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<ul><li><keyword id="6357150" type="ORGANIZATION" weightage="20" keywordseo="tcs">TCS</keyword> had plans to revamp its image before the pandemic and it wants to make it clear that its new tagline is not a rebranding — but an evolution.</li><li>In an interview with Business Insider India, the company’s Chief Marketing Officer (CMO) <keyword id="8605345" type="UNKNOWN" weightage="20" keywordseo="Rajashree-R">Rajashree R</keyword> explains how it took 10 months, talking to over 100 clients, and coordinating with 460,000 employees to bring the brand’s new image to life.</li><li>The millennial makeover isn’t just for the IT services company’s clients, but a new playbook for its employees to invest in.</li></ul>India’s largest software exporter, <keyword id="6357585" type="COMPANY" weightage="20" keywordseo="tata-consultancy-services">Tata Consultancy Services</keyword> (TCS), has gone through what could be called an ‘adulting’ moment. Having been around for more than half a century, the company has rebranded itself to showcase its bold aspirations for the future. From ‘experience certainty’ — coined in 2005 — the IT services behemoth’s tagline now reads, ‘building on belief’. It took 10 months, talking to 100 clients, and coordinating with 460,000 employees to bring the brand’s new image to life. Even until the last minute, TCS was course-correcting to make sure they got the messaging ‘just right’, according to Rajashree R, the company’s chief marketing officer (CMO. “We went through a lot of iterations, a lot of feedback — sometimes we were tweaking, sometimes we were making large level changes. I remember even last night they were correcting stuff,” she told Business Insider during a Twitter Live. <div type="twitter" handle="BiIndia" handlename="Business Insider India🇮🇳" image="http://pbs.twimg.com/profile_images/1232926719016718336/sfffJHNV_normal.jpg" favoritecount="36" retweetcount="8" status="#HangoutwithBI: @iyer_sriram in conversation with @TCS' Rajashree R on how India's largest software exporter TCS is… https://t.co/GJG2J8rQ3q" createdat="1617100284000" id="1376844503286382599"></div> A millennial makeover with employees at the centre TCS is one of the largest private sector employers in India. They already have more than 460,000 employees across the globe with many more waiting in line to join TCS’ growth story. “Our employees are our biggest brand ambassadors,” said Rajashree. She explained that they are the people who communicate directly with customers, which is why it’s very important that they understand the brand better than any promo, ad campaign or social post can put across. Even when discussing TCS’ new look, the company made it clear that it wanted to get millennials to come and share their opinion considering that the organisation’s average age is between 26 to 27 years old. “This was not like a boardroom activity. We had youngsters who came and shared their views about TCS and what they felt about the organisation and what they wanted to talk about,” Rajashree told Business Insider. And the main aim behind that was to make sure that it was an all-inclusive process. It’s not a rebranding — it’s an evolution Despite the timing of it all, the decision to rebrand TCS was not something that was triggered by the pandemic but already in the works before COVID-19 reached the borders of India. “Even before the pandemic struck, we wanted to refresh our positioning because we felt we wanted to have a branding messaging platform that is a reflection of who we are as an organisation today, which is very different from what we were a decade ago,” said Rajashree. TCS wants to be clear about the fact that it’s not moving away from its promise of offering clients certainty but that it’s evolving to showcase how the brand goes hand-in-hand with its clients to work towards a shared purpose. Simply put, TCS is still offering what it always did — just a little more now, because it can. Moreover, technology is at the centre of it. Across the industry, the pandemic has been a lesson in how company transformations going forward are going to be centred on technology. For a company like TCS, it’s an opportunity to shine. “We're not becoming somebody else. We're just finding the right messaging statement to position TCS much more strongly,” said Rajashree, clarifying the thought process behind the company’s new tagline is growth. The aim is to “provide wings” to TCS’ many business teams and help them position the brand better. TCS has its fingers in almost every pie, from aviation to financial services to retail. This means that there are many stories to be told. “Even as a CMO, there are stories that I have not heard, there are stories that I don’t know,” Rajashree remarked candidly. The rebranding of TCS, in part, is about having a platform to tell stories that have not been told yet. And the audience isn’t just TCS’ clients but also their employees, shareholders and partners, according to Rajashree.

