Amid a social media storm over the death of a young employee at tax consultancy major EY allegedly due to work pressure, Deloitte has formed a three-member external committee, which includes former revenue secretary Tarun Bajaj, to look into practices, policies and processes concerning employees, its South Asia CEO Romal Shetty said on Friday. Shetty said to manage the work pressure within the organisation and have an open work culture, Deloitte has a chief happiness officer and takes strictest action for any bad behaviour within the organisation. Deloitte is one of the four major global tax consultancy firms.
For Yogi Adityanath the successful management of the fair is a crucial part of building 'Brand UP' and making the state a $1 trillion economy.
The Enforcement Directorate on Friday alleged that Hero MotoCorp executive chairperson Pawan Kant Munjal used foreign currency issued in the name of others for his personal expenditure abroad to "override" RBI rules and attached his assets worth Rs 24.95 crore as part of a money laundering investigation. Three immovable properties (in the form of lands) of Munjal located in Delhi have been provisionally attached under the provisions of the Prevention of Money Laundering Act (PMLA), the central agency said in a statement.
The information technology services sector will see a sharp fall in revenue growth to 12-13 per cent in FY23 from 19 per cent in FY22, ratings agency Crisil said on Thursday. However, the current depreciation in the rupee, strong demand for new age technologies like artificial intelligence, cloud computing and Internet of Things will help the over $220-billion sector maintain a double digit growth, it said in a report. The moderation from 19 per cent to 12-13 per cent will be the highest in the last eight years, it said and attributed the decline to expected tightening of IT expenditure by corporates amid the inflationary headwinds in the United States and European Union (EU), which together contribute almost 85 per cent to the sector's revenue.
The central government's fiscal deficit during 2023-24 at 5.6 per cent of the GDP was better than previous estimates of 5.8 per cent on account of higher revenue realisation and lower expenditure, according to official data released on Friday. In actual terms, the fiscal deficit -- or gap between expenditure and revenue -- was Rs 16.53 lakh crore, or 5.63 per cent of the GDP, which grew 8.2 per cent in 2023-24.
Six years after the rollout of the biggest indirect tax reform in India, Goods and Services Tax (GST) revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer. To apprehend black sheep, who operate as syndicates and create fake entities on the basis of forged documents to claim input tax credit (ITC), tax officers have started using data analytics, artifical intelligence and machine learning aiming to curb evasion, which was over Rs 3 lakh crore since inception of GST. It was over Rs 1 lakh crore in 2022-23. Thinktank Global Trade Research Initiative (GTRI) said the most critical pending GST reform is upgradation of GST Network to prevent fake supplies and fraudulent claims of Input Tax Credit (ITC).
The NCB, which recently filed a charge-sheet in the drugs-on-cruise case, gave a clean chit to Aryan Khan.
Market regulator Sebi suppressed important facts from the Supreme Court and "slept over" Directorate of Revenue Intelligence's letter on alleged stock manipulation by the Adani firms, one of the PIL petitioners in the Adani-Hindenburg row has alleged in the top court in an affidavit. The apex court is seized of four PILs on the Adani-Hindenburg controversy including those by lawyers M L Sharma and Vishal Tiwari, Congress leader Jaya Thakur and law student Anamika Jaiswal. On August 25, SEBI had informed the apex court it has completed the probe in all but two allegations against the Adani group, and is still awaiting information from five tax havens on the actual owners behind the foreign entities that have invested in the conglomerate.
This could fundamentally transform the industry that had been a major source of employment in countries like India and the Philippines.
Revenue intelligence officers have detected Rs 4,389 crore duty evasion by Chinese smartphone maker Oppo by misdeclaration of imports, the Finance Ministry said on Wednesday. The Chinese company deals in mobile brands -- Oppo, OnePlus and Realme. During an investigation of Oppo Mobiles India Private Limited, a subsidiary of Guangdong Oppo Mobile Telecommunications Corporation Ltd - China (Oppo China), the Directorate of Revenue Intelligence (DRI) has detected Customs duty evasion of around Rs 4,389 crore.
