TCS tax demand: TCS employees receive IT demands up to Rs 1.45 lakh; firm asks them to wait

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Tata Consultancy Services (TCS) employees have received income-tax demands varying from Rs 50,000 to Rs 1.45 lakh even as the IT major asked them not to pay till the time it gets a clarification from the department, people aware of the development told ET.

The number of employees that received notices could range between a couple of thousands to about 30,000 employees, they said.

Questions mailed to TCS seeking comment did not elicit any response till the time of going to press.

People cited above said the company’s HR team in an internal mail has requested employees not to pay taxes till the time the differences are sorted out. According to them, the matter pertains to tax deduction at source (TDS) for the fourth quarter of fiscal 2024.

TCS had in an internal memo on Tuesday had said it understood some employees have received income-tax demand notices and that it had taken up the matter with the tax authorities for fast resolution.


The next day, it told employees that the firm had received clarification from the tax authorities on the matter.

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“We understand that the tax authorities will be reprocessing the returns, post which TDS (tax deduction at source) shall be in sync with form 26AS issued by the income-tax department, and Form 16 Part A issued by TCS,” it said. “Associates that received the notice will receive a rectification intimation in due course, and are not required to pay any demand amount. Once the tax authorities send the rectification intimation, the discrepancies should be resolved.”



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TCS tax demand: TCS employees receive IT demands up to Rs 1.45 lakh; firm asks them to wait


Tata Consultancy Services (TCS) employees have received income-tax demands varying from Rs 50,000 to Rs 1.45 lakh even as the IT major asked them not to pay till the time it gets a clarification from the department, people aware of the development told ET.

The number of employees that received notices could range between a couple of thousands to about 30,000 employees, they said.

Questions mailed to TCS seeking comment did not elicit any response till the time of going to press.

People cited above said the company’s HR team in an internal mail has requested employees not to pay taxes till the time the differences are sorted out. According to them, the matter pertains to tax deduction at source (TDS) for the fourth quarter of fiscal 2024.

TCS had in an internal memo on Tuesday had said it understood some employees have received income-tax demand notices and that it had taken up the matter with the tax authorities for fast resolution.


The next day, it told employees that the firm had received clarification from the tax authorities on the matter.

Discover the stories of your interest


“We understand that the tax authorities will be reprocessing the returns, post which TDS (tax deduction at source) shall be in sync with form 26AS issued by the income-tax department, and Form 16 Part A issued by TCS,” it said. “Associates that received the notice will receive a rectification intimation in due course, and are not required to pay any demand amount. Once the tax authorities send the rectification intimation, the discrepancies should be resolved.”



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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