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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

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%

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

New Delhi, Mar 5 () Tech firm Salesken on Thursday said it has raised USD 8 million in series A funding led by Sequoia India. "The funding round was led by Sequoia India and also featured a secondary with investors such as Unitus Ventures and Michael and Susan Dell Foundation making partial exit," a statement said. The transaction was facilitated by Masterkey Holdings, it added. The funds will be used for further development of Salesken's artificial intelligence-based conversation intelligence platform (Salesken.ai) and for expansion across the Asia Pacific and North America markets, a statement said. Salesken helps companies with real-time intelligence during their sales conversations to help them win more deals. Sales teams using Salesken.ai receive intelligence on various aspects of the sales pitch, from lead qualification to navigating pricing discussions. They can also gauge the sentiments of their customers during the conversation.** * *Callido Learning raises seed funding from Education Catalyst Fund*Edu-tech firm Callido Learning on Thursday said it has raised seed funding from Education Catalyst Fund (ECF). While the amount of funding raised was not disclosed, the company said the proceeds will be used to strengthen the technology underpinning its products, fuel growth for its recently launched skills assessment and launch its first retail offering. In India, Callido counts schools such as The Shri Ram School, Shiv Nadar Schools, Cathedral &amp; John Connon School, and The Dhirubhai Ambani International School amongst its clients. Internationally, Callido works with schools in 18 countries."We intend to use the funds for product upgrades and to scale our presence in India and overseas. We also plan to foray into the B2C segment," Sriram Subramanian, CEO at Callido Learning, said. ****TCS HOBS helps Airtel streamline product portfolio*IT services major Tata Consultancy Services on Thursday said it has implemented its HOBS Product Portfolio Management (PPM) solution for Airtel to help the telecom giant to create personalised offers and make them available in the market instantly."Airtel partnered with TCS to implement a single enterprise-wide product catalog for all marketing and sales channels in India. TCS HOBS PPM has streamlined the company's product lifecycle processes, rationalizing its large product portfolio by 80 per cent," a statement said.It empowers Airtel's business teams to manage the product portfolio on their own, and significantly automates new product rollouts across business and IT operations, eliminating inefficiencies and reducing time to market by 90 per cent, it added. SR SR MRMR

Salesken raises $8 mn led by Sequoia India

<ul><li>If IT majors opt for this lower corporate tax of 22%, then they will have to let go of tax exemptions they have been enjoying so far. </li><li>Currently, most IT companies enjoy tax exemptions under Section 10AA of the Income Tax Act for revenues from special economic zones (SEZs). </li><li>Kotak equities believes that Infosys may possibly choose to adopt the new corporate tax rate and let go of all exemptions. </li><li>TCS’ effective tax rate will remain unchanged in the current financial year. Same holds true for Mindtree, says Kotak. </li></ul> India Inc is busy celebrating the Finance Minister’s corporate tax rate cut. For IT companies, this rate cut comes with a rider. If TCS, Wipro, Mindtree, Infosys and others opt for this lower corporate tax of 22%, they will have to let go of tax exemptions they have been enjoying so far. Currently, most IT companies enjoy tax exemptions under Section 10AA of the Income Tax Act for revenues from special economic zones (SEZs). “Companies will have to decide whether taxes paid in India are less than or more than the revised effective tax rate, if it is the latter they may forgo the current SEZ exemptions and transition to new (lower) corporate tax rate in India,” says a report by Kotak Institutional Equities. To take or not to take There are a few two to three factors that might help Indian IT companies decide. One is the tax that is payable on other income — most IT companies are flush with capital which is deployed in mutual funds, fixed deposits and other debt instruments. In addition, most technology companies have overseas earnings and the accounting structures might help them decide which way to go. “We believe that Infosys’ India tax rate will be over 26%. The company may possibly choose to adopt the new corporate tax rate and let go of all exemptions. Wipro’s India tax rate is close to 21-22%. Yet the company’s effective tax rate (ETR) will reduce by 1-2%,” says Kotak. “TCS’ effective tax rate will remain unchanged in the current financial year. Same holds true for Mindtree. Impact for other companies will vary but will not be meaningful,” the report added. Due to marginal benefit, tech majors have always been seeking a reduction in minimum alternate tax (MAT) instead. SEZs attract a MAT of 21.5%, and any reduction in this would have a greater impact on the technology majors in India.

