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Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme (<keyword id="447038" type="General" weightage="100" keywordseo="lrs" source="Orion">LRS</keyword>) of the Reserve Bank, to ensure that such expenses do not escape <keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword> (Tax Collection at Source). While moving the <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword> Bill 2023 for consideration and passage in the Lok Sabha on Friday, Finance Minister Nirmala Sitharaman said the Reserve Bank has been asked to look into ways to bring credit card payments on foreign tours under the LRS. "It has been represented that payments for foreign tours through a credit card are not being captured under the Liberalised Remittance Scheme (LRS) and such payments escape tax collection at source (TCS)," she said. The <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> is being requested to look into this with a view to bringing credit card payments for foreign tours within the ambit of LRS and tax collection at source thereon, she added. The Union Budget 2023 proposed a TCS for foreign outward remittance under LRS other than for Education and medical purposes of 20 per cent applicable from July 1, 2023. Before this proposal, the TCS of 5 per cent was applicable on foreign outward remittances above Rs 7 lakh. <keyword id="735754" type="General" weightage="50" keywordseo="tax-collected-at-source" source="Orion">Tax Collected at Source</keyword> (TCS) is an income tax, collected by the seller of specified goods, from the buyer. TCS is a concept where a person selling specific items is liable to collect tax from a buyer at a prescribed rate and deposit the same with the government. The LRS, introduced in 2004, initially permitted an outflow of USD 25,000. The LRS limit has been revised in stages consistent with prevailing macro and micro economic conditions. LRS permits Indians to freely remit up to USD 250,000 (about Rs 2.05 crore) per financial year for current or capital account transactions or a combination of both. Any remittance exceeding this limit requires prior permission from the RBI. The rules clearly mention that one can remit foreign exchange (forex) only for any permissible current account transactions or capital account transactions or a combination of both. If one wishes to invest abroad in shares, property etc, the LRS rules will define them as capital account transactions. Only certain capital account transactions are allowed under LRS rules such as opening a bank account abroad i.e. a Foreign Currency Account, purchasing real estate property overseas, for making investments overseas which includes investing in shares, mutual funds, and debt instruments amongst others. Authorised dealers, such as banks, enable such transactions between residents and their overseas dependents, using only PAN cards for verification. Besides remittances, LRS can also offer foreign exchange services to Indian citizens for medical expenses or travelling. However, corporates, partnership firms, HUFs, and charitable trusts are not eligible to use the LRS. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/debt-schemes-of-mfs-lose-edge-over-bank-deposits-as-budget-proposes-to-scrap-ltcg-indexation-benefits/articleshow/98965932.cms">Debt schemes of MFs lose edge over bank deposits as Budget proposes to scrap LTCG &amp; indexation benefits</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/canva-just-got-a-major-ai-upgrade-with-new-features-like-magic-eraser-text-to-image-and-moreheres-what-they-do/articleshow/98965377.cms">Canva just got a major AI upgrade with new features like Magic Eraser, Text to Image, and more–here’s what they do</a>

Credit card payments on foreign tours to be brought under LRS to ensure compliance with TCS

