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TCS Investor Relations
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FY 2020 Annual Report: Purpose-Driven, Resilient, Adaptable

INVESTOR RELATIONS

Financial Results: Q3 FY2021

Revenue at $5.702 Bn, +5.1% QoQ, +2.1% YoY

Net Income at $1.18 Bn, +3.4% QoQ, +3.7% YoY

 
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Mar 21, 2021
Start of quiet period for Q4FY21
2021-03-21 11:42:00 Europe/London Start of quiet period for Q4FY21
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Shares

Taxation of Dividend Distribution

Resident Shareholders

Effective April 1, 2020, the dividend income is taxable in the hands of shareholders. Accordingly, if any resident individual shareholder is in receipt of dividend exceeding Rs. 5,000 in a fiscal year, entire dividend will be subject to TDS @ 7.5%. The rate of 7.5% is applicable provided the shareholder has updated his/her Permanent Account Number (PAN) with the depository. Otherwise the TDS rate will be 20%. If the dividend to a resident individual shareholder does not exceed Rs 5,000 in a fiscal year, then no tax will be deducted from the dividend.

Yes. The entire dividend will be subject to TDS for non-individual resident shareholders without any threshold limit. The tax deduction rate will be 7.5% provided PAN is updated with the company or the depository. Otherwise the TDS rate will be 20%.

For resident shareholders, the rate of TDS would not be increased by surcharge and cess. For non-resident shareholders, the rate of TDS would be increased by applicable surcharge and cess.

Yes. You can approach the Company for non-deduction of tax at source. You will have to furnish a declaration in Form No. 15G/15H, as the case may be, to the Company to the effect that the tax on the estimated total income of the FY 2020-2021 after including the income on which tax is to be deducted, will be NIL.

Forms 15G / 15H are available at www.incometaxindia.gov.in which need to be filled by the shareholders. Thereafter, the same can be sent at Csg-exemptforms@tsrdarashaw.com.

If the shares are held in Demat form, the PAN needs to be updated with the Depository. If the shares are held in physical form, the PAN needs to be updated with the Company’s Registrar and Transfer Agents at csg-unit@tsrdarashaw.com.
If the PAN is already updated, no further action is required.

To know the quantum of tax deducted, the Company will provide a TDS Certificate in respect of the tax deducted. Shareholders can also check Form 26AS​ from their e-filing accounts at   https://incometaxindiaefiling.gov.in

Shareholders can also use the “View Your Tax Credit” facility available at www.incometaxindia.gov.in. Please note, the credit in form 26AS would be reflected after the TDS Return is filed on a quarterly basis by the Company, and the same is processed by the Income-tax department.

Non-resident Shareholders

For non-resident shareholders, the rate of withholding tax is 20% (plus applicable surcharge and cess) as per Indian Income- tax Act, 1961. However, where a non-resident shareholder is eligible to claim the tax treaty benefit, and the tax rate provided in the respective tax treaty is beneficial to the shareholder, then the rate as per the tax treaty would be applied. In order to avail tax treaty benefits, non-resident shareholders would be required to submit certain documents (Refer Question 11 for the same). However, tax shall be deducted at source @20% (plus applicable surcharge and cess) on dividend paid to Foreign Institutional Investors (“FIIs”) and Foreign Portfolio Investors (“FPIs”) in view of specific provision under section 196D of the Income tax Act 1961.

Please note that there is no threshold provided for which no tax will be withheld. Entire dividend is subject to withholding of tax.

Yes, in case of non-resident shareholders, the rate of 20% would be increased by applicable surcharge based on the status of the non-resident (Please see Q.10 for applicable surcharge rates) and a cess of 4%.

The rate of surcharge depends upon the status of the non-resident and its income.

