Majority of respondents feel that the government in the forthcoming Budget will increase the standard deduction and give more incentives for housing loans.
Indian Institute of Technology Madras (IIT Madras) said on Monday that it had raised the highest-ever corpus of annual funds for the institution, garnering Rs 231 crore from alumni, industry and individual donors for 2022-23 (FY23). Its funding increased 76 per cent year-on-year (YoY) compared to Rs 131 crore in FY22, according to data shared by the institute. The number of donors contributing more than Rs 1 crore increased 64 per cent YoY.
The Big Four accounting firms have increased the hiring of people from technology backgrounds in India amid an increased focus of clients on digital transformation, especially after the Covid-19 pandemic. EY India said that it has expanded its overall tech talent pool by 3x in the last three years across service lines including consulting, tax, assurance, and strategy & transactions. "Today over 50 per cent of our workforce is from STEM (science, technology, engineering and mathematics) and technology background," it said, adding that it continues to hire significantly in the areas of AI, cloud computing, data analytics and cybersecurity to help its clients in transformation.
The government is contemplating changes to the Insolvency and Bankruptcy Code (IBC) to deal with environmental claims and liabilities of defaulting companies to make the law future-ready and meet climate action goals, sources told Business Standard. Currently, the IBC has various categories of claims and creditors, including those related to environmental liabilities.
Pratham Barot, CEO and co-founder, Zell Education, explains how specialised courses in finance can help you earn a cushy six-figure salary.
Larger firms feel that the smaller players have muddied the waters for the IBC process, leading to excessive regulation of resolution Professionals.
Kirloskar Oil Engines files EoI for PSIDC stake in Punjab Tractors
74% of users play fantasy sports 1-3 times a week, with the majority playing once a week and 20% of the respondents reported playing more than five times a week, says a report on the online gaming industry in India.
The electric vehicle evolution in India's passenger vehicle market has remained frozen in time and may see limited adoption over the next decade, experts say.
The KPMG Report points out that just four per cent of all frauds have been detected by external auditors the largest proportion, 36 per cent, have been detected by internal auditors, says Sunil Jain.
The Central Board of Direct Taxes recently notified rules under which an entity based in a 'notified jurisdictional area' will have to give an undertaking to share information in a prescribed format.
The government is set to initiate consultations with the Reserve Bank of India (RBI) to devise a new security clearance framework for screening potential bidders of public sector banks (PSBs) as it kick-starts the privatisation process, beginning with the strategic divestment of IDBI Bank. As the government is moving ahead with strategic divestment of IDBI Bank and is looking to privatise two PSBs, the Department of Investment and Public Asset Management (DIPAM) is looking to put in place an appropriate framework as the potential buyers will have to meet the RBI's fit and proper criteria, said an official. The process of bank privatisation would be different from the sale of any other public sector undertaking (PSU), and more restrictions and measures will have to be put in place, the official said.
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.
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The Companies Bill asked for promoting gender diversity by specifying induction of a minimum number of women directors
Most of the hirings are, however, in the entry or junior level.
Not only is the number of native language users set to grow faster than English users over the next five years, these users are more likely to lead a more active digital life. Arundhuti Dasgupta & Urvi Malvania find out how brands are rethinking digital marketing plans to accommodate this.
Nirma has roped in BCG and KPMG to advise it on the fundraising options for the acquisition. The company had earlier informed banks that it would raise Rs 5,000 crore to Rs 7,000 crore in the current financial year for the acquisition. Bankers said the company will rely on its funds and future GLS dividend to repay its debt for acquisition.
E-commerce job queries have been increasing as well.
The Indian Post Payments Bank will be a boon to Indians who live in rural areas. India has 154,000 post offices, of which 139,000 are rural.
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.
Bengaluru recorded the highest green building stock at 140 million square feet, followed by Delhi-National Capital Region at 74 msf, and Hyderabad at 72 msf for Grade A office buildings as of September 2023.
The government on Friday said GST will not be applicable on residential units if they are rented out to private persons for personal use. The government dismissed media reports which claimed that there is an 18 per cent Goods and Services Tax (GST) on house rent paid by tenants. In a tweet, the government said GST would be levied only when the residential unit is rented out to a business entity.
To future CA aspirants, this is what Sanskruti and Shruti Parolia would like to say: 'The journey is long and tough. Be consistent and persistent. The end result will be rewarding.'
KPMG's global board will meet in India next week
DDT is levied at the rate of 20% on dividend paid by cos to shareholders.
Over 100,000 small and medium-sized businesses are non-compliant with e-invoicing norms under the goods and services tax (GST) regime, a mandatory requirement for businesses with an annual turnover of over Rs 5 crore. E-invoicing provides real-time access to invoices that are prepared by the supplier on the purchase of goods, allowing faster accessibility to input tax credit, thereby limiting the manipulation of fake credit as it has to be generated before the transaction. "The default has been reported mainly in businesses with a turnover between Rs 5 crore and Rs 20 crore," a senior official informed
38 auditors resigned in 2022-23, compared with 46 the previous year.
All the banks mentioned here have balance sheet size greater than Rs 50,000 crore (Rs 500 billion).
Reliance Retail, the country's leading retailer which owns iconic British toy brand Hamleys and home-grown toy brand Rowan, has entered into a joint venture with a Haryana-based firm for local manufacturing to meet the growing demand. The company has entered into a joint venture with Sonipat, Haryana-based Circle E Retail to vertically integrate its toy business. "We also had a JV with Circle E retail for toy manufacturing for vertical integration for our toys retailing business," said Reliance Retail CFO Dinesh Taluja during an earnings call last week.
New government should consider reforming taxation rules.
The government's plan to mop-up additional revenue from indirect tax may not materialise
...followed by financial services, IT, and sales and marketing.
The GST revenues for August 2023 have shown a growth of 11 per cent year on year due to increased compliance and less evasion, Revenue secretary Sanjay Malhotra said on Friday. The collection from Goods and Services Tax (GST) was Rs 1,43,612 crore in August 2022. "Roughly numbers are in the range of 11 per cent year on year growth as in earlier months," Malhotra told reporters.
With the Indian economy expected to emerge as the third largest by 2030, investors have earmarked significant capital to actively participate in the India growth story.
The Budget is likely to expand the scope of LTA and LTC.
The National Stock Exchange (NSE) has got into firefighting mode to control the reputational damage caused by the Securities and Exchange Board of India's (Sebi's) order against its former managing director and chief executive officer Chitra Ramkrishna and others. According to sources, the exchange's management over the past one week has met several key stakeholders, including officials in the finance ministry and Sebi, major shareholders, and trading members, trying to distance itself from the controversy. The exchange plans to hold more meetings in the coming week to ensure that trading volumes and confidence in the bourse don't get impacted, they added.
Facebook, LinkedIn, Twitter had 160 mn users but made less than Rs 100 cr in 2012-13
The report by KPMG, titled India Fraud Survey Report 2008, has effectively castigated India Inc, both at the employee and the management levels, suggesting a lack of morality at both levels. Strangely, India Inc seems to have swallowed these findings without any remorse or response.
The Indian Premier League (IPL) 2015 made a contribution of Rs 11.5 billion (USD 182 million) to India's GDP, a survey conducted by top financial auditing firm KPMG on behalf of the BCCI has said.