TCS, Wipro and Infosys have a problem—to take the corporate tax cut or not

The <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> gained 18 paise to 81.93 against the US dollar in early trade on Thursday tracking the broad weakness of the American currency in the overseas market. Forex traders said foreign fund inflows also supported the local unit. At the interbank foreign exchange, the domestic unit opened at 81.99 against the dollar, then climbed to 81.93, registering a rise of 18 paise over its previous close. On Wednesday, the rupee closed at 82.11 against the US currency. "Overall USDINR has strong support around 81.75-80 levels, as the RBI is intervening to protect from steep appreciation. Adding to it, the ongoing geopolitical concerns and Fed's hiking process are likely to weigh on investor sentiment and the USDINR could bounce back to 82.50-82.80 levels," CR Forex Advisors MD-Amit Pabari said. Meanwhile, the <keyword id="75201" type="General" weightage="20" keywordseo="dollar-index" source="Orion">dollar index</keyword>, which gauges the greenback's strength against a basket of six currencies, rose 0.06 per cent to 101.55. Brent crude futures, the global oil benchmark, declined 0.22 per cent to USD 87.14 per barrel. "Brent has risen to USD 87.25 per barrel as weak US CPI could mean that the Fed could sound less hawkish," IFA Global Research Academy said in a research note. In the domestic equity market, the 30-share BSE Sensex declined 43.95 points or 0.07 per cent to 60,348.82. The broader NSE Nifty declined 1.05 points or 0.01 per cent to 17,811.35. Foreign Institutional Investors (FIIs) were net buyers in the capital market on Wednesday as they purchased shares worth Rs 1,907.95 crore, according to exchange data. On the domestic macroeconomic front, retail inflation in March fell to a 15-month low of 5.66 per cent and came back to the Reserve Bank's comfort level of 6 per cent. India's industrial production growth rose marginally to 5.6 per cent in February from 5.5 per cent in January 2023, mainly due to good performance of the power, mining and manufacturing sectors, according to official data released on Wednesday. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/tcs-q4-fy23-revenue-growth-slowest-in-11-quarters/articleshow/99439692.cms">TCS Q4 constant currency revenue growth hits a 11-quarter low</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/after-languishing-since-fy19-two-wheeler-growth-to-outpace-passenger-vehicles-in-fy24-25/articleshow/99438958.cms">After languishing since FY19, two-wheeler growth to outpace passenger vehicles in FY24-25</a>

Rupee rises 18 paise to 81.93 against US dollar in early trade

New Delhi, Mar 19 () The coronavirus impact could render 3.8 crore people jobless, which is around 70 per cent of the total workforce in the tourism and hospitality sector, according to a grouping. The Federation of Associations in Indian Tourism &amp; Hospitality (FAITH) also said there should be a support fund for twelve months to support basic salaries with "direct transfer" to the affected tourism employees. "As a result of this pandemic, Indian tourism industry is looking at pan India bankruptcies, closure of businesses and mass unemployment," FAITH said in a letter to Prime Minister Narendra Modi. It is believed that around 70 per cent out of a total 5.5 crore workforce could get unemployed, which is around 3.8 crore people. This effect of job losses and layoffs has already begun throughout the country, it added. The figure is for direct as well as indirect jobs. "A large percentage of total tourism business activity of India, which is estimated at USD 28 billion+ in forex and upwards of Rs 2 lakh crore in domestic tourism activity will be at economic risk through the year. Thus, in excess of Rs 5 lakh crore of direct tourism industry and almost double that of total economic activity is at risk," the letter said. With declining revenues, almost all tourism businesses are running out of working capital. However, with the responsibility of staff and payment of their salaries, EMIs to service, advance tax, PF, ESIC, GST, excise and other state levies, bank guarantees, security deposits, this industry needs your support now more than ever, it added. "We request you for a twelve-month moratorium on our EMIs of principal and interest payments on loans and working capital from Financial Institutions (both banking &amp; non-banking)," the letter said. Additionally, FAITH requested the PM for doubling working capital limits on interest free and collateral free terms. This will prevent all tourism businesses from going bankrupt, it added. "Sir, additionally to prevent insolvency, we request you for a deferment for 12 months of all statutory dues whether GST, Advance Tax payments, PF, ESIC, customs duties at the central government level or at any state government level the excise fees, levies, taxes, power &amp; water charges, bank guarantees &amp; security deposits and deferment of all renewals, across the tourism, travel, hospitality &amp; aviation industry," the letter said. FAITH also requested the PM to set up a support fund for twelve months on the lines of MNREGA to support basic salaries with 'direct transfer' to affected tourism employees, it added. "TCS (tax collected at source) on travel has been proposed in Finance Bill 2020 to be levied from April 1, 2020 and we request that it should not be introduced as it will displace business from India to overseas, which will lead to shutting down businesses of most Indian tourism companies," the letter said. It also requested a complete GST Tax Holiday for the tourism, travel and hospitality industry for a period of 12 months. The letter requested the PM to, "set up...a national tourism task force of all relevant ministries of the central government along with ministry of tourism and chief secretaries of State governments and industry stakeholders to meet regularly to fast-track all tourism investment approvals." AKT AKT ANUANU