For Non-resident Individuals, HUF, AOP, BOI, the rate of surcharge is as under:

Income Slab

Rate of Surcharge (Non-FII/FPI)

Rate of Surcharge

(FPI)

Above ₹ 50 Lacs but not exceeding ₹ 1 Crore

10%

10%

Above ₹ 1 Crore but not exceeding ₹ 2 Crore

15%

15%

Above ₹ 2 Crore but not exceeding ₹ 5 Crore

15%

25%

Above ₹ 5 Crore

15%

37%

 

For body corporates, the rate of surcharge is as under:

Income Slab

Rate of Surcharge

Above ₹ 1 Crore but not exceeding ₹ 10 Crores

2%

Above ₹ 10 Crores

5%

Cess shall be applicable at 4 % on surcharge as above, in all cases.

Non-resident shareholders who are tax residents of countries which have signed Double Taxation Avoidance Agreements (DTAAs) with India are eligible for a relief at the concessional rate of TDS (if any), as per the applicable Tax Treaty.

Following documents are required for availing the concessional rate of withholding tax:

  • Tax Residency Certificate for the year in which the dividend is received (to be obtained from the Revenue / Tax authorities of the country of which the shareholder is resident)

  • Form 10F as per the format specified under Income Tax Act, 1961

  • Self Declaration for the year in which dividend is received.

Primarily, following should be covered in the self declaration:

  • Non-resident is eligible to claim the benefit of the respective tax treaty

  • Non-resident receiving the dividend income is the beneficial owner of such income

  • Dividend income is not attributable/effectively connected to any Permanent Establishment (PE) or Fixed Base in India.

Please note that the Company is not obligated to apply the beneficial DTAA rates at the time of tax deduction/withholding on the dividend amount. Application of beneficial DTAA Rate shall depend upon the completeness and satisfactory review by the Company, of the documents submitted by the non- resident shareholder.

Specimen of Form 10F and self declaration are attached below:

A non-resident wishing to claim concessional rate benefit under the Treaty should submit the documents at the start of every year or before the record date of declaring dividend with the company.

To know the quantum of the tax deducted, the Company will provide a TDS Certificate in respect of the tax deducted. Shareholders can also check Form 26AS​ from their e-filing accounts at https://incometaxindiaefiling.gov.in

Shareholders can also use the “View Your Tax Credit” facility available at www.incometaxindia.gov.in Please note, the credit in form 26AS would be reflected after the TDS Return is filed on a quarterly basis by the Company, and the same is processed by the Income-tax department.

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Investor Contacts

Share Registrar / Transfer Agent*

TSR Darashaw Consultants Private Ltd.
(TSRDCPL)
Ph: +91-22-6656 8484 
Fax: +91-22-6656 8494
Email: csg-unit@tsrdarashaw.com 
Website: www.tsrdarashaw.com

 

Mailing Address:
6-10, Haji Moosa Patrawala 
Industrial Estate, 20, Dr E Moses Road, 
Mahalaxmi, Mumbai 400 001

*Please cite the folio numbers (if you hold physical shares) or the DP ID and Client ID (if your holdings are dematerialized) in all your correspondence.

Shareholder Grievance Redressal

Mailing Address:
Tata Consultancy Services Limited
9th Floor, Nirmal Building, Nariman Point, Mumbai  400 021, India

Ph: +91-22-6778 9595
      +91-22-6778 9191
      +91-22-6778 9179
Fax: +91-22-6630 3672

Nodal Officer IEPF Contact Details

Rajendra Moholkar
Company Secretary
Email: rajendra.moholkar@tcs.com

 

Mailing Address:
Tata Consultancy Services Limited
9th Floor, Nirmal Building, Nariman Point, Mumbai  400 021, India

Ph: +91-22-6778 9595
Fax: +91-22-6630 3672

Financial Disclosure And Governance

V Ramakrishnan
Chief Financial Officer

Mailing Address:
Tata Consultancy Services Limited
TCS House, Raveline Street, Fort 
Mumbai  400 001, India
Ph: +91-22-6778 9999 
Fax: +91-22-6778 3000

Investor Relations

Kedar Shirali
Head, Global Investor Relations
Email: kedar.shirali@tcs.com

 

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