Latest news with #TCS
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Business Standard
an hour ago
- Business
- Business Standard
Cognizant gets 21-acre plot in Andhra for 99 paise to build IT campus
The Andhra Pradesh government will allocate 21.31 acres of land to Cognizant Technology Solutions for a nominal lease price of just 99 paise. As part of the deal, the company is expected to invest ₹1,582.98 crore to set up an information technology (IT) campus in Visakhapatnam. Cognizant aims to create approximately 8,000 jobs in the region over a period of eight years, further boosting the state's IT ecosystem. The company sought 21.31 acres of land at Kapulauppada under the Visakhapatnam Metropolitan Region Development Authority. It plans to begin commercial operations by March 2029, with the entire project being 100 per cent self-funded. The deal is part of the state government's approval on Thursday of 19 industrial projects worth ₹28,546 crore, including ₹18,910 crore in investments by the Adani Group. Other major projects include Reliance Consumer Products investing ₹1,622 crore in Orvakal, Chinta Green Energy ₹2,323 crore in Kadapa, and Raymond ₹1,201 crore across various locations. The agreement with Cognizant follows state IT Minister Nara Lokesh's meeting with Cognizant Chief Executive Officer S Ravi Kumar at the World Economic Forum in Davos earlier this year, where Lokesh encouraged the company to consider setting up operations in Tier-2 cities like Visakhapatnam, according to Moneycontrol. Similar deal with TCS The decision also comes months after the state struck a similar deal with Tata Consultancy Services (TCS). Under that agreement, TCS will invest ₹1,370 crore to establish a development centre in the city, generating over 12,000 jobs in return for a 99-paise lease for 21.16 acres of land. 'With continuous follow-ups and discussions between the state government and TCS, (Nara) Lokesh has piloted an allotment of 21.16 acres of land in Vizag to TCS for a total consideration of 99 paise. It is a bold decision to signal to the industry that Andhra Pradesh is serious about attracting IT investments,' a government source told Business Standard at the time. The Cognizant deal is seen as another success for Lokesh, who has played a key role in driving IT growth and attracting global technology companies to the state. The state government has set a target of creating around 2 million jobs and aims to attract investments worth over ₹40 trillion by 2029. It has also announced a special IT and global capability centres policy to attract multinational firms with strong financial incentives.
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Business Standard
an hour ago
- Business
- Business Standard
Taxman knows more than you think: Here's why clean ITR filing matters
Some taxpayers underreport income or inflate deductions in order to save money that goes to the government. But experts warn that this is a high-stakes gamble in today's data-driven tax environment. With the Income Tax Department now armed with sophisticated tools and deep access to financial information, from your bank transactions and property deals to your stock market activity, there's little room to hide. Taxman's eyes everywhere: What the department already knows 'The Income Tax Department gets financial data from multiple channels, banks, mutual funds, employers, registrars, and more,' says Suresh Surana, charter accountant. This includes: TDS/TCS details from Form 24Q/26Q High-value transactions under the Statement of Financial Transactions (SFT) Integrated PAN-linked records from property sales, share investments, and foreign remittances Salary, rent, capital gains, and GST data through the Annual Information Statement (AIS) and Form 26AS According to Kinjal Bhuta, secretary of the Bombay Chartered Accountants' Society, the department also uses 'AI tools, regulatory data-sharing, and even social media activity' to detect suspicious patterns. Common mistakes (and misdeeds) that can trigger trouble From fudging rent receipts to ignoring side income, many taxpayers, especially salaried and self-employed, unknowingly (or knowingly) cross the line. 'False Section 80C claims, hiding freelance income, or underreporting cash sales are frequent issues,' says Sudhir Kaushik, chief executive officer of TaxSpanner. Surana adds that claiming deductions without valid proofs or routing business income through personal accounts is another red flag. Bhuta also warns against 'non-disclosure of foreign assets, ignoring bank interest, or assuming that TDS alone covers tax obligations.' Penalties can be steep, even jail time Taxpayers caught misreporting face penalties under Section 270A: 50 per cent of tax due for underreporting 200 per cent if it's deemed wilful misreporting 'In extreme cases,' says Surana, 'Section 276C can trigger prosecution with jail up to seven years if tax evasion exceeds Rs 25 lakh.' Kaushik concurs, 'With AIS and digital tracking, ignorance is no longer a valid excuse.' Staying safe: Honest filing starts with these steps Experts say the best protection is vigilance. Cross-check prefilled ITRs with your Form 16, AIS and TIS Report all income salary, capital gains, FD interest, foreign income Correct mismatches, if any, and maintain proof for deductions 'Even exempt income like agricultural earnings should be disclosed,' says Bhuta. TaxBuddy's founder, Sujit Bangar adds, 'AIS should be your checklist. If a transaction appears there, explain or report it.' As Kaushik puts it, 'Tax transparency is tighter than ever. The best strategy is to stay ahead by being accurate.'
