However, Deloitte, the latter entity, says regulations don't mandate it to go beyond a basic examination of the books of accounts.
While the minimum holding period for LTCG taxation has now been lowered, the tax outgo could be a bit higher under the new structure.
The survey was based on the survey of 44 banks.
Aditya Verma, the main petitioner in Board of Cricket Control India (BCCI) case which paved the way for Justice R.M. Lodha panel's formation, on Sunday dared the Indian cricket board to make the Deloitte report public and accused it of "threatening" the state cricket associations not to implement the reforms recommended by the panel. Speaking to ANI, Verma said that the BCCI would stand exposed if the report is made public. "I dare the BCCI and other state cricket associations that if they have guts then submit the Deloitte report before Justice Lodha by November 8. If they do, everything will become crystal clear. The BCCI has been blackmailing the state cricket associations over the report," Verma said.
Kolkata trams -- now in their 150th year -- are the last to survive modernity in Indian cities, writes Ishita Ayan Dutt.
The latest ruling by the Registrar of Companies (RoC) in the LinkedIn Technology Information case for violating significant beneficial ownership (SBO) norms has brought the amended rules into the spotlight. Experts suggest that more entities, particularly multinational companies (MNCs), are expected to face greater scrutiny. "Companies are closely watching this space.
From setting up cutting-edge facilities to cater to the domestic market and building capabilities of global standards, the action is building up.
Why are financial-technology (fintech) players moving back to India, or doing the reverse-flipping?
Goods and Services Tax collections jumped 10.4 per cent to over Rs 1.72 lakh crore in January, reflecting buoyant economic activity and setting the stage for the next phase of GST reforms. This is the second-highest monthly collection ever and marks the third month in this financial year with a collection of Rs 1.70 lakh crore or more, a finance ministry statement said on Wednesday.
Continuing the upward trend, GST collections rose 10 per cent to about Rs 1.64 lakh crore in December compared to Rs 1.49 lakh crore in the same month a year ago. During the April-December 2023 period, gross Goods and Services Tax (GST) collection witnessed a robust 12 per cent growth, reaching Rs 14.97 lakh crore against Rs 13.40 lakh crore mopped up in the same period of the previous year, the finance ministry said in a statement on Monday. The average monthly gross GST collection of Rs 1.66 lakh crore in the first nine-month period this year represents a 12 per cent increase compared to the Rs 1.49 lakh crore average recorded in the corresponding period of FY23, it added.
96 per cent is being collected through TDS, advance tax, self-assessment tax, and other receipts.
Direct tax collection, net of refunds, moderately exceeded the revised estimates (RE) for the financial year 2023-24 (FY24) on the back of personal income tax revenues, but corporation tax receipts fell short of the RE. Net direct tax collection stood at Rs 19.58 trillion in FY24, surpassing the RE of Rs 19.45 trillion by Rs 13,000 crore, or 0.7 per cent. The government had revised up FY24 projections for personal income tax by 13.5 per cent over the Budget estimates (BE) of Rs 9 trillion, at Rs 10.22 trillion.
A research report by accounting and consulting firm Deloitte has stated that the research & development investment regime in India could be made more robust and attractive by providing more incentives.
Nearly 40 per cent of IITians sitting for placements in 2024 are yet to receive job offers, showing a doubling of the 'unplaced' in the last three years from 19 per cent in 2021-2022 to 38 per cent in 2023-2024.
'Filing a workplace harassment case against a well-known company or professional can bring risks like retaliation, harm to your career and emotional stress,' warns Smita Shetty Kapoor.
Global professional services organisation, Deloitte Touch Thomatsu on Wednesday said it would increase its headcount in India to 12,000 by 2010 from the current 7,500.
India remains an attractive destination for foreign direct investments (FDI) on account of healthy prospects of economic growth and its skilled workforce, according to a survey by Deloitte. A large proportion of international business leaders remain confident in India's short- and long-term prospects and are readying plans to make additional and first-time investments in the country, it said on Tuesday. "The survey, which questioned 1,200 business leaders of multinational corporations in the US, UK, Japan and Singapore, found that India remains an attractive destination for investments, scoring highly for its skilled workforce and prospects for economic growth," the survey - India's FDI Opportunity - said.
Out of 24,230 IIT and NIT grads, about 8,000 students didn't find any takers during campus placement drives this year.
Adding petrol and diesel to GST was a challenging task due to their significant role as revenue generators for both the central and state governments.