<ul><li>New <keyword id="2896546" type="PERSON" weightage="20" keywordseo="H1-B-visa-rules">H1-B visa rules</keyword> have been an unwelcome change for Indian IT firms with new visas as well as renewals, according to data by Centre for Immigration Studies. </li><li>Homegrown IT majors TCS and <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword> faced maximum rejections for extension of the work work visas. </li><li>According to the US Department of Labour, Deloitte Consulting and Apple received the maximum work permits. </li><li>Six Indian IT outsourcing companies — TCS, Infosys, Wipro, <keyword id="28721" type="CITY" weightage="20" keywordseo="Cognizant">Cognizant</keyword>, HCL and US arm of Tech Mahindra — got only 2,145 work permits, which was 16% of total work visas bagged by companies.</li></ul>Under the Trump administration, <a href="https://www.businessinsider.in/h-1b-visa-revised-rules-go-into-effect-on-april-1-favouring-advanced-degree-applicants/articleshow/67768709.cms">new H1-B visa rules</a> have brought new challenges for applicants of these temporary work visas, heavily used by Indian IT majors. Now, it appears that renewal of these work visas has also thrown up hurdles, particularly hurting Indian IT majors. According to the Centre for Immigration Studies, a US-based think tank, top IT firms Tata Consultancy Services (TCS), Cognizant and Infosys faced the most <a href="https://tech.economictimes.indiatimes.com/news/corporate/indian-it-firms-see-higher-h-1b-visa-extension-rejections-us-firms-get-more-visas/68310179">rejections </a>in extension of H1-B work visas in 2018. H1-B work visas are initially provided for three years — but can be extended for a similar term later. With most of its workforce in India, Cognizant witnessed nearly 3,548 rejections for extension of these work visas in the year, which is so far the highest for any company hiring foreign employees. While the homegrown ITs Infosys and TCS saw 2,042 and 1,744 rejections, respectively, said the report. Analysing a broader range of top 30 IT companies, the analysis also found that the six major outsourcing companies — TCS, Infosys, Wipro, Cognizant, HCL and US arm of Tech Mahindra — constitute nearly two-third of extensions for work visas. The six outsourcing companies got only 2,145 work permits, which is 16% of total work visas bagged by all companies. On the flipside, several US-based technology companies — Microsoft, Amazon and Apple-- were able to increase their foreign work staff via the new H1-B rules, showing the new regulation in fact benefitted the American companies, noted the report. A<a href="https://trak.in/tags/business/2019/02/16/deloitte-apple-grab-most-number-of-h1b-visas-hcl-only-indian-company-in-top-10-list/">ccording to</a> data with the the US Department of Labour, Deloitte Consulting and Apple received the most number of H1-B visas, while only HCL from India made it to the top 10 list with a total of 5,085 certifications in US. However, many legal experts point that Indian ITs are the largest consumers of H1-B visa. But recent moves by the US government point to growing protectionism. Indian IT companies have also faced backlash by locals for allegedly discriminating against American workers. On Thursday, alleging discrimination at workplace, a US employee filed a <a href="https://economictimes.indiatimes.com/tech/ites/its-cognizants-turn-to-face-us-lawsuit-alleging-discrimination/articleshow/68296041.cms">lawsuit</a> against Cognizant for calling an American a ‘diversity candidate.’ “Protectionism happens without making any policy changes to favour their own companies. This slant is not unusual. This has happened under President Barack Obama, not just under Donald Trump,” ET<a href="https://economictimes.indiatimes.com/nri/visa-and-immigration/h-1b-extension-rejections-rob-indian-it-firms-of-visa-power/articleshow/68312136.cms"> reported</a> citing Sid Pai, founder of Siana Capital, who has led outsourcing deals of over $ 20 billion in the past. See also: <a href="https://www.businessinsider.in/h-1b-visa-revised-rules-go-into-effect-on-april-1-favouring-advanced-degree-applicants/articleshow/67768709.cms">New H-1B rules to go into effect on April 1, visas for advanced degree holders expected to jump 16%</a> <a href="https://www.businessinsider.in/trump-may-have-an-ugly-surprise-for-h-1b-applicants-and-indian-it-companies/articleshow/67552613.cms">Trump may have an ugly surprise for H-1B visa applicants</a> <a href="https://www.businessinsider.in/indians-seeking-uk-visa-will-now-have-to-shell-out-a-lot-more/articleshow/67435527.cms">Indians seeking UK visa will now have to shell out a lot more</a>