10 months, 100 clients, and last minute course corrections — TCS CMO shares all the work behind the software giant's new look

The government on Wednesday proposed to hike the <keyword id="9215522" type="General" weightage="20" keywordseo="tcs-rate" source="Orion">TCS rate</keyword> to 20 per cent from 5 per cent currently on overseas tour packages and a liberalized remittance scheme for remittance of funds out of <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>. The Finance Bill, through the Budget 2023-24, amended Section 206C of the Income Tax Act levying a higher Tax Collected at Source (<keyword id="6357150" type="DOMAIN" weightage="20" keywordseo="tcs" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="tcs" meta.entityname="Tata Consultancy Services Ltd." meta.entityid="8345" meta.seoname="tata-consultancy-services-ltd">TCS</keyword>) on overseas tour programme packages. Also, 20 per cent TCS will be applicable in cases where funds in excess of Rs 7 lakh are sent out of India under the Liberalised Remittance Scheme of the RBI. The amendments will come into effect from July 1, 2023. Nangia Andersen India Partner Amit Agrawal said the increase in TCS rate to 20 per cent is a big surprise, especially with the comfortable forex position. "The increase in TCS rates to 20 per cent for <keyword id="148355" type="General" weightage="20" keywordseo="overseas-travel" source="Orion">overseas travel</keyword> perhaps underscores the government's intention to restrict overseas travel spending by HNI's," Agarwal said. Agarwal said the step to increase TCS to 20 per cent for all remittances, other than travel and medical is likely to cause resentment and hardship amongst the middle class and HNIs. "This is especially true since many students aspire for foreign education and the cost of education and living is usually met by parents through LRS, the blanket rate of 20 per cent on all residuary remittances would mean that foreign remittance for education / maintenance is likely to be costlier owing to the 20 per cent TCS," Agrawal said. Deloitte India Partner Neeru Ahuja said TCS on overseas tour packages or liberalized remittance scheme for remittance of funds out of India has been proposed to be increased from 5 per cent to 20 per cent. "Despite the TCS being creditable in the hands of taxpayers, the same shall lead to higher cash outflow at the first instance in the hands of taxpayers," Ahuja said. Tax and consulting firm AKM Global, Tax Partner Amit Maheshwari said, "TCS has been proposed on any foreign payment without any threshold. "This would pose challenges for people intending to go for foreign travel and who wish to invest in overseas stocks as it will increase their immediate outlay," Maheshwari said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/life-insurance-stocks-fall-up-to-10-after-budget-pushes-for-new-tax-regime/articleshow/97526113.cms">Life insurance stocks fall up to 10% after Budget pushes for new tax regime</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-blow-to-hnis-claiming-huge-deductions-for-expensive-houses/articleshow/97525649.cms">Budget blow to HNIs claiming huge deductions for expensive houses</a>

Budget proposes hike in TCS on overseas travel, fund remittances out of India to 20%

<ul><li><keyword id="4761491" type="PERSON" weightage="20" keywordseo="TCS-Share-Price">TCS share price</keyword> dipped to ₹1506.05 when markets opened today morning.</li><li>The overall market crash was so massive that it triggered the circuit breaker limit halting trade for 45 minutes.</li><li>This is the first time in seven years that TCS stock has dipped below ₹1600. The last time was in July 2013. </li><li>Over the last three months, TCS' value has dipped by ₹2 lakh crore ($27 billion). </li></ul>The stock of Tata Consultancy Services (TCS) hit a seven-year low as markets opened to a massive crash today morning. The company's share price dipped to ₹1506 as a massive global selloff affected Indian stock markets too. TCS' value has gone down from ₹8.3 lakh crore in December to ₹6.3 lakh crore in the last three months — a dip of 24.3% resulting in market cap loss of ₹2 lakh crore ($27 billion). 
 
