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Tax collections dip: Net direct tax mop-up falls 1.34% to Rs 5.63 lakh crore as refunds surge; gross receipts rise 3.17%

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India’s net direct tax collections declined 1.34% year-on-year to Rs 5.63 lakh crore as of July 10, dragged down by a sharp surge in refunds, according to government data released on Friday. Gross tax collections — before adjusting for refunds — rose 3.17% to Rs 6.65 lakh crore during the period, reflecting an underlying improvement … Read more

TCS Q1 revenue falls 3%, 1st drop in over 4 years

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Bengaluru: TCS marked its first year-on-year decline in constant currency since the Sept quarter of FY21, with lacklustre performance attributed to weak macroeconomic conditions, cautious client sentiment, delayed decision-making, and the winding down of the BSNL deal. Its revenue for the June quarter fell 3.1% year-on-year in constant currency and 3.3% sequentially, as geopolitical uncertainties … Read more