New H1-B rules bring more rejections on work visa renewals

<ul><li>The Trump administration has rolled out new H-1B visa rules less than a month before the US Presidential election. </li><li>This time the minimum wage requirements have been bumped up, and the eligibility criteria has been tightened along with some other changes. </li><li>Lawyers and experts believe that since the order didn’t follow the normal regulatory process, it’s likely to face a fierce challenge in court. </li></ul>The Trump administration has moved to make significant changes to Silicon Valley’s converted H-1B visa. The rules proposed by the US President will make it more expensive to hire employees from outside the country, tighten the eligibility criteria for visas, and plug up some of the other ‘loopholes.’ However, they may not stick around for very long. For Indian IT companies — like TCS, Infosys, HCL Technologies, and Wipro — this may <a href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-hcl-tech-dont-want-h1b-ban-but-are-pocketing-savings-while-it-lasts/articleshow/77120776.cms">not be a very big deal in the short run</a> since they have already been localising their workforce and trying to cut down on visa requirements. However, in the long run, this could bode darker tidings. On the other hand, tech giants within the US, like Google, Apple, Facebook and others, depend on the H-1B visa to hire tens of thousands of employees each year, not just from India, but also other countries where the cost of labour is cheaper. Critics believe that the changes are more political in nature, coming just ahead of the 2020 US Presidential election in November. Regardless of the motivation, lawyers and experts assert that the new rules are likely to be challenged in court since they bypassed the normal regulatory process. Department of <keyword id="123836" type="ORGANIZATION" weightage="20" keywordseo="Homeland-security">Homeland Security</keyword> acting deputy secretary Ken Cuccinelli estimates that a third of applicants would be denied under the new rules. What are the new changes to H-1B visa rules? The new rules significantly raise the existing wage levels of H-1B employees. There are four wage levels, and the minimum amount for each has been bumped up — in certain cases, to more than double than what it used to be. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wage level </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Earlier wage percentile </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New wage percentile </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">45 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">34 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">62 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">50 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">78 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">67 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">95 </td></tr></tbody></table> The definition of ‘speciality occupation’ has also been narrowed down. Only certain types of degrees will now qualify a candidate for a visa. Select contract workers will also have a shorter time limit on their visas. More monitoring is also on the cards with the new rules enhancing the government’s ability to enforce compliance with worksite inspections, before and after an H-1B petition is approved. “With millions of Americans looking for work, and as the economy continues its recovery, immediate action is needed to guard against the risk lower-cost foreign labor can pose to the well-being of U.S. workers,” Patrick Pizzella, the deputy secretary of labor, told reporters on Tuesday. Trump has already been overruled once before The change to the H-1B visa ruels comes after a federal judge ruled that <keyword id="6354484" type="PERSON" weightage="20" keywordseo="Donald-Trump">Donald Trump</keyword> had overstepped his authority in June when he issued an order suspending H-1B visas, H-2B visas, L-1 visas, and J-1 visas till December 2020. This time the new rules augment the play book for two departments — Homeland Security and the <keyword id="57432" type="ORGANIZATION" weightage="20" keywordseo="Labour-department">Labour Department</keyword>. According to immigration law firm Berry Appleman &amp; Leiden, Homeland Security and the Labor Department are expected to publish the new rules in the federal register in “coming days.” However, the firm expects the matter to end up in court. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/malware-infiltrates-the-defenses-of-common-antivirus-softwares-like-mcafee-kaspersky-symantec-and-others/articleshow/78515377.cms">Malware infiltrates the defenses of common antivirus softwares like McAfee, Kaspersky, Symantec and others</a> <a href="https://www.businessinsider.in/science/space/news/andrea-ghez-is-the-fourth-woman-to-win-the-nobel-prize-for-physics/articleshow/78514164.cms">Andrea Ghez is the fourth woman to win the Nobel Prize for Physics — found the first signs of the supermassive black hole at the center of the Milky Way</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-expected-to-post-higher-revenue-and-margins-led-by-a-streak-of-deal-wins-over-the-last-three-months/articleshow/78511834.cms">TCS expected to post higher revenue and margins led by a streak of deal wins over the last three months</a>

New H-1B visa rules make it more expensive and harder to hire workers from India — but they may not hold ground