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 The last time the company's share price went below ₹1600 was in July 2013. IT stocks in India were already bearish amid a global economic slowdown. Things took a turn for the worse as India locked down borders and suspended most active visas. TCS wasn't the only stock to crash in earning trading hours. In what is being called the Coronacrash, Asian markets — including Indonesia, South Korea, Thailand and the Philippines — halted trading as stocks plummeted the minute markets opened. In India, the <a href="https://www.businessinsider.in/india/news/trading-halted-for-45-mins-as-sensex-hits-lower-circuit-for-the-first-time-in-12-years/articleshow/74605048.cms">circuit breaker limit</a> was used for the first time in 12 years. It was triggered after Nifty50 crashed 10%. Trading was suspended for 45 minutes before markets reopened. However, TCS continues to be volatile. Amidst this melee, TCS temporarily recouped its position as India's most valued company back from <a href="https://www.businessinsider.in/business/news/heres-how-mukesh-ambani-lost-5-8-billion-in-a-day/articleshow/74572111.cms">Reliance Industries</a> which faced the double whammy of coronavirus and crude oil price crash yesterday. However, it was back to being in second place after markets closed yesterday, March 13. Even ₹4,500 crore couldn't fight the effects of the coronavirus The massive dip in TCS value comes after the company met on March 11 and declared an interim dividend of ₹12 per share — a total payout of ₹4,503 crore. In fact, the announcement of dividends did nothing to slow the stock's downward trajectory this week. 
 
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 It's not just stocks in India but markets all over the world that continue to remain volatile amid the coronavirus outbreak. The New York Stock Exchange (<a href="https://www.businessinsider.in/stock-market/news/the-new-york-stock-exchange-is-preparing-to-close-its-trading-floor-as-coronavirus-sweeps-through-new-york/articleshow/74599617.cms">NYSE</a>) may close its trading floor in the coming week to keep the Covid-19 virus from spreading. The chaos in overseas markets has an undeniable effect on IT stocks. Any further upheaval in US markets, like closing down the trading floor, could have a negative impact on IT stocks like TCS in India. The prolonged pandemic will have an effect on new client acquisitions and Kotak Securities corrected the revenue of IT companies by 2-4%. “In addition to and partly as a consequence of Covid-19, client health has started deteriorating across many verticals. Specifically, sharp rate cuts impact the banking vertical. We expected moderate improvement in spends among US banking clients at the beginning of the year. However, subsequent turn of events has all but eliminated this possibility,” the report said. TCS is only one of 783 stocks on the National Stock Exchange (NSE) to have hit its 52-week low this week. Yesterday, NSE and BSE saw the largest single-day fall of over 2,919 points since the 2008 financial crisis. See also: <a href="https://www.businessinsider.in/science/health/news/coronavirus-recovery-rate-at-54-as-doctors-race-to-find-a-cure/articleshow/74589618.cms">Coronavirus recovery rate at 54% as doctors race to find a cure</a> <a href="https://www.businessinsider.in/india/news/coronavirus-travel-restrictions-affect-everything-from-the-ipl-to-nris-on-vacation/articleshow/74591642.cms">Coronavirus travel restrictions affect everything from the IPL to NRIs on vacation</a> <a href="https://www.businessinsider.in/india/news/coronavirus-rattles-the-supply-chain-in-indias-largest-electronics-market-hitting-mobile-accessories-more-than-new-phones/articleshow/74484914.cms">Coronavirus rattles the supply chain in India’s largest electronics market, hitting mobile accessories more than new phones</a>

