Browsing: TCS

[ad_1] Tata Consultancy Services (TCS) share price jumped 1.62% to Rs 3314.05 today after the IT major reported a 16.8% on-year rise in net profit for the quarter ended June 30, 2023, driven by strong growth in total contract value (TCV) deal wins despite a tough business environment. The company’s consolidated revenue for the quarter came in at Rs 59,381 crore, marking an on-year surge of 13%. TCS stock has gained 2.4% in the last one month and over 9% in the past one year. Should you buy, sell or hold TCS shares? HDFC Securities: ADD – Target Price: Rs…

[ad_1] The Indian IT sector is likely to report a subdued earnings performance in the fiscal first quarter Apr-Jun, with giants Infosys and TCS remaining flat, primarily due to a slower conversion of the deal pipeline, resulting in a decline in volumes during a seasonally strong quarter. “Infosys and TCS are expected to post flat sequential performances, and we expect Infosys to reduce the upper end of its FY24E growth guidance (from 4-7% to 4-6%),” HDFC Institutional Equities said in a research note. Growth dispersion for the Indian IT sector will increase despite the aggregate slowdown, said the report. “We…

[ad_1] The combined market valuation of the top 10 most valued firms jumped Rs 1.88 lakh crore last week, with HDFC Bank and Tata Consultancy Services emerging as the biggest gainers, amid bullish investor sentiments. Last week, the BSE benchmark jumped 1,739.19 points or 2.76 per cent. The 30-share BSE Sensex jumped 803.14 points or 1.26 per cent to settle at its lifetime closing high of 64,718.56 on Friday. During the day, it zoomed 853.16 points or 1.33 per cent to reach its record intra-day peak of 64,768.58. Propelled by optimism in equities, the combined market valuation of the top…

[ad_1] From July 1, certain changes to the Tax Collection at source (TCS) on Forex withdrawals/ remittances by Resident Individuals under LRS (Liberalised Remittance Scheme) will become effective. HDFC Bank has explained the new provisions on its official website. Let’s look at what the bank says. Types of Remittances and TCS rate from July 1 1. For education, if the amount being remitted is from a loan obtained from any specified institution as defined in Section 80E: 0.5% TCS will apply on the amount or the aggregate amount over Rs 7 lakh per financial year 2. For the purpose of…

[ad_1] Banks and credit card issuers are likely to see a rise in compliance costs as they implement the 20% tax collection at source (TCS) on international credit card spends from July 1. Costs will go up as it is not feasible to monitor the liberalised remittance scheme real-time at the industry level, bankers said. “There will definitely be an increase in the cost of compliance and monitoring. We will automate to the extent possible, but there will definitely be operational challenges in the immediate term,” said Frederick Dsouza, business head – credit cards, Kotak Mahindra Bank. Banks will be…

[ad_1] The announcement of 20% Tax Collected at Source (TCS) on international credit card transactions from 1 July 2023 has raised concerns among taxpayers who often visit abroad. Many are worried that they may face liquidity issues as 20% extra will be cut as TCS on expenses made with a credit card during an international trip. While many of the concerns of international credit card users are valid, from a taxation point of view, TCS collected is not the final tax as it can be claimed back by filing Income Tax Return (ITR). Even the Government said this yesterday. “The…

[ad_1] Responding to concerns of taxpayers over the imposition of 20% TCS on International Credit Card and Debit Card transactions under the Liberalised Remittance Scheme (LRS) from July 1, the Central Government today said no TCS will be collected on small transactions up to Rs 7 lakh. “Concerns have been raised about the applicability of Tax Collection at Source (TCS) to small transactions under the Liberalized Remittance Scheme (LRS) from July 1, 2023. To avoid any procedural ambiguity, it has been decided that any payments by an individual using their international Debit or Credit cards upto Rs 7 lakh per…

[ad_1] There’s a piece of bad news for travellers using international credit cards abroad. Not only the transactions done abroad have been brought under the Liberalised Remittance Scheme of the Reserve Bank of India (RBI), but every dollar spent abroad will also attract 20% of TCS – Tax Collected at Source. The Central government has notified the amended rules under the FEMA to include international credit card transactions in the Liberalised Remittance Scheme. Till now, one was able to use international credit cards when abroad without worrying about LRS and TCS. However, from July 1, 2023, such transactions will have…

[ad_1] RuPay and JCB International Co. Ltd. today announced the third phase of its limited-time cashback campaign for all RuPay JCB Debit and Credit Cardholders. In a statement today, NPCI said that customers using the RuPay JCB Debit and Credit Cards will get 40% cash back on purchases made at retail stores in UAE, Thailand, Malaysia and Spain during the offer period. The 40% cashback offer period started from May 15 and it will remain valid till August 15, 2023. “During the offer period, customers using a RuPay JCB Card will receive 40% cash back on purchases made at retail…

[ad_1] The Government has brought overseas expenses by Indians through International Credit Cards under the ambit of Liberalised Remittance Scheme (LRS). To this effect, the Government on May 16 removed Rule 7 of the FEM (CAT) 2000 rules that exempted the use of international credit cards abroad from the LRS. Under LRS rules, an individual is allowed to make remittances up to USD250,000 for several transactions (see list below). Any remittance above this limit requires prior approval from the Reserve Bank of India (RBI). Following is the full list of transactions on which the LRS limit applies, according to Finance…