Constantly dreaming of a leisurely getaway with your friends? Looking to create new memories instead of reminiscing old ones? For the first time, <keyword id="719382" type="General" weightage="100" keywordseo="airbnb" source="Orion">Airbnb</keyword> and IndiGo have come together to offer three lucky individuals (and up to one companion each) the ultimate dream adventure to "<a href="https://www.airbnb.co.in/d/indigo-closed" target="_blank">InterFriendtion</a>" anywhere in India*. Through the contest, Airbnb and IndiGo are seeking three special winners who will fly and live anywhere in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> for a vacation of a lifetime with their friends. The winner will win an incredible USD 1000 each worth of Airbnb credits to book a domestic Airbnb stay of their choice and IndiGo will sponsor the return tickets for these winners and their companion to that destination! During their travel, the winners and their companions will get to travel to their bucket list destination with IndiGo and stay in some of India's most unique Airbnbs. "Indians today are eager to travel and are seeking unique, meaningful and restorative experiences with their loved ones. Travelling has become a great way of spending quality time with family and friends and creating new memories at offbeat destinations and unique accommodations. Our partnership with IndiGo celebrates and caters to this demand, and we are excited to provide our guests endless possibilities to explore and reconnect with their loved ones while travelling," said <keyword id="674162" type="General" weightage="50" keywordseo="amanpreet-bajaj" source="Orion">Amanpreet Bajaj</keyword>, Airbnb's General Manager for India, Southeast Asia, Hong Kong and Taiwan. "In the hustle and bustle of life, we sometimes forget to rekindle friendships, take a break, and create new memories. IndiGo has always aspired to make the world a smaller place, by reducing the distance between people and fostering human connections. We are pleased to associate with Airbnb in a collaboration that encapsulates travel, exploration, and friendship. Through this unique partnership we aim to inspire friends to come together, experience destinations and spark new memories that will last a lifetime," said <keyword id="12802236" type="General" weightage="50" keywordseo="neetan-chopra" source="Orion">Neetan Chopra</keyword>, Chief Digital and Information Officer of IndiGo. How to apply for your perfect 'InterFriendtion' Starting November 5, 11:00 AM IST, through November 12, 11:59 PM IST, eligible applicants may apply by visiting <a href="https://www.airbnb.co.in/d/indigo-closed" target="_blank">airbnb.com/indigo</a> and completing the application form. Participants must be over 18, and available to travel within India from 1 December 2022 to 30 April 2023. The shortlisted winners will be contacted directly by Airbnb and IndiGo on November 30, 2022. For more information, see the <keyword id="15431172" type="General" weightage="50" keywordseo="contest-rules" source="Orion">Contest Rules</keyword>. *T&amp;Cs apply, please check out the contest rules for all details. Airbnb was born in 2007 when two Hosts welcomed three guests to their San Francisco home and has since grown to 4 million Hosts who have welcomed more than 1 billion guest arrivals in almost every country across the globe. Every day, Hosts offer unique stays and one-of-a-kind activities that make it possible for guests to experience the world in a more authentic, connected way. <a href="https://www.airbnb.co.in/" target="_blank">www.airbnb.co.in.</a> IndiGo is amongst the fastest-growing low-cost carriers in the world. IndiGo has a simple philosophy: offer fares that are low, flights that are on time, offering a courteous, hygienic, and hassle-free travel experience. With its fleet of 280+ aircraft, the airline is operating over 1600 daily flights and connecting 74 domestic destinations and 26 international destinations. <a href="https://www.goindigo.in/" target="_blank">www.goindigo.in.</a> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/ratan-tata-backed-electra-ev-raises-25-million-from-gef-capital-partners/articleshow/95291703.cms">Ratan Tata-backed Electra EV raises $25 million from GEF Capital Partners</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/amazon-freezes-corporate-hirings-amid-rough-economic-conditions/articleshow/95293651.cms">Amazon freezes corporate hirings amid rough economic conditions</a>

Airbnb and IndiGo come together for an 'InterFriendtion'

