investigation of jobs-for-bribe scandal

Sources say probe will take 45 days to complete; company tells exchanges scam had no financial impact

TCS enters strategic partnership with Standard Life International DAC

With this partnership, TCS will set up a customer operations centre in Germany and a future-ready life and pensions digital platform for Germany and Austria

Digital twins will reshape business and society by 2035, shows data

The inaugural Digital Twindex has been prepared by TCS Futurists, based on a study conducted using the Delphi technique

TCS suspends 4 for violating code of conduct after whistleblower complaint

TCS has suspended four employees for violating its code of conduct, following a whistleblower complaint received earlier this month, sources said on Friday. The Tata Group company, the largest IT services exporter in the country, has also barred an unspecified number of vendors who provided talent on a contractual basis, they added. In a late evening statement to the exchanges, TCS said it probed the allegations made in the complaint and found out that the charges do not "involve any fraud by or against the company and no financial impact". The statement made after a media report published earlier in the day also clarified that the "reference to alleged scam in recruitment process is incorrect". It said the resource management group (RMG) is entrusted with allocating resources to various projects and fill shortfall through contractors. "The complaint referred to...relates to hiring of such contract resources employed by the contractors," it added. The company also clarified that

TCS say no recruitment fraud; issue relates to breach of Code of Conduct

TCS made these clarification to the exchanges in a filing, as media report said that senior executives involved in hiring thousands of personnel took bribes from staffing firms

Accenture's lowered guidance spells more trouble for IT sector: Analysts

Brokerages have maintained a cautious to negative stance on the Indian IT sector given Accenture's muted deal bookings, lagging demand in key verticals, and emerging pricing pressure

Bribes-for-jobs scam uncovered at TCS, miscreants may have made Rs 100 cr

The bribes-for-job scandal has led to TCS sacking four officials from its resource management group and banning three staffing firms

TCS signs $1.1 bn contract with UK's pension scheme Nest for 10 years

The contract, to help Nest transform its administration services, if extended to the entirety of its 18-year tenure would be worth 1.5 billion pounds, TCS said in a statement