Infosys first to use tax info network facility
By Our Corporate Bureau | 22 Jan 2004
New Delhi: Infosys Technologies Ltd has become the first company to file an e-TDS return through the national Tax Information Network (TIN). The network was officially launched by the Finance Minister, Mr Jaswant Singh, here yesterday.
Speaking to newspersons, the Chief Financial Officer (CFO) of Infosys, Mr Mohandas Pai, noted that in the normal course, "we would have had to submit documents weighing some 150 kg, which would include 20,000-odd TDS certificates of our employees, contractors and other stakeholders, besides 70,000 pages of accompanying papers".
"Now, it has become possible for us file this entire information on a single compact disc," Mr Pai pointed out.
He said that "my company pays taxes and files returns in about 12 countries, but the system that has been launched today is easily the most sophisticated and state-of-the-art one".
TIN, which is being managed by the National Securities Depository Ltd (NSDL), facilitates dematerialisation of tax payments and refunds, with a capacity to handle returns of up to 50 million assesses. Finance Act, 2003 makes it compulsory for corporate deductors to file online their TDS returns for 2002-03.