'Corona crash' wipes over ₹2 lakh crore from TCS share value in just 3 months

<ul><li>Tata Consultancy Services, India’s second most valuable company by market cap after <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>, just got hit with its second lawsuit in five years for alleged theft of “trade secrets”. </li><li>The company, which is the IT services arm of Tata, has been accused by the US-based Computer Services Corp (<keyword id="172156" type="CITY" weightage="20" keywordseo="CSC">CSC</keyword>) of improperly accessing the latter’s <keyword id="188405" type="ENTERTAINMENT" weightage="20" keywordseo="Source-code">source code</keyword> to develop an insurance platform. </li><li><keyword id="6357150" type="ORGANIZATION" weightage="20" keywordseo="tcs">TCS</keyword> was building the insurance platform in question for <keyword id="1884595" type="COMPANY" weightage="20" keywordseo="Transamerica">TransAmerica</keyword>, from which it received a $2 billion contract in January last year. That was, incidentally, TCS’s largest contract ever.</li></ul>Tata Consultancy Services, India’s <a href="https://www.google.com/search?q=tata+consultancy+services+market+cap&amp;rlz=1C1GCEU_enIN820IN820&amp;oq=tata+consultancy+services+market+ca&amp;aqs=chrome.0.0j69i57j0l4.7440j0j4&amp;sourceid=chrome&amp;ie=UTF-8">second most valuable company</a> by market cap after Reliance Industries, just got hit with its second lawsuit in five years for alleged theft of <a href="https://economictimes.indiatimes.com/tech/ites/tata-consultancy-services-faces-new-law-suit-over-trade-secret-theft/articleshow/69106238.cms">“trade secrets”</a>. The company, which is the IT services arm of Tata, has been accused by the US-based Computer Services Corp (CSC) of improperly accessing the latter’s source code to develop an insurance platform. In a response to ET, a TCS spokesperson said that the company’s legal team would respond to the allegations after reviewing them and that TCS would “strongly defend its position before the court”. TCS was building the insurance platform in question for TransAmerica, from which it received a <a href="https://www.tcs.com/transamerica-awards-tcs-multi-year-contract-third-party-administration">$2 billion contract</a> in January last year. That was, incidentally, TCS’s largest contract ever. CSC had licensed its Vantage and CyberLife softwares to a subsidiary of TransAmerica, Money Services Inc, for the administration of insurance and annuity products. The suit reportedly alleges that TCS misappropriated the code of these softwares, specifically the code which calculates the rate of return on products, to develop a platform for TransAmerica. Legal proceedings for the case will take place in the US state of Texas. While it is unclear the amount of punitive damages that CSC is seeking, a previous lawsuit filed against TCS might give an indication of the trouble the IT services major is in. In 2014, <keyword id="1378726" type="COMPANY" weightage="20" keywordseo="Epic-Systems">Epic Systems</keyword>, another US-based software provider, accused TCS <a href="https://economictimes.indiatimes.com/tech/ites/tata-consultancy-services-420-million-trade-secrets-case-moves-to-higher-court/articleshow/68554532.cms">of stealing its intellectual property</a>. The suit had alleged that TCS employees had stolen 6000 documents pertain to Epic’s methods of system development from a client that licensed the latter’s software - Kaiser Permanente. After two years of legal wrangling, TCS was asked to pay Epic $940 million worth of damages - which was later reduced <a href="https://www.tcs.com/update-epic-system">to $420 million </a>based on caps for such cases. TCS is currently in the process of appealing against <a href="https://economictimes.indiatimes.com/tech/ites/tata-consultancy-services-420-million-trade-secrets-case-moves-to-higher-court/articleshow/68554532.cms">the $420 million payment</a>. At the end of March 2019, the appeal was transferred to a federal appeals court in the US. The latest lawsuit didn’t seem to have much of an effect on TCS’s shares, which stabilised after <a href="https://www.google.com/search?q=tcs+share+price&amp;rlz=1C1GCEU_enIN820IN820&amp;oq=TCS+share+price&amp;aqs=chrome.0.0l6.1971j1j7&amp;sourceid=chrome&amp;ie=UTF-8">a 1% drop</a> this morning. SEE ALSO: <a href="https://www.businessinsider.in/india-post-upgraded-by-tcs-in-hopes-of-cutting-losses/articleshow/68989343.cms">The company that transformed India's passport offices is also working on post offices</a> <a href="https://www.businessinsider.in/tcs-wipro-and-hcl-are-among-the-worlds-most-valued-it-brands/articleshow/67670849.cms">TCS is now the world’s third most valued IT service brand</a>

One of India’s most valuable companies has been hit with a second lawsuit for improper use’ of a software provider’s source code