Coronavirus impact may render 3.8 cr people jobless in tourism, hospitality sector

The Nifty is likely to remain weak and trade in a sideways band on Friday as investors and traders refrain from taking long positions ahead of the weekend and as overseas cues continue to be muted. 
 Meanwhile, stocks in Asia posted minor gains after Chinese authorities stepped into absorb panic from their markets. Markets on <keyword id="42111" type="COMPANY" weightage="100" keywordseo="Wall-Street">Wall Street</keyword> closed with modest gains of 0.19-0.23 percent on Thursday. Commodities offered little or no clue on the direction which equities may take. Crude oil futures continued near 3-month lows, Copper and Gold futures were trading flat. 
 
The Nifty is likely to see resistance coming in at 8,420-8,370 levels and the support at 8,325-8,275 points. The Index closed at 8,328, down 35 points on Thursday, falling for a 3rd day in a row. 
 
Foreign funds continued to remain net sellers on Indian equities on Thursday. The sold net 254 crore rupees of stocks, their 5th straight day of sales and their sales in the derivatives markets stood at 1,247 crore rupees in Index Futures and 497 crore rupees in Stock Futures. These numbers point to further weakness in Indian stocks. 
 And now for a bit of good news: the IMF has retained its forecast for global growth at 3.8 percent for 2016. It pegs India's <keyword id="35050" type="CITY" weightage="100" keywordseo="gdp">GDP</keyword> expansion at 7.5 percent, making us the fastest growing economy in the world. 
 
 
STOCKS TO WATCH: 
 <keyword id="6357585" type="CITY" weightage="100" keywordseo="Tata-Consultancy-Services">TATA CONSULTANCY SERVICES</keyword>: Top software exporter failed to meet sales forecast for the fourth time in a row. Q1 Sales rose 6 percent sequentially to 25,668 crore rupees, below analysts expectations. Net Profit fell 3.3 percent sequentially to 5,709 crore rupees. The software giant's attrition rate surged to 15.9 percent. Major global brokerages remain optimistic on TCS's futures growth and they maintain their `Buy' stance on the stock. 
 
BHARAT HEAVY ELECTRICALS: Brokerage CLSA has upgraded the stock to `Buy' from `Sell' and raised its price target to `320 per share from `205 earlier, citing the company to be the biggest beneficiary of the surge in orders in FY16. CLSA sees EPS double over FY15 - 17 as raises FY16 order flow by 17%. 
 <keyword id="10862" type="CITY" weightage="100" keywordseo="Wipro">WIPRO</keyword>: Has finalised a deal to buy a digital Danish firm for 85 million euros. 
 <keyword id="6653" type="CITY" weightage="100" keywordseo="ICICI-bank">ICICI BANK</keyword>: The lender may sell its <keyword id="100080" type="ORGANIZATION" weightage="100" keywordseo="housing-finance">Housing Finance</keyword> Arm for `4,400 crore rupees to private equity players, reports the Economic Times. The unit contributes to 10 percent of the lender's total loan book and focuses on financing affordable housing. 
 
JSW ENERGY: signed a non-binding pact to buy out Monnet Ispat's 1,050 MW power plant in Odisha. 
 
MAHINDRA &amp; MAHINDRA: The auto giant is set to enter the branded oils and pulses category with a sales target for `1,000 crore rupees in the first year of operation. 
 
TITAGARH WAGONS: Sets floor price of `104.64/share for its placement process that is aimed at raising 250 crore rupees from institutional investors. 
 