<ul><li>Tata Consultancy Services (TCS) has announced a second salary hike for its employees within a span of six months.</li><li>Last year in October, the IT major increased salaries by 6% to 8%.</li><li>This time around the company plant to hike wages by the same amount resulting in a cumulative boost of 12% to 14%.</li></ul>India’s biggest information technology (IT) services company, Tata Consultancy Services (TCS), is set to dole out a second round of increments for its employees within a span of six months. The last salary hike was announced by the IT major in October last year, where the increase in wages was between 6% to 8%. Sources told Business Insider, on the condition of anonymity, that the salary increments will be around the same this time around as well. This means employees will have received a cumulative boost of around 12% to 14%. “We can confirm that we are on track to give increments to all associates across our geographies effective April 2021, in line with our benchmarks,” a TCS spokesperson told Business Insider. This comes after TCS’ attrition rate dropped to a record low of 7.6%, as of 31 December 2020. The company currently has 4,69,261 employees under its wing after adding 15,000 more to its roster between the months of September to December. According to Milind Lakkad, head of human resources at TCS, over 96% of the company’s employees were still working from home before the New Year with only 3.4% in office. Despite the challenges caused by the COVID-19 pandemic, TCS reported its strongest Q3 growth in nine years in 2020. SEE ALSO: <a href="https://www.businessinsider.in/policy/news/indias-supreme-court-looks-into-allegations-of-nearly-four-crore-ration-cards-being-cancelled-because-they-were-not-aadhaar-linked/articleshow/81570339.cms">A Dalit mother lost her ration card and then her child to starvation — her fight for justice has now become a national cause at the Supreme Court</a> <a href="https://www.businessinsider.in/international/news/japan-is-the-only-country-that-does-not-allow-same-sex-marriage-within-the-g7/articleshow/81563467.cms">Japan’s same-sex marriage ban ruled ‘unconstitutional’ as India’s LGBTQ community waits in hope</a> <a href="https://www.businessinsider.in/science/space/news/finnish-photographer-jp-metsavainio-took-over-a-decade-and-1000-hours-of-photography-to-create-this-picture-of-the-milky-way-and-20-million-stars/slidelist/81563516.cms">It took over a decade and 1,000 hours of photography to create this picture of the Milky Way</a>

TCS to dole out a second salary hike within a span six months

As per industry executives, a new rule is going to make tax collection at source (TCS) compulsory, even when a vehicle costing 10 lakh or more is sold in the second-hand market. This has confused the automotive industry to no end. 
 
The reason behind this confusion is that the rule was originally expected to cover only new passenger vehicles; however, the rule that has been approved as part of the Finance Bill covers all types of vehicles. It will come into effect on June 1. 
 
It was in his budget speech that the finance minister had proposed to collect a 1% tax at source on luxury cars that were priced above 10 lakh, saying that it would be levied on the ex-showroom price from the dealer’s end, which would then be paid it to the government. This payment was also said to be able to set off against the total tax liability of the buyer. 
 
"From the budget speech, it was perceived that it would be implemented only on passenger vehicles priced above 10 lakh, but what has come prima facie in the language of the approved budget (Finance Bill 2016), it seems that TCS is applicable on all types of motor vehicles including trucks, buses, two-wheelers and cars sold by manufacturers, exports, dealers and government," said Sugato Sen, deputy director-general of the Society of Indian Automobile Manufacturers. 
 
The Finance Bill reads, "Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding 10 lakh, shall, at the time of receipt of such amount, collect from the buyer, a sum equal to 1% of the sale consideration as income-tax." 
 
Until further clarified, this means that even an individual selling his old vehicle for above 10 lakh will have to collect 1% of the value from the buyer and pay it to the government, while purchasing parts for 2 lakh or more will also attract this tax provision. 
 
Sen feels that there is a possibility of a language error in the Bill. "We have sought a clarification from the government and hope to meet them (government officials) soon," he said. 
 
However, this is not where the confusion ends. 
 
"From the budget, it was thought that it (TCS) will be collected from the end customers only. But now, it will be collected from the dealers also," said Nikunj Sanghi, former president of the Federation of Automobile Dealers Association. He added, "The biggest problem for us is that we will have extra burden on working capital." 
 
Automobile manufacturers are of the view that this new tax rule would further complicate business transactions, while there were promises from the Modi government that doing business would be made easy. 
 
Under this rule, manufacturers would deposit TCS on behalf of dealers, who could adjust this payment against their income tax. Similarly, dealers would have to collect tax from buyers and deposit that in their names. This tax would be adjusted while the vehicle buyers pay their income tax. 
 
Rakesh Batra, national leader-automotive at consultancy firm EY, called this an administrative burden on both manufacturers and buyers, while also forcing customers to put a little more cash in advance, given that no financing company won’t fund this. 
 