<ul><li>Indian tech major, <keyword id="6357585" type="COMPANY" weightage="20" keywordseo="tata-consultancy-services">Tata consultancy services</keyword>, surpassed US tech giant IBM after Monday’s trade. </li><li>Once about to be sold to IBM, <keyword id="6357150" type="ORGANIZATION" weightage="20" keywordseo="tcs">TCS</keyword> witnessed 23% increase in brand value in 2018-19, and now stands at $120.5 billion. </li><li>This year, IBM <a href="https://www.bloomberg.com/news/articles/2019-04-16/ibm-results-reflect-slowing-pace-in-cloud-unit-pinned-for-growth">slowed down after reporting a decline</a> in revenue from cloud computing and artificial intelligence, that the company is hanging its future on, according to a Bloomberg report </li></ul> Homegrown technology major Tata Consultancy Services surpassed American tech giant in market value, IBM after Monday trade closed. At the day’s close, TCS’ market capitalization stood at $120.5 billion while that of IBM stood at $119.6 billion, reported the <a href="https://timesofindia.indiatimes.com/business/india-business/with-120-5bn-m-cap-tcs-valued-more-than-ibm/articleshow/69732416.cms">Times of India</a>. The financial year 2018-19 has proved to be a big one for TCS. The company witnessed a 23% increase in brand value. Its market capitalization crossed the $100 billion mark in 2018 to become the world's third largest IT service brand. The tale of two IT majors It is interesting to note that IBM and TCS were partners once. And, IBM had to tried to buy out TCS. IBM, which entered the Indian market first in the 1950’s, decided to leave in the 1970’s due to India’s intentions to take control of foreign subsidiaries. The heart of this decision was India’s Foreign Exchange Regulations Act, which required most of the foreign companies to divest 60% of the equity of their subsidiaries to local shareholders by the end of 1977. IBM again entered the Indian market in 1992, with a Tata joint venture, named Tata Information Systems. A statement from the office of Cyrus Mistry <a href="https://timesofindia.indiatimes.com/business/india-business/Ratan-Tata-wanted-to-sell-TCS-to-IBM-in-90s/articleshow/55570678.cms">claimed</a> on Tuesday, that Ratan Tata once tried to sell TCS to IBM. The statement said that Tata, who was then heading the joint venture between TCS and IBM, had approached JRD Tata, the chairman of TATA Sons, with a proposal from IBM to buy out TCS. This, it said, happened when F.C.Kohli, the founding father of the Indian software industry and then TCS boss, was unwell. But the move was rejected by JRD Tata, after consultations with Kohli.

After becoming the third largest IT service brand in the world, TCS surpasses IBM in market cap

(Photo Source: glassdoor.co.in) <ul><li>A jury in California has cleared Tata Consultancy Services (<keyword id="6357150" type="ORGANIZATION" weightage="20" keywordseo="tcs">TCS</keyword>) of accusations that it used discriminatory practices against American workers. </li><li>The verdict is of much importance to TCS as it depends heavily on engineers in India. </li><li>TCS was sued by four of its former employees, accusing the company for firing them because they weren’t South Asians.</li></ul>A US jury has ruled in favor of India’s IT outsourcing giant, Tata Consultancy Consultancy Services Ltd (TCS), in a lawsuit alleging the company had followed discriminatory hiring practices against American workers. The verdict came as a sigh of relief to TCS as it relies heavily on the skills of <keyword id="729521" type="PERSON" weightage="20" keywordseo="Indian-Engineers">Indian engineers</keyword>. In September, TCS was sued by four former employees who alleged the company discriminated against them because they weren’t South Asians, first sidelining and then firing them. The claim was rejected by a federal jury in Oakland, California after a week-long trial on Wednesday, Mint <a href="https://www.livemint.com/Companies/H9NEZCVLxeODbPHFMqr5SN/TCS-cleared-by-jury-of-claims-of-antiAmerican-bias.html">reported.</a> The four employees had alleged that nearly 80% of TCS’s workforce was from South-Asia -- which is much more than the general share of South Asians in the U.S. IT workforce. This was the first major Indian IT outsourcing firm in the US to go under a trial. In its defence, TCS reportedly argued that it found it difficult to retain local workers because of their unwillingness to migrate to other cities in the US, where TCS requires engineers, said the report. There are also cases pending against other Indian IT companies as part of a class action lawsuit including <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>, <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword>, HCL Technologies and Cognizant.

