IT giant Tata Consultancy Services (TCS) said on Friday that tax The demand notices sent to several of its employees were a “discrepancy,” Business Standard reported on Saturday, September 14.
The Income Tax Department will be reprocessing the returns, according to the news portal’s report.
Almost 40,000 TCS employees I received these notices with tax demands that ranged from ₹50,000 to ₹1 lakh, depending on their level of seniority in the company, the report said.
Tata Consultancy Services (TCS) shares closed 0.11 per cent higher ₹4,522.25 after Friday’s trading session, compared to ₹4,517.20 at the close of the previous market.
“We understand that the tax authorities The returns will be reprocessed after which the TDS will be synchronized with Form 26AS issued by the Income Tax Department and Form 16 Part A issued by TCS. The associates who received the notice will receive a rectification notice in due course and are not required to pay any demand “Once the tax authorities send the rectification documents, the discrepancies must be resolved,” TCS said in an internal communication to its employees, which was seen by the news portal.
Has the tax notice issue been resolved?
The IT major said that the partners who received the notice will receive a rectification notice in due course and are not required to pay any amount claimed, the report said.
“Once the tax authorities send the correction letters, the discrepancies should be resolved,” TCS said.
TCS did not comment on the development, but the company acknowledged that it received a clarification from the tax authorities regarding the income tax demand. warning issue, according to the report.
“The Income Tax Department should have been more cautious “Before issuing notices based on technical glitches, receiving this notice due to such issues can cause significant mental stress and harassment to salaried employees. The department should be more careful while issuing notices to employees of a single company,” Abhishek Raja Ram, senior partner at Abhishek Raja and Associates, was quoted as saying in the media report.
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