As of now, when you buy a vehicle, you have to pay for excise duty, central sales tax, R&amp;D cess, education cess, value-added tax, Octroi/entry tax, national calamity contingent duty, road tax and Swach Bharat cess. Besides, the insurance cover also forces the buyer to pay Krishi Kalyan tax, service tax and Swachh Bharat cess. 
 
Another burden on manufacturers, dealers and buyers is certainly uncalled for, feels the automotive industry. 
 
<a href="http://economictimes.indiatimes.com/photo/52422896.cms">Image source</a>

The new tax collection-at-source rule is so absurd that it might actually be a language mistake

Already hit by new US visa rules, the Indian IT companies may have to suffer another soft blow. 
 
The UK is considering increasing minimum salary of IT employees entering the country, a move that increase costs to companies and will check migration. 
 
UK, which is the second largest market for Indian IT companies, wants to increase the minimum salary to £ 41,500. 
 
The proposal by UK's Migration Advisory Committee (MAC) is likely to have a combined impact of £1,200 per applicant per year. 
 Indian IT companies enter UK through tier-2 visas and companies like <keyword id="6357150" type="CITY" weightage="20" keywordseo="TCS">TCS</keyword>, <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword>, <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> make use of intra-company transfer visas. 
 However, the proposal did not go well with <keyword id="6372077" type="CITY" weightage="20" keywordseo="Nasscom">NASSCOM</keyword> as UK wants to lower down annual net migration to the tens of thousands (from the current level of 336,000). 
 
"We are disappointed that companies leveraging Indian talent in information technology domain are singled out in the report. The UK and India enjoy strong trading relationships: the commitment to increase trade was renewed when Prime Minister Modi visited the UK in 2015," said Nasscom president R Chandrashekhar. 
 
MAC report stated that in 2014, tier-2 visas accounted for an inflow of 52,478 people into the UK. 
 
To reduce migration through the tier-2 route, "price should be the main mechanism" and higher costs would likely reduce demand, according to MAC. 
 
Chandrashekhar said the report does not have evidence that a rise in costs would cut migration or raise availability of skilled workers in the UK. 
 
(Image: Indiatimes)

For TCS, Infosys and Wipro, sending employees to the UK will be a costly affair!

The <keyword id="2896684" type="UNKNOWN" weightage="80" keywordseo="UD-Department-of-Labour">UD Department of Labour</keyword> has opened an investigation against <keyword id="6357585" type="CITY" weightage="80" keywordseo="Tata-Consultancy-Services">Tata Consultancy Services</keyword> and <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword>, two of the biggest India outsourcing companies, for violations of <keyword id="2896546" type="UNKNOWN" weightage="80" keywordseo="H1-B-visa-rules">H1-B visa rules</keyword>. The probe started for "possible violations of rules for visas for foreign technology workers under contracts they held with an electric utility <keyword id="2833389" type="ORGANIZATION" weightage="80" keywordseo="Southern-California-Edison">Southern California Edison</keyword>", a PTI report quoted <keyword id="187229" type="CITY" weightage="80" keywordseo="the-New-York-Times">the New York Times</keyword>. The power company had recently laid off over 500 technology workers amid claims that many of those laid off were made to train their replacements who were immigrants on the temporary work visas brought in by the Indian firms Senators <keyword id="160817" type="PERSON" weightage="60" keywordseo="Richard-Durbin">Richard Durbin</keyword> of Illinois and <keyword id="707305" type="PERSON" weightage="80" keywordseo="Jeff-Sessions">Jeff Sessions</keyword> of Alabama, the report said. Meanwhile, the move comes days after the New York Times reported that hundreds of employees at entertainment giant <keyword id="60299" type="CITY" weightage="80" keywordseo="Walt-Disney">Walt Disney</keyword> were laid off and replaced with Indians holding H1-B visas. 

	About 250 Disney employees were told in October 2014 that they would be laid off and many of their jobs were transferred to immigrants on H1-B visas brought in by an outsourcing firm based in India, it said.

