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New Delhi, The onus of deducting <keyword id="6357150" type="General" weightage="100" keywordseo="tcs" source="Orion">TCS</keyword> should be banks, in case a person makes an overseas hotel booking using the e-commerce portal of tour operators, said a senior official of MakeMyTrip, a leading online travel service provider. MakeMyTrip Group Vice President-Taxation Tajinder Singh said, in case a tour package is booked from the e-commerce portal, the company will take an undertaking from its customers, on whether the total amount remitted abroad so far has exceeded the threshold of Rs 7 lakh in the fiscal year. The government has said that from October 1, a 5 per cent <keyword id="735754" type="General" weightage="50" keywordseo="tax-collected-at-source" source="Orion">Tax Collected at Source</keyword> (TCS) will be levied on tour packages up to Rs 7 lakh in a fiscal. The rate will go up to 20 per cent for spending beyond the threshold. Currently, 5 per cent TCS is levied on overseas tour packages irrespective of spending. Singh said TCS collection on overseas tour spendings has two aspects -- one where a tour package is booked using the e-commerce portal and secondly, when the customer uses the portal to make a standalone hotel booking. He said in case of tour packages booked from an e-commerce website, the company will seek a declaration from customers about the total money remitted so far in a fiscal year. In case of standalone hotel booking, he said it will fall in the category where authorised dealer banks would be responsible for taking this declaration from customers. "We have been talking to banks that for these declarations, banks will have to come up with their own facility and infrastructure where they would be able to directly use the KYC data available of their customers to collect the information directly from customers. That is where we are pushing it to the banks to do the compliances at their end. "It is the compliance of the banks. Banks are liable to collect the TCS from customers who are remitting outside India. The compliance is on banks, but because we are intermediaries we will have to pitch-in somewhere and facilitate this," Singh said. The government's decision on levying higher TCS on overseas tour packages beyond Rs 7 lakh would impact outbound tourism. "A lot of customers would be looking at the higher TCS rate as a cost... The higher cash outflow at the time of booking might pinch a lot of customers and they might curtail their expenditure," Singh added.

Onus of deducting TCS on standalone overseas hotel bookings should be on banks: MakeMyTrip

<ul><li>Fresh graduates who took Scaler Academy's six month coding programme secured average compensation of over ₹15 lakh from global multinationals like Amazon, Samsung, Google and more. </li><li>Other job offers came from companies like Lido Learning, MindTickle, Delhivery, 1MG, Oyo, MakeMyTrip and Razorpay. </li><li>Of the 182 learners on the platform, 177 previously had job offers extending an average salary of nearly ₹7.5 lakh via campus placement drives or direct recruitment. </li><li>The learners are mentored by subject matter experts from companies like Google, Facebook, Twitter and Netflix.</li></ul>Fresh graduates who took Scaler Academy’s six-month coding programme, secured jobs offers from global multinationals like Amazon, Samsung, Google and more. The academy also says that their average compensation is also over ₹15 lakh. A third of them also received job offers over ₹25 lakh per annum. Some other companies that provided job offers include Lido Learning, MindTickle, Delhivery, 1MG, Oyo, MakeMyTrip and Razorpay. The academy claims that most of their students also managed to receive compensation that is twice that of their campus job offers. Of the 182 learners on the platform, 83 previously had job offers extending an average salary of nearly ₹7 lakh via campus placement drives or direct recruitment. That means, the salaries offered after reskilling was more than double, compared to the campus offers. “Once the youth of our country is empowered with the necessary skills and knowledge, they are capable of creating hundreds of unicorns like Facebook and Google. The April 2019 batch was the litmus test to understand that. In fact, 33 of them today hold job offers that are paying over ₹25 lakh per annum,” said <keyword id="8665617" type="PERSON" weightage="20" keywordseo="abhimanyu-saxena">Abhimanyu Saxena</keyword>, Co-founder at Scaler Academy and <keyword id="8665620" type="UNKNOWN" weightage="20" keywordseo="InterviewBit">InterviewBit</keyword>. Scaler Academy is an initiative of the reskilling startup Interviewbit. While a few learners on the platform came from premier Indian institutions like Indian Institutes of Technology (IITs) and National Institutes of Technology (NITs), almost three-fourths of them were from tier II colleges. “72% of our students come from non-‘pedigree’ institutions and yet they have been able to secure gainful employment opportunities with top companies, including the likes of Google. The numbers clearly suggest that most MNCs and leading start-ups are no longer only hiring from Tier1 colleges, they are increasingly looking at talent over pedigree,” added <keyword id="279823" type="PERSON" weightage="20" keywordseo="Anshuman-Singh">Anshuman Singh</keyword>, co-founder at Scaler Academy and InterviewBit. Currently, Scaler academy has a user base of nearly 2,000 students. The learners are mentored by experts from companies like Google, Facebook, Twitter and Netflix. “A lot of young engineers don’t always have access and exposure to the relevant technical skills or recruitment processes of global companies. Our mission is to bridge that gap and help them grow in their careers. We will help young engineers expand their knowledge and coding skills and enable them to get top tier software engineers jobs at the best global tech companies,” Singh earlier said. See also: <a href="https://www.businessinsider.in/careers/news/tcs-cognizant-capgemini-and-other-top-giants-who-are-not-letting-go-of-their-new-hires/articleshow/75136446.cms">TCS, Cognizant, Capgemini and other top giants who are not letting go of their new hires</a> <a href="https://www.businessinsider.in/careers/news/capgemini-india-cognizant-and-others-who-are-giving-salary-hikes-in-times-of-coronavirus/articleshow/75151960.cms">Capgemini India, Cognizant and others who are giving salary hikes in times of Coronavirus</a>