Business Upturn
2 hours ago
- Automotive
- Business Upturn
TCS strengthens software-defined vehicle capabilities with new delivery centers in Europe
Tata Consultancy Services (TCS) has expanded its operations in the software-defined vehicles (SDV) segment by setting up new facilities in Europe. The company recently opened two automotive delivery centers in Germany—located in Munich and Villingen-Schwenningen—and an engineering center in Romania. These additions are aimed at supporting TCS' global automotive clients as they transition toward next-generation mobility technologies. The centers in Germany are expected to play a role in helping automakers develop and implement software for autonomous driving, infotainment, safety systems, and vehicle connectivity. Meanwhile, the Romania-based engineering center is focused on early-stage development and the creation of advanced automotive software platforms. This move is part of TCS' ongoing effort to enhance its capabilities across the automotive value chain. By establishing a stronger presence in key European markets, the company aims to work more closely with regional automotive manufacturers and offer nearshore development services. The new centers currently have over 100 professionals and are integrated with TCS' wider network of more than 2,000 SDV engineers globally. Their work spans the full product development cycle—from concept and design to deployment and post-launch support—with a focus on digital cockpit systems, advanced driver assistance technologies, and connected vehicle infrastructure. TCS has been active in Europe's automotive sector for more than two decades and operates across various hubs in the region. In addition to automotive, the company serves clients in several other industries including finance, telecom, manufacturing, and logistics. TCS Europe employs more than 15,000 people and operates from 62 offices throughout the continent. The company's broader automotive strategy also includes the use of digital engineering tools, IoT, cloud services, data analytics, and generative AI to support product development and testing processes. Ahmedabad Plane Crash Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Reuters
3 hours ago
- Business
- Reuters
Cognizant to invest $183 million for new India campus, add 8,000 jobs
BENGALURU, June 20 (Reuters) - Software services firm Cognizant Technology Solutions (CTSH.O), opens new tab will invest 15.82 billion rupees ($182.76 million) to build a new campus in south Indian city of Vishakapatanam that will create about 8,000 jobs, the state government announced on Friday. Commercial operations will begin in March 2029, an Andhra Pradesh government press release said. Cognizant did not immediately respond to a request for comment. The announcement comes just months after India's top IT firm, Tata Consultancy Services ( opens new tab, unveiled plans for 13.70 billion rupee campus, opens new tab in the same city, and is expected generate 12,000 jobs. The move aligns with Cognizant's strategy to optimise real estate costs. In May 2023, Chief Executive Ravi Kumar S said the company would relinquish 11 million square feet of office space globally, mainly in India's largest cities, while investing in tier-2 Indian cities. Globally, IT companies, including those in India's $283 billion sector, are taking cost-cutting measures such as monetising real estate assets and delaying wage increases amid demand uncertainty. Last month, the Teaneck, New Jersey-based company raised its annual revenue forecast and beat first-quarter results driven by increased demand for AI-powered IT services. Cognizant expects 2025 annual revenue between $20.5 billion and $21.0 billion, compared to previous outlook of the midpoint of $20.30 billion to $20.80 billion. ($1 = 86.5625 Indian rupees)
Time of India
4 hours ago
- Business
- Time of India
‘Anti-worker move to downsize...': TCS policy to cap bench time, 225 mandatory billing days slammed; here's what All India IT employees' union said