	 
	 
	(Image: Indiatimes)

TCS, Infosys under scanner for US visa violations

The Indian equity market started the year 2022 on a positive note on Monday, with the benchmark <keyword id="35140" type="General" weightage="80" keywordseo="bse" source="Orion">BSE</keyword> <keyword id="6484188" type="General" weightage="100" keywordseo="sensex" source="Orion">Sensex</keyword> rising about 340 points in opening trade on account of hectic buying in IT and power stocks. Starting off the session confidently, the BSE gauge further strengthened its gains as the morning trade progressed and was trading at 58,593.26, showing a rise of 339.44 points or 0.58 per cent. Likewise, the <keyword id="372424" type="General" weightage="20" keywordseo="nse-nifty" source="Orion">NSE Nifty</keyword> rose 108.90 points or 0.63 per cent to trade at 17,462.95 in opening deals. On the Sensex chart, TCS, Maruti, HCL Tech, L&amp;T, <keyword id="43217" type="General" weightage="20" keywordseo="tech-mahindra" source="Orion">Tech Mahindra</keyword> and <keyword id="10862" type="General" weightage="20" keywordseo="wipro" source="Orion">Wipro</keyword> were among the prominent gainers. In contrast, IndusInd Bank, M&amp;M, Titan, Dr Reddy's and HUL were trading in the red. Sectorally, BSE auto, IT and Pharma indices were trading with significant gains. The Indian equity market ended the year 2021 on a high note on Friday. On the last trading day of 2021, the Sensex closed 459.50 points or 0.80 per cent higher at 58,253.82 and the <keyword id="6354813" type="General" weightage="80" keywordseo="nifty" source="Orion">Nifty</keyword> ended 150.10 points or 0.87 per cent up at 17,354.05. On Friday, foreign institutional investors (FIIs) were net buyers in the capital market, as they purchased shares worth Rs 575.39 crore, according to stock exchange data. Elsewhere in Asia, bourses had mixed responses from participants on the first trading day of 2022. Meanwhile, international oil benchmark Brent crude rose 0.69 per cent to USD 78.24 per barrel. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tata-motors-stock-at-2-month-high-on-becoming-second-largest-car-seller-in-india/articleshow/88660095.cms">Tata Motors’ stock at nearly two-month high after selling more cars than Hyundai in December</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/whatsapp-india-banned-1-7-million-user-accounts-in-november-last-year/articleshow/88659277.cms">Thanks to India’s new IT rules, WhatsApp banned 1.7 million user accounts in November last year</a>

Sensex, Nifty start 2022 on a positive note; TCS, Maruti, HCL Tech, L&T, Tech Mahindra and Wipro top gainers

New Delhi, Mar 6 () The government has approved the proposals of software firm TCS and realty major DLF to set up special economic zones (SEZs) for IT sector in Haryana and Uttar Pradesh. The approval was given by the Board of Approval, the highest decision-making body for SEZs, in its meeting on February 26 here. The inter-ministerial body is chaired by the commerce secretary. TCS has proposed to set up an IT/ITeS SEZ in Noida, Uttar Pradesh, on 19.9 hectares land. The total proposed investment for the project is Rs 2,433.72 crore. "The board, after deliberations, approved the proposal for setting up of sector specific SEZ for IT/ITeS at Noida over an area of 19.9 hectare," according to the minutes of the board meeting. Similarly, the two proposals of DLF also received nod from the board. DLF has proposed to set up two SEZs in Haryana. The proposed investments for these projects are Rs 793.95 crore and Rs 761.54 crore. However, the board said that the approval for DLF is "subject to the condition that the letter of approval for setting up of units would be issued only after the requirement of contiguity of the SEZ is fulfilled by the developer as per the relevant rules and instructions" SEZs are major export hubs in the country as the government provides several incentives and single-window clearance system. As on November 14, 2019, the government has approved 417 such zones in the country. Out of this, 238 zones are operational. Exports from these zones grew by about 14.5 per cent to Rs 3.82 lakh crore in April-September 2019-20. It was Rs 7.02 lakh crore in entire 2018-19 financial year. RR ANSANSANS

