TCS Financial News

The rules for tax collection at source (TCS), announced in this year’s Budget, were revised recently. ET Wealth answers all the questions you wanted to ask.What did the Budget propose regarding TCS under liberalised remittance scheme (LRS)? The government decided to expand the scope of TCS on payments under LRS through Finance Act 2023, by amending sub-Section (1G) of Section 206C of the Income-tax Act, 1961, on: (i) Foreign remittance through LRS.

MUMBAI : The information technology (IT) industry is likely to offer muted variable payouts of 60-70% of the promised amount for the June quarter, with top performers getting as much as 80%, as IT companies focus on saving costs amid a weakening revenue outlook and reduced employee turnover. “Considering the current sentiment, there is a possibility that employers take a prudent approach, and payouts will be made only to those teams whose businesses have performed well," said R. Ramesh, director of digital business solutions, professional staffing and international engagement at staffing firm Adecco Staffing.

The sentiments around the IT sector remain weak on the deteriorating demand environment, which is expected to only pick up in the second half of fiscal 2024. Focus on cost efficiency, with companies cutting down on non-critical projects, and weak global macroeconomic conditions are expected to create pressure on the topline of these companies.

GST Council on July 11 is expected to clarify on the TCS liability of suppliers engaged in e-commerce trading through Open Network Digital Commerce in cases where multiple operators are involved in a transaction. ONDC or Open Network for Digital Commerce is a new initiative of the department for promotion of industry and internal trade (DPIIT). So far, there is no clarity on who should be liable for TCS compliance under GST laws.

equity market this week will be highly influenced by a host of important triggers, with quarterly earnings from IT majors TCS, Wipro, and domestic inflation and IIP data taking the centre stage in dictating the movement in equities, analysts said. Besides, global factors and trading activity of foreign investors will also drive markets. "We are approaching the first quarter earnings season, with HCL Tech, TCS and Wipro set to report their earnings this week.

Adani Ports, UPL, Aarti Industries and Ambuja Cement are four stocks on which Rajesh Palviya, SVP — Technical & Derivatives Research, Axis Securities, recommends a sell. “Adani Ports demonstrates a bearish sentiment as it recently breached the medium-term upward-sloping trendline. It is currently trading below critical moving averages (20, 50, and 200-day SMA), accompanied by a persistently lower daily RSI relative to its reference lines,” he says.

market valuation last week, with Reliance Industries Limited and ITC emerging as the major gainers, driven by an overall positive trend in domestic equities. Last week, the 30-share BSE benchmark jumped 561.89 points or 0.86 per cent.

The June quarter earnings are seen to be weaker than expected amid an uncertain global environment and a slowdown in discretionary spending by clients.

Tata Group companies released their annual reports, which revealed that the salaries of chief executives within the group saw an increase of 16 to 60 percent during the previous fiscal year. According to media reports, the salaries of chief financial officers (CFOs) within the group increased within the range of 6 to 35 percent. Interestingly, the highest-paid Chief Financial Officer (CFO) within the Tata Group in fiscal year 2023 is not from TCS or Tata Steel.

TCS will not apply to education expenses incurred abroad. But parents must be careful about the fine details of TCS while remitting money for overseas education. In case of any carelessness, they would end up paying a hefty amount of TCS on their spending.

After rallying 10.5% this week, PSU bank stock Canara Bank is showing signs of a potential breakout from a long consolidation phase, says Rupak De, Senior Technical analyst at LKP Securities.“A bullish rounding bottom formation has been formed, further confirming the positive outlook for the stock. This pattern indicates a potential reversal in the trend from bearish to bullish,” says the analyst who has a target price of Rs 355 and Rs 370 on the counter.Edited excerpts from a chat:Nifty has now been scaling new peaks every other day. Are the charts giving overbought signs? On Thursday, the Nifty reached another all-time high after two days of consolidation, indicating a breakout in the upward direction.

Economic Times on 7 July. “We can confirm that Anant has decided to leave Microsoft to pursue a role outside the company. We would like to thank Anant for his many contributions to our business and culture in India and wish him every success in his future endeavors," a spokesperson for the company told ET.

ideaForge Technology, Olectra Greentech, Orient Abrasive, Talbros Auto and Repro India, hit their fresh 52-week highs during Friday's trade on NSE. Benchmark NSE Nifty closed 165.5 points down at 19331.8 amid selling in frontline bluechip counters.

Reliance Industries: The Mumbai bench of the National Company Law Tribunal (NCLT) has approved the demerger of the financial services business of Reliance Industries, the Mukesh Ambani-led conglomerate said on Thursday. The company added that it, along with Reliance Strategic Investments Ltd, will take necessary steps including fixing the record date for allotment and listing of equity shares of Reliance Strategic Investments. Once demerged, Macquarie expects it to be the fifth-largest financial services company by net worth.

New Delhi: India’s largest information technology (IT) services firm, Tata Consultancy Services (TCS), on Thursday said that it will train 25,000 engineers on generative artificial intelligence (AI) tools and services by AI research firm OpenAI, the makers of popular chatbot, ChatGPT. Generative AI services will be hosted and provided on Microsoft’s Azure cloud platform—thus making this offering available to its clients.

Tata Consultancy Services has announced plans to scale up its Azure Open AI expertise in order to help customers in their generative AI journey. The Tata Group firm launched its new Generative AI enterprise adoption offering on Microsoft Cloud.

Tata Steel has taken action against 38 of its employees for breaching the company’s code of conduct, said chairman N Chandrasekaran at Tata Steel's annual general meeting (AGM) on Wednesday. Out of its 38 employees, 35 were suspended for ‘unacceptable practices bordering on ethical issues’ and the other three for sexual misconduct. The company took action against its employees based on complaints received by several whistleblowers on issues such as misuse of authority, conflict of interest, and contract management agreements. Tata Steel received a total of 875 complaints last fiscal year, 158 were related to whistleblowers, 48 were regarding safety and 669 were on HR and other behavioural issues, said TOI quoting Chandrasekaran. On receiving many complaints, Chandrasekaran has said that it is a good thing and this is because of the ‘open culture’ created by the company. He added that the employees are encouraged to record their grievances.

Aadhaar and PAN expired on June 30, 2023, and the government has not issued any extensions. From July 1, 2023, if PAN is not linked to Aadhaar, it will become inoperative. One needs to make a payment of Rs 1,000 through the E-filing portal in order to link their PAN with their Aadhaar. If you have failed to link PAN with Aadhaar and you need to check if your PAN is operative, one of the ways to check is by using your Form 26AS.

Tata Consultancy Services (TCS) sacked six employees in a recruitment bribery case, Tata Steel also fired a total of 35 people for breaching the code of conduct, said Chairman N Chandrasekaran, adding that the company has also taken action against three persons for alleged sexual misconduct. TCS has sacked six employees after finding them guilty of accepting favors from certain staffing firms in the appointment of contractual workers.

PAN card has become inoperative effective 1 July 2023. PAN is mandatory for a host of financial transactions including the opening of banks, demat accounts, and depositing of cash in a bank account. "Non-linking of PAN and Aadhaar may affect making large deposits and withdrawals or getting loans/credit cards.

Indian Railways has announced Awesome Bali package for five night six days from Lucknow. The tour provided by IRCTC or Indian Railway Catering and Tourism Corporation will commence from Lucknow on 11 August. The package features sightseeing of the major Tourist attractions of BALI - Kintamani Tour, Ubud Village Tanah Lot Temple Tour, Cruise,etc.