An Indian multinational information technology services and consulting company, Tata Consultancy Services (TCS) payroll will be generating Form 16 documents in record time.
What Is Form 16?
Using Form 16 you can prepare and file your income tax return. It shows the breakup of salary income and the TDS amount deducted by the employer.
When will Form 16 be available?
For 2022–23, Form 16 will be available on June 15, 2023. If the employer deducted TDS from April ‘22 – March ’23, then Form 16 must be issued latest by 15th June ’23. Additionally, if the employer has deducted no TDS, he may not give you Form 16.
Tata Consultancy Services on Form-16
According to the reports of the Economic Times, TCS senior executives reportedly said that the company will be providing the documents as early as the 26th of April.
The solution for Form 16 was created by TCS teams including Payroll Finance Team, Internal IT solutions, and a dedicated technology team for internal finance operations. The company has implemented an AI-based solution to process employee claims over five years.
Lakshminarayanan GS, Deputy Chief Finance Officer, said, “This is one area which has the potential of being commercialized also.”
“Our first focus was to give a better employee experience, it is possible for us to take it as a solution to our sales teams also, but that is something that we will be doing with going forward”, he added.
The company has over 6 lakh employees globally. The company’s strategy is to invest in its in-house talent and give them a chance to shine.
Milind Lakkad (TCS CHRO) expects the attrition to drop close to 12-13% by H2FY24. The attrition for every quarter has seen a deep fall to 20.1 percent, continuing its downward trend from last quarter’s.
TCS has reported attrition in Q3FY23 stood at 21.3 percent, a slight decline from 21.5 percent in Q2FY23 on a last-twelve-month basis. The company has started to slow down hiring and focus on improving employee utilization rates.
The company added 22,600 employees during FY23. There has been a steep decrease as compared to its net addition in FY22. In the previous year, it had added 103,546 employees on a net basis.