Govt approves TCS, DLF proposals to set up SEZs

Following are the top business stories of the day TCS Q3 net profit marginally up at Rs 8,118 cr: Country's largest software services major Tata Consultancy Services (TCS) on Friday reported a muted 0.2 per cent growth in consolidated net profit at Rs 8,118 crore for the third quarter ended December 2019. Iran, India can look at barter trade in agriculture: Mohammed Javad Zarif
Mumbai: Iran's Foreign Minister Mohammad Javad Zarif on Friday pitched for barter trade with India in the agriculture sector as well as setting up of Indian banks in the country which will also enable Iranian businesses to carry out transactions in rupee and rial.
 All foreign investments must adhere to law of the land: Goyal on Amazon row
Ahmedabad: A day after stating that Amazon was not doing any favour to India by investing one billion dollars, Union minister Piyush Goyal on Friday said the country welcomes all kinds of investments that follow the "letter and spirit" of the law. Rupee drops 15 paise to 71.08 against US dollar: The Indian rupee furthered its losses for the second day, dropping 15 paise to close at 71.08 against the US dollar on Friday amid strengthening of the American currency overseas and rising crude prices.
 INDIA
Amazon to create one million jobs in India by 2025, says Bezos: World's largest online shopping platform Amazon on Friday announced plans to create one million new jobs in India over the next five years as it firefights comments from Commerce Minister Piyush Goyal on the firm not doing a favour to the country by making the investments. Market ends flat; banks slide on NPA concerns after top court's AGR ruling: Market gauges Sensex and Nifty gave up early gains to close on a flat note on Friday as investors moved to the sidelines amid concerns that the Supreme Court ruling on telecom AGR issue might further aggravate stressed assets problem in the banking sector.
 Telecom dues: Curative petitions rarely admitted, say analysts: With just one week left for them to pay over Rs 88,600 crore in past dues, Bharti Airtel and Vodafone Idea are left with last legal remedy of filing a curative petition but such petitions are rarely admitted by the Supreme Court, analysts said on Friday.
 RBI should act as lender of last resort, provide liquidity to NBFCs: SBI: With difficulties in NBFC sector continuing, economists at SBI on Friday pitched for the Reserve Bank to play its role as the lender of last resort, something the central bank has avoided since the start of troubles in 2018.

DCM33 BIZ-2LD PIRAMAL-DRG
Piramal sells DRG business to Clarivate Analytics for USD 950 mn
New Delhi: Ajay Piramal-led Piramal Enterprises has signed an agreement for sale of its Decision Resources Group (DRG) business to US-headquartered Clarivate Analytics for USD 950 million (over Rs 6,745 crore), and will use the money to reduce debt and to explore organic and inorganic growth opportunities. 
 Vodafone Idea shares nosedive nearly 26 pc; m-cap drops by Rs 4,367 cr post SC order: Shares of Vodafone Idea on Friday plunged nearly 26 per cent after the Supreme Court dismissed telcos' plea seeking review of its earlier order asking them to pay Rs 1.47 lakh crore in past statutory dues by January 23.

You Searched For "New TCS rule" and got 11 results

Credit card payments on foreign tours to be brought under LRS to ensure compliance with TCS

PTI

New H1-B rules bring more rejections on work visa renewals

BI India Bureau

New H-1B visa rules make it more expensive and harder to hire workers from India — but they may not hold ground

Prabhjote Gill

Airbnb and IndiGo come together for an 'InterFriendtion'

ANI

TCS to dole out a second salary hike within a span six months

Prabhjote Gill

The new tax collection-at-source rule is so absurd that it might actually be a language mistake

BI India Bureau

For TCS, Infosys and Wipro, sending employees to the UK will be a costly affair!

BI India Bureau

TCS, Infosys under scanner for US visa violations

BI India Bureau

Sensex, Nifty start 2022 on a positive note; TCS, Maruti, HCL Tech, L&T, Tech Mahindra and Wipro top gainers

PTI

Govt approves TCS, DLF proposals to set up SEZs

PTI

Business Wrap: TCS Q3 Net profit up 0.2%, RIL Q3 net profit up 13.5% and other top business news of the day

PTI

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