The two firms, however, cannot be termed as auditors of Satyam as the appointment of an auditor can be done only after securing the company's shareholders' consent. Sleuths investigating the Satyam fiasco on Tuesday conducted raids at the Hyderabad office of PriceWaterhouseCoopers, Satyam's auditing firm, and are understood to have recovered several crucial documents.
Loss-making national air carrier Air India has appointed global consultancy firm Deloitte to ratify a prospective financial restructuring plan for the company, which was prepared by SBI Caps, a source said.
The Union Finance Ministry on Friday announced key amendments to foreign exchange (forex) regulations, including mandating government approvals for all investments originating from countries that share land borders with India. The latest amendments also seek to simplify cross-border share swaps and streamline key definitions, such as "control". The updated regulations have aligned the treatment of downstream investments made by overseas citizen of India (OCI)-owned entities with those owned by non-resident Indians (NRIs) on a non-repatriation basis.
About 1.2 trillion tax evasion cases have been detected and as many as 59,000 entities identified for verification in order to ascertain whether they are fake.
The Reserve Bank of India has ordered a special audit of private sector lender Bank of Rajasthan's accounts, suspecting violation of operational norms by the lender, including transparency in lending.
GST collections jumped 15 per cent to nearly Rs 1.68 lakh crore in November, the finance ministry said on Friday. Goods and Services Tax (GST) mop-up was over Rs 1.45 lakh crore in November 2022.
Average monthly GST collection rose from Rs 90,000 crore during the first year of its implementation -- 2017-2018 -- to Rs 1.68 trillion during 2023-2024, representing an 87 per cent rise.
In recent times, more and more audit firms have challenged company managements, some going to the extent of resigning on the ground of incompatibility with what the management wanted or was doing. This, said Ajay Bhushan Pandey, chairman of the National Financial Regulatory Authority (NFRA), in a media interview, was a good sign. Now, the national accounting watchdog has turned the spotlight on audit firms themselves.
Bharti Telesoft, a supplier of value added services platforms to wireline and wireless carriers, has been ranked as one of the country's fast growing 50 technology companies by Deloitte Technology.
These companies, the study said, will have to either dip into its cash balance or borrow in short term.
The Goods and Services Tax (GST) Council, scheduled to meet on June 22, could take a call on ending uncertainty on taxing foreign airlines and shippers as regards certain services, a senior official in the know told Business Standard. He said the Council was expected to decide on exempting the services in question from GST - aircraft lease rentals, maintenance, crew salaries, etc. These services are provided by foreign airlines to their Indian operations.
GST collection rose 11 per cent to over Rs 1.65 lakh crore in July as a result of anti-evasion measures and higher consumer spending. This is the fifth time since the rollout of the Goods and Services Tax (GST) regime that monthly collections have crossed the Rs 1.60 lakh crore mark -- making it the new normal. "Gross GST revenue collected in July is Rs 1,65,105 crore of which CGST is Rs 29,773 crore, SGST is Rs 37,623 crore, IGST is Rs 85,930 crore (including Rs 41,239 crore collected on import of goods) and cess is Rs 11,779 crore (including Rs 840 crore collected on import of goods)," the finance ministry said in a statement.
"If HR isn't responsive, it's critical to keep records of all interactions -- e-mails, dates and any conversations you had. If HR fails to help, escalate the matter to higher management or the internal complaints committee," says Smita Shetty Kapoor.
Additional investment of $190 billion has to be made in the next eight years.
Meet Nilima Kalra, 79, Manju Roy, 80, Sumita Maan, 79, and Gurpreet Kaur, 75.
Taking both direct and indirect taxes, the gross collection is expected to grow 10.45 per cent to Rs 33.61 trillion in 2023-2024.
Finance Minister Nirmala Sitharaman on Thursday said Pradhanmantri Suryodaya Yojana will enable one crore families to get up to 300 units of free electricity monthly and help them save up to Rs 18,000 annually. "There is provision of Rs 10,000 crore for rooftop solar (scheme) in the Budget," said finance secretary T V Somanathan in press conference on Budget later in the day. Earlier in the day Sitharaman in her interim Budget speech said through rooftop solarisation, one crore households will be enabled to obtain up to 300 units of free electricity each month.
Pratham Barot, CEO and co-founder, Zell Education, explains how specialised courses in finance can help you earn a cushy six-figure salary.
The Ministry of Corporate Affairs has been engaging with officials from several audit firms over the past two months to streamline the process for the expansion of audit firms in the country, according to sources familiar with the matter. These discussions have involved representatives from notable firms who have independently submitted their recommendations to the ministry.
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