A third of the freshers who reskilled at Scaler Academy bagged job offers at over ₹25 lakh

The overall size of the budget has remained almost unchanged from the interim one presented in February, indicating the government's strong commitment to move along the <keyword id="20099794" type="General" weightage="20" keywordseo="fiscal-prudence" source="keywords">fiscal prudence</keyword> path, said experts on Tuesday. According to the <keyword id="19908389" type="General" weightage="100" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 presented by Finance Minister Nirmala Sitharaman, the total expenditure in Budget Estimates (BE) 2024-25 is estimated at Rs 48,20,512 crore of which total <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> is Rs 11,11,111 crore. The total expenditure in the Interim Budget presented in February was estimated at Rs 47,65,768 crore of which total capital expenditure was Rs 11.11 lakh crore. Debadatta Chand, Managing Director &amp; CEO, <keyword id="19920717" type="General" weightage="20" keywordseo="Bank-of-Baroda" source="keywords" meta.keywordsubtype="org" meta.entityname="Bank of Baroda" meta.hostid="261" meta.entityid="Bank of Baroda">Bank of Baroda</keyword>, said the Union Budget complements the main takeaways from the Economic Survey and focusses clearly on medium term development of the economy. "The overall size of the budget has remained almost unchanged from the interim one. The budget has shown strong intent on moving along the fiscal prudence path and targeted the <keyword id="19942084" type="General" weightage="20" keywordseo="fiscal-deficit" source="keywords">fiscal deficit</keyword> at 4.9 per cent for the year," he said. The said action will keep the growth steady as well as robust not only for economy but also banking. Aditi Nayar, Chief Economist, ICRA Limited, said the budget has kept the capital expenditure unchanged and pared the fiscal deficit to 4.9 per cent of GDP. "The anticipated reiteration of the reduction in the fiscal deficit to below 4.5 per cent of GDP in FY2026 is welcome. Interestingly, the new medium term fiscal consolidation path has been linked to a reduction in the debt/GDP ratio instead of continued compression of the fiscal deficit/GDP ratio," she said. Buoyed by improvement in revenue collection, the government has lowered fiscal deficit target to 4.9 per cent for the current <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> as against 5.1 per cent estimated in February's interim budget. Ranen Banerjee, Partner and Leader Economic Advisory, PwC India, said that fiscal prudence is the highlight of the full Union Budget 2024-25. The government has gone with realistic projections on its revenue and expenditure estimates and refrained from announcing overly populist measures. "The majority of the allocations, including the capex allocation, are as outlined in the interim budget, thus providing continuity. The capex being kept at INR 11.11 trillion was expected, given that the ability to consume this allocation is limited due to disruption from the elections in the first quarter and the second quarter being typically slowed down by the monsoons," Banerjee said. Institute of Chartered Accountants of India (ICAI) President Ranjeet Kumar Agarwal said the government has announced five schemes to facilitate employment and skilling for 4.1 crore youth over the next five years with a central outlay of Rs 2 lakh crore. "This is a welcome step that will create a skilled workforce to address the existing deficit and generate <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword>. Additionally, financial support for loans up to Rs 10 lakh for higher education will help students pursue higher education and acquire skills," he added. Indian Institute of Insolvency Professionals of ICAI (IIIPI) Chairman Ashok Haldia said the budget proposals for an integrated technology platform and sprucing up NCLT infrastructure will provide a fillip to the Insolvency and Bankruptcy Code (IBC) regime. IIIPI is promoted by ICAI. Meanwhile, Kumarmangalam Vijay, Partner, JSA Advocates and Solicitors, opined that in its new avatar, it seems that the Modi government is keen to deliver on its promise of 'ease of doing business'. "Its focus on making it simpler is evident from the abolition of the angel tax, the increase in new income tax regime thresholds, new Vivad se Vishwas Scheme 2024 for the resolution of pending cases and the increase in the threshold for appeal by tax departments at various levels, decriminalising the non-reporting of shares received from non-resident employers and reducing the period for re-opening of the cases," Vijay said. The Institute of Company Secretaries of India (ICSI) said there has been a focus on the manufacturing sector in the budget. Measures have been taken for simplifying the FDI/ODI rules and regulations, and the <keyword id="21847964" type="General" weightage="20" keywordseo="tax-regimes" source="keywords">tax regimes</keyword>. The enhanced Mudra loan limit and the abolition of angel tax are all set to incentivize the startup and MSME ecosystem of the country. "The nine priorities identified in this progressive and inclusive budget 2024 are aimed at generating ample opportunities for all. Besides agricultural reforms, the budget focuses on skilling, educating and employing the youth, a priority that the ICSI has been concentrating on," said ICSI President B Narasimhan. Rajesh Magow, Co-Founder and Group CEO, MakeMyTrip, said the government's continued emphasis on infrastructure development is commendable. Enhanced road infrastructure will bolster the travel and tourism sector. "We also welcome the initiatives to develop iconic spiritual and cultural sites into world-class tourist hotspots," Magow said. Furthermore, he said the provision of credit for TCS against income tax under 'Income from Salaries' is logical and will provide much-desired relief to taxpayers who travel internationally.

Budget size almost unchanged from interim, shows govt's commitment to fiscal prudence: Experts

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Onus of deducting TCS on standalone overseas hotel bookings should be on banks: MakeMyTrip

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A third of the freshers who reskilled at Scaler Academy bagged job offers at over ₹25 lakh

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Budget size almost unchanged from interim, shows govt's commitment to fiscal prudence: Experts

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