(Image credits: openmarkets)

Top things to look
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<ul><li>The India benchmark index Sensex was trading 0.16% lower; while the Nifty was up about 6 points at 10:00 am on September 8.</li><li>These were the top losers and gainers in the Nifty pack.</li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market began on a cautious note on Tuesday, amidst lack of cues from global peers. The India benchmark index Sensex was trading 0.16% lower; while the Nifty was up about 6 points at 10:00 am on September 8. These were the top losers and gainers in the Nifty pack: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BPCL </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infratel </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nestle India </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharti Airtel </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td></tr></tbody></table>*as of September 8, 9:55 am These are the top stocks that are buzzing in trade today IRCTC shares gained 3% after stake sale report The shares of Indian Railways and Tourism Corporation gained nearly 3% after <a href="https://www.timesnownews.com/business-economy/companies/article/government-plans-to-sell-15-20-in-irctc-via-offer-for-sale-report/649088">news reports surfaced</a> that the union government which holds 87.40% stake in IRCTC is reportedly planning to sell 15-20% of its stake via offer for sale. Bharat Dynamics shares plunge 13% The shares of Bharat Dynamics lost nearly 13% in a few minutes of trading. This comes a day after the union government announced that it is looking to sell 15% of its stake in the company. The government currently owns 87.75% of the company’s stake, and it is looking to offload 2.71 crore shares at a floor price of ₹384.50. Future Enterprises shares down 5% The shares of Future Enterprises lost 5% on September 8 after the parent organisation reported a consolidated net loss of ₹394.77 crore for the fourth quarter ended March 31. Other Future Group subsidiaries are also trading lower today - Future Retail down 5%, Future Lifestyle Fashions down 5%, Future Consumer was down 4%, among others. Shriram City Union Finance shares trading 5% higher The shares of Shriram City Union Finance were trading 5% higher after Arkaig Acquisition (FPI) bought nearly 12.23 lakh shares in the company at ₹965 per share. Parag Milk and Foods shares were down 3% The shares of Parag Milk and Foods were trading 3% lower on September 8 after the company reported a 88% fall in its profit to ₹3.23 crore. The board has also approved raising ₹ 230 crore via sale of non-convertible debentures. Non-convertible debentures can’t be converted into shares or equities. Info Edge shares gain 3% in a volatile market Info Edge shares were trading 3% higher after the company reported a 24.7% jump in its India standalone net profit to ₹83.2 crore for the first quarter ended June 30. Reliance Industries shares trading 1% higher The shares of Mukesh Ambani owned RIL was trading 1% higher on September 8 after<a href="https://www.business-standard.com/article/companies/reliance-industries-taps-facebook-kkr-for-investment-in-retail-biz-120090701604_1.html"> news reports surfaced that RIL</a> is in preliminary talks with Facebook and private equity fund KKR for investments in its retail business. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-sbi-hdfc-bank-icici-bank-future-retail-future-enterprises-indian-overseas-bank-bharat-dynamics-parag-milk-info-edge-and-more/articleshow/77989128.cms" data-type="tilCustomLink" style="">Top stocks to watch— SBI, HDFC Bank, ICICI Bank, Future Retail, Future Enterprises, Indian Overseas Bank, Bharat Dynamics, Parag Milk, Info Edge and more</a> <a href="https://www.businessinsider.in/stock-market/news/a-wall-street-strategist-that-nailed-last-weeks-sell-off-says-the-only-path-to-a-sharply-higher-stock-market-is-a-dot-com-like-bubble/articleshow/77949963.cms" data-type="tilCustomLink">A Wall Street strategist who nailed last week's sell-off says the only path to a 'sharply higher' stock market is a dot-com-like bubble</a>

You Searched For "tcs on overseas funds" and got 9 results

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

PTI

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

PTI

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

PTI

Salesken raises $8 mn led by Sequoia India

PTI

TCS, Wipro and Infosys have a problem—to take the corporate tax cut or not

Katya Naidu

Rupee rises 18 paise to 81.93 against US dollar in early trade

PTI

Coronavirus impact may render 3.8 cr people jobless in tourism, hospitality sector

PTI

Top things to look out for in the markets today

Shailendra Bhatnagar

Top stock movers — Future Retail, IRCTC, Reliance Industries, Tech Mahindra, HCL, Infosys, Future Enterprises and more

Navdeep Yadav

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