Quick Summary
Employees of Tata Consultancy Services (TCS) have recently been issued tax demand notices by the Income Tax Department over discrepancies in their Tax Deducted at Source (TDS) claims. On September 9, many employees across different departments received intimations under Section 143(1) of the Income Tax Act, indicating that there was no record of the full TDS amount for the fourth quarter of FY24. As a result, they were asked to pay the unrecorded amount, along with applicable interest and charg
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FAQ :
Employees have received notices due to discrepancies in their Tax Deducted at Source (TDS) claims, where the Income Tax Department's records did not show the full TDS amount for the fourth quarter of FY24.
The notices have been issued under Section 143(1) of the Income Tax Act.
The preliminary assessments have led to demand notices ranging from Rs 50,000 to Rs 1.45 lakh.
TCS has assured employees that the disparities between Form 26AS and Form 16 Part A will be addressed shortly and that tax authorities are expected to reprocess the returns.
No, employees who received the tax notices are encouraged not to pay the demand amounts as a rectification intimation will be issued soon.
The incident is expected to be a temporary glitch, and the TDS discrepancies should be rectified without financial consequences for the employees.
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