Tata Consultancy Services found not guilty of using discriminatory hiring practices against Americans, rules US jury

India's largest software services company <keyword id="6357585" type="CITY" weightage="100" keywordseo="Tata-Consultancy-Services">Tata Consultancy Services</keyword> (<keyword id="6357150" type="CITY" weightage="100" keywordseo="TCS">TCS</keyword>) has 91 employees in India who got paid more than Rs 1 crore in form of salaries in fiscal 2017, a number significantly higher than rivals <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> and <keyword id="10862" type="CITY" weightage="100" keywordseo="Wipro">Wipro</keyword>. Out of these, 22 employees have spent their entire careers at the TCS. In comparison, Infosys has 51 executives who take home more than Rs 1 crore per annum, out of which about 16% started their careers with the Bengaluru-headquartered company. Wipro, on the other hand, has 61 such employees, out of which about 27% have been with it throughout their careers. "TCS is much bigger than Infosys or Wipro, and executive stability has been a defining factor for the company," an analyst with a Mumbai-brokerage told <a href="http://economictimes.indiatimes.com/tech/ites/tcs-way-ahead-of-of-the-field-in-race-of-crorepati-executives/articleshow/59673309.cms">ET</a>, requesting anonymity. "They also tend to promote from within. It is rare for an executive to come in from outside," he added. TCS employees who are stationed outside India could be earning significantly more because of being compensated in foreign currencies. These include Surya Kant, who runs TCS' North America, UK and Europe operations and <keyword id="4787917" type="UNKNOWN" weightage="100" keywordseo="amur-lakshminarayanan">Amur Lakshminarayanan</keyword>, who oversees its Japan business.

TCS has way more number of crorepati executives than its rivals

<ul><li><keyword id="35621" type="PERSON" weightage="20" keywordseo="e-commerce">E-commerce</keyword> might be one of the most hotly-contested and burgeoning sectors in India right now, but it’s also being subjected to increased regulatory scrutiny and higher compliance costs. </li><li>Starting 1 October, e-commerce companies, foreign and domestic, will now have to register in every state in India in order to receive <keyword id="6357150" type="ORGANIZATION" weightage="20" keywordseo="tcs">TCS</keyword>. </li><li>The Central Board of Indirect <keyword id="6368033" type="UNKNOWN" weightage="20" keywordseo="taxes">Taxes</keyword> and Customs (<keyword id="1776484" type="ORGANIZATION" weightage="20" keywordseo="CBIC">CBIC</keyword>) has allowed foreign firms to appoint an agent to collect TCS on their behalf in states where don’t have a ground presence.</li></ul> E-commerce might be one of the most hotly-contested and burgeoning sectors in India right now, but it’s also being subjected to increased regulatory scrutiny and oversight from tax officials. This will raise compliance costs for firms in the industry, which is expected to grow eight times to $200 billion by 2028. Starting 1 October, e-commerce companies, foreign and domestic, will now have to register in every state in India in order to receive TCS (taxes collected at source), or the tax collected at the time of the sale, according to directions from the Central Board of Indirect Taxes and Customs (CBIC). They will then have to deduct 1% of the TCS before settling payments with suppliers. This will help create a paper trail and prevent tax evasion. E-commerce firms will also have a period of 10 days after the end of a month in which to pay the government their full TCS obligations for the previous month. The ruling applies to all e-commerce firms, regardless of whether they have already certified to collect <keyword id="6354679" type="DEFINITION" weightage="20" keywordseo="gst">GST</keyword> as a supplier in the state. However, there is a threshold exemption for companies with an annual turnover of less than ₹2 million. The ruling could affect foreign e-commerce firms disproportionately. They had been hoping to avail of a single registration process as opposed to multiple state registrations owing to a lack of geographical reach. However, the CBIC did allow them to appoint an agent to collect TCS in each state if they didn’t have a ground presence there. They can also registered their headquarters as their office location in these states. While the TCS can only be collected once the agent has completed the sale, it will be calculated for the month when the order takes place. From here on in, e-commerce firms will have to provide tax officials with an electronic statement at the end of the month featuring information on all sales, returns and TCS collections. They will also have to file an annual statement on 31 December.