TCS has implemented a revised associate deployment policy that requires staff members to be billable for 225 days per year. (AI image) Tata Consultancy Services (TCS)'s latest move to mandate 225 billing days for employees and cap their bench time to 35 days has been slammed by the All India IT & ITeS Employees' Union (AIITEU). The union has called TCS moves as a ploy to 'downsize' teams and has also termed it as an 'anti-worker' policy. The policy, effective June 12, was introduced by Chandrasekaran Ramkumar, who leads the Global Resource Management Group (RMG). AIITEU, representing technology workers, has labelled this directive as unfavourable to employees, suggesting it aims to reduce workforce numbers. AIITEU has reportedly issued a statement: "The RMG of TCS is known to be responsible for ensuring adequate billability of the employees. While it is true that long period of inactivity has an adverse effect on employees' compensation, individual growth and overseas deployment prospect, the policy also has an ulterior motive of transferring the responsibility to ensure adequate billability from the RMG to the employees. " Also Read | Tata Electronics builds India's 1st semiconductor fabrication unit: Gujarat enables 1,500 residential units; mainly for Tata Group staff, suppliers The union further stated: "It is an attempt by TCS Management to justify the organisation's anti-worker policy of Performance Improvement Plan (PIP) that the management often resorts to, during downsizing." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Memperdagangkan CFD Emas dengan salah satu spread terendah? IC Markets Mendaftar Undo What is the TCS updated deployment policy? Earlier this week TOI reported that TCS has implemented a revised associate deployment policy that requires staff members to be billable for 225 days per year, with bench duration limited to 35 business days annually. This directive seeks to enhance efficient resource allocation whilst ensuring alignment between company and employee objectives. According to the document examined by TOI, "At any given point in time, associates must be allocated for a minimum period of 225 business days in the last 12 months," adding that "Long periods of remaining unallocated shall adversely impact associate compensation, career growth, avenues of overseas deployment in future, and continuity of employment with the organisation." The Resource Management Group at TCS is responsible for employee deployment and allocation. This division ensures appropriate talent placement across projects whilst maintaining optimal utilisation levels throughout the organisation. "In the event an associate is unallocated, it is the primary responsibility of the associate to proactively engage with the Unit / Regional RMG for seeking allocation and take initiative towards pursuing suitable opportunities provided by the organisation," states the policy. Unallocated resources comprise associates who have been released to RMG, are available for their next assignment, and report directly to RMG. TCS offers various developmental platforms including iEvolve, Fresco Play, VLS, and LinkedIn. Associates without current assignments are required to dedicate 4-6 hours daily to relevant learning through iEvolve, fulfil all mandatory and priority training requirements, participate in RMG-recommended in-person sessions, and continuously enhance their skills to maintain interview readiness. Also Read | Big win! China companies now exporting 'Made in India' smartphones & electronics to US, West Asia; notable shift for Chinese brands Additionally, they need to utilise the Gen AI interview coach, analyse and implement feedback received from previous interviews, and ensure timely completion of all training programmes with complete attendance. TCS has mandated compulsory office attendance to ensure rapid deployment, and consequently, work-from-office exemptions and flexible working options are not available. "However, associates may request short-term flexible work options for personal emergencies in exceptional circumstances, subject to organisational policies and prior approval from the RMG." The company has indicated that allocating employees to multiple projects for brief periods is not encouraged and could trigger HR inquiries and subsequent disciplinary action. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
