For a group of business journalists, we still freak out when tax season hits. from last week's we mostly revolved around tax instruments, our panicked last-minute scramble for investment proofs, and how our head of finance. Every year, we promise that we’ll make a Tax PlanTM, and every year, we somehow, miraculously, manage to fall short of our targets. But we at Mumbai Multimedia Studio's never fazed. One day, I will figure out the secret to his calm facade. The start of April is that time of the year when we promise ourselves that we’ll be more mindful of our money, our investments, that we’ll plan well and plan better to stretch our pay cheques. New Year’s Day may be the season for new beginnings, but 1 April is the season for new tax planning. You know who else has been trying to be tax-efficient? Tata Consultancy Services. Thanks to share buybacks. India’s largest software company by revenue and its second-largest by market capitalization concluded its $2.4 billion share buyback last month. It received a roaring, rockstar-like reception, and was oversubscribed 8.5X. Buybacks are handy tools for distributing excess cash to shareholders in a tax-efficient manner. But, they’re also criticized for not plowing money back into the business for future growth and for being a tool to manipulate stock prices and financial metrics linked to the compensation of executives. With nine other companies already having bought back shares this year, and a few more offers underway, too, Meanwhile, in the spirit of a new financial year, we also looked at companies—and in the case of the RBI, the entire banking sector—that are trying new things. That’s it from me today. I’m spending the rest of my weekend contemplating how best I can escape the “I’m very disappointed in you” look we will likely throw my way at the end of the next fiscal year. Hope you have a restful Sunday. Enjoy the first Day of Ramadan in India