To collect taxes, e-commerce firms now have to register in every state in India

Money can buy anything, anywhere. This proved to be true when <keyword id="126105" type="COMPANY" weightage="80" keywordseo="Cognizant-Technology-Solutions">Cognizant Technology Solutions</keyword> spent about Rs 17 crore ($2.7 million) last year trying to influence lawmakers in the US, where lobbying is institutionalized, to agree to its points over the country's new immigration rules. The amount of money was considerably higher than its top three Indian IT rivals – <keyword id="10862" type="CITY" weightage="80" keywordseo="Wipro">Wipro</keyword>, TCS and <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword> - put together. 
 According to filings with the US Lobbying Act Disclosure Database, Wipro spent about $460,000 on lobbying in the US, and <keyword id="6357585" type="CITY" weightage="80" keywordseo="Tata-Consultancy-Services">Tata Consultancy Services</keyword> (TCS), India's largest software exporter, about $80,000, while Infosys did not even feature among the top lobbyists. 
 But what was the need for lobbying? Indian IT firms were under tremendous pressure last year against certain immigration proposals that threatened to significantly increase their cost of doing business in the US. Eventually, these provisions were struck or watered down in the final version of the landmark immigration reform that US President <keyword id="15962" type="PERSON" weightage="80" keywordseo="Barack-Obama">Barack Obama</keyword> unveiled in November. 
 
According to an Economic Times report, the need for lobbying also increased because of outcry in the US against outsourcing of jobs to cheaper, third-world destinations such as India. 
 Further, Teaneck, New Jersey-based <keyword id="28721" type="CITY" weightage="80" keywordseo="Cognizant">Cognizant</keyword>, which has most of its 2.17 lakh employees in India, has typically spent more than its Indian peers on exerting influence among US lawmakers. 
 
In 2013, Cognizant spent $2.07 million on trying to influence US lawmakers, while Infosys spent less than $5,000. But later, Infosys was slapped with a $35-million fine by the US government in a case related to visa misuse. 
 
So far this year, Cognizant has spent about $180,000 on lobbying in the US, compared to about $20,000 each by TCS and Wipro, according to data available on Lobbying Disclosure website. 
 
Lobbying is institutionalised in the US where large offshore companies such as TCS and Infosys constantly strive for the support of lawmakers, but they are required to disclose how much they spend on such efforts. 
 
(Image: Indiatimes)

Just to persuade US lawmakers, Cognizant spent $2.7mn last year

Kolkata, As the new Tax Collection at Source (<keyword id="6357150" type="General" weightage="100" keywordseo="tcs" source="Orion">TCS</keyword>) on foreign remittances is set to become applicable from October 1, travel agents' body TAAI has made a last-minute plea to the government, urging them to abolish the decision or defer its implementation until the next fiscal year to allow discussions on overseas tour packages. The government has raised the TCS on foreign remittances under the Liberalised Remittance Scheme (LRS) from 5 per cent to 20 per cent. This will be applicable to international travel, sending money abroad and other remittances. <keyword id="642357" type="General" weightage="50" keywordseo="travel-agents-association-of-india" source="Orion">Travel Agents Association of India</keyword> (TAAI) has written to <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>, appealing to abolish TCS on overseas tour packages, highlighting the business loss and complexity of its implementation. In a letter to the FM, TAAI President Jyoti Mayal said the TCS is a huge challenge for the travel fraternity and would lead to a lot of business being diverted to overseas tour operators. Further, she pointed out that with GST already affecting the livelihood of Indian tour operators engaged in outbound tours, the introduction of TCS presents a double blow. According to her, Indian tour companies are becoming less competitive when compared to operators outside India, who not only save on the 5 per cent GST but also the TCS, which ranges from 5 to 20 per cent, and they are not required to register in India. The association in its letter also stated that the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> and banks are not equipped to maintain and monitor the limits of Rs 7 lakh per traveller, and there is no mechanism to track the same. There is still ambiguity on the payments made for such packages through credit cards overseas, it said. The risks associated with these overseas companies could also have a significant impact on passengers in general. The quality and reliability of these companies may not meet the desired standards, leading to potential service delivery issues or even instances of fraud, Mayal emphasised. She lastly urged the finance minister to abolish the TCS as a whole on overseas tour packages or at least defer it until the next financial year so that a detailed discussion can be carried on the subject. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/bajaj-pulsar-n150-vs-yamaha-fz-s-v3-bikes-comparison-of-price-and-features/slidelist/103985134.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/bajaj-pulsar-n150-vs-yamaha-fz-s-v3-bikes-comparison-of-price-and-features/slidelist/103985134.cms" target="_blank">Bajaj Pulsar N150 vs Yamaha FZ-S V3 – The bike to consider under ₹1.25 lakh</a><a href="https://www.businessinsider.in/tech/mobile/news/pixel-8-launch-on-oct-4-from-camera-to-design-specifications-what-we-know-so-far/articleshow/103924696.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/pixel-8-launch-on-oct-4-from-camera-to-design-specifications-what-we-know-so-far/articleshow/103924696.cms" target="_blank">Pixel 8 launch on Oct 4 – From camera to design specifications, what we know so far</a> <a href="https://www.businessinsider.in/tech/mobile/news/motorola-edge-40-neo-launched-in-india-specs-features-and-price/articleshow/103832280.cms">Motorola Edge 40 Neo with with vegan leather back hits the Indian market</a>

Travel agents body calls for abolishing TCS ahead of its implementation from Oct 1

<ul><li>Tata Consultancy Services is among the top three <keyword id="7254770" type="UNKNOWN" weightage="20" keywordseo="Most-valued-IT-service-brand">most valued IT service brand</keyword> in the world. </li><li><keyword id="6357150" type="ORGANIZATION" weightage="20" keywordseo="tcs">TCS</keyword> witnessed an increase in brand value by 23% to $12.8 billion. </li><li>With the brand value of $26.3 billion, the first position was grabbed by <keyword id="6370971" type="COMPANY" weightage="20" keywordseo="accenture">Accenture</keyword>. </li></ul> 2018 proved to be a remarkable year for one of India’s largest IT services conglomerate Tata Consultancy Services (TCS). After reaching $100 billion in market capitalisation, it is now ranked as the third most-valued IT service brand in the world for 2018-19 according to a report by <a href="http://brandfinance.com/knowledge-centre/reports/brand-finance-global-500-2019/">Brand Finance</a>. TCS witnessed an increase in brand value by 23% to $12.8 billion in that period, said the report. Accenture clinched the top spot by becoming the world’s most valuable IT brand with a brand value of $26.3 billion whereas IBM was ranked second in the global list with $20.4 billion. Apart from TCS, three other IT service companies— <keyword id="6354512" type="DOMAIN" weightage="20" keywordseo="Infosys">Infosys</keyword>, HCL and Wipro -- were able to enter the top 10 global list of most value IT service brands. TCS also emerged a leader in the Japanese market, thanks to “all-round customer experience” and use of artificial intelligence and robotic automatics in its transformation programmes. Wipro's investments in digital transformation capabilities, niche acquisitions, and a recent brand refresh, have made it the third fastest-growing brand in the IT sector, said the report. See also: <a href="https://www.businessinsider.in/facebook-is-reportedly-bringing-in-local-it-firms-to-moderate-fake-news-in-india/articleshow/67344852.cms">Facebook is reportedly bringing in local IT firms to moderate fake news in India</a> <a href="https://www.businessinsider.in/can-nilekani-the-architect-of-the-worlds-largest-biometric-project-spark-digital-payments-in-india/articleshow/67439834.cms">Can Nilekani, the architect of the world’s largest biometric project, spark digital payments in India?</a> <a href="https://www.businessinsider.in/xiaomi-apple-samsung-will-fight-over-india-as-china-sales-slump/articleshow/67488525.cms">Here's why Apple’s problem that began in China may spill over to India too</a>

You Searched For "TCS India" and got 11 results

10 months, 100 clients, and last minute course corrections — TCS CMO shares all the work behind the software giant's new look

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Budget proposes hike in TCS on overseas travel, fund remittances out of India to 20%

PTI

'Corona crash' wipes over ₹2 lakh crore from TCS share value in just 3 months

Prabhjote Gill

One of India’s most valuable companies has been hit with a second lawsuit for improper use’ of a software provider’s source code

Dilsher Dhillon

After becoming the third largest IT service brand in the world, TCS surpasses IBM in market cap

BI India Bureau

Tata Consultancy Services found not guilty of using discriminatory hiring practices against Americans, rules US jury

BI India Bureau

TCS has way more number of crorepati executives than its rivals

BI India Bureau

To collect taxes, e-commerce firms now have to register in every state in India

Dilsher Dhillon

Just to persuade US lawmakers, Cognizant spent $2.7mn last year

BI India Bureau

Travel agents body calls for abolishing TCS ahead of its implementation from Oct 1

PTI

TCS is now the world’s third most valued IT service brand

BI India Bureau

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