With this, a total of 42 individuals and seven firms have so far been chargesheeted in the case which was initially registered by the Directorate of Revenue Intelligence, Gandhidham unit, Gujarat, on September 13, 2021.
A day after it received Rs 32,403 crore GST demand, Infosys on Thursday said Karnataka state authorities have withdrawn the 'pre-show cause' notice to the company and directed it to submit further response to the Directorate General of GST Intelligence (DGGI) on the issue. India's second largest IT company had made headlines on Wednesday after GST authorities slapped a Rs 32,403 crore notice on it for services availed by the company from its overseas branches for five years starting 2017.
WazirX lost about 45 per cent of its crypto assets to the security breach. People privy to the discussions say North Korea has been mentioned.
As we brace for unprecedented rates of urbanisation, it is crucial to ensure that illegal constructions and unauthorised land use are curbed, asserts Amit Kapoor.
While the current headcount reduction has more to do with slowing demand, the rise of artificial intelligence will impact jobs in the future.
The drug network was busted based on an intelligence input received by the Crime Branch, he said, adding that three persons were arrested and a case has been registered by the DRI.
Some of the proposals include redrafting transfer and placement policy for IRS officers, strengthening the cadre restructuring, rebranding of IRS, robust deputation policy and creation of encadred post in other ministries and government department.
'Historically, many chief financial officers have not been comfortable with investing today for indirect value in the future.' 'This reluctance can skew investment allocation to tactical versus strategic outcomes.'
Nasdaq-listed Cognizant Technology Solutions has signed a definitive agreement to acquire global engineering company Belcan for about $1.3 billion (Rs 10,853.7 crore) in cash and stock. The transaction is expected to close in the September quarter. The total consideration includes $1.19 billion (Rs 9,935.31 crore) in cash and 1.47 million Cognizant shares, valued at $97 million (Rs 809.53 crore) based on the information technology services provider's closing share price on June 7, 2024.
The Directorate of Revenue Intelligence has seized 205.6 kg heroin worth Rs 1,439 crore from a container near Kandla port in Gujarat and arrested an importer from Punjab in this connection following an extensive search operation, the DRI said on Monday.
Issuing a notification, the Revenue and Disaster Management Authority claimed that the intelligence agencies have informed the government of several cases of attempted transfer of land by fraudulent means in some places.
Jobs requiring AI skills carry a significant wage premium, with some roles offering up to a 25 per cent increase in wages, notes Manoj Nagpal, vice president, professional services, OpenText, an information management company.
The Directorate of Revenue Intelligence has seized 56 kg of cocaine from a container near the Mundra port in Gujarat's Kutch district, a DRI official said on Thursday.
With the recent launch of smartwatches, home-grown smartphone maker Lava is looking to secure a strong foothold in the Indian wearables market. The company aims to capture up to 20 per cent of this segment over the next few years, according to a senior executive.
'We have already given Rs 1.59 trillion to states.' 'So, there is no question of giving them more.'
Former ISI DG Faiz Hameed's arrest sends a strong message to PTI supporters that Imran Khan's culpability for the May 9, 2023 violence could well be drawn within the purview of military courts, especially if General Hameed turns approver to save his skin, explains Rana Banerji, who headed the Pakistan desk at RA&W.
'The hiring in India will be primarily around skills in data engineering, AI, and product engineering.'
IT service company Wipro on Friday reported 7.8 per cent year-on-year decline in its consolidated net profit for the March quarter to about Rs 2834.6 crore, and cautioned that the macroeconomic environment remains "uncertain". The Bengaluru-headquartered company, which recently saw a change of guard with Srinivas Pallia taking over at the helm as the new chief executive officer, has given an IT Services revenue growth guidance in the (-)1.5 per cent to +0.5 per cent band for June quarter on a constant currency basis.
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.
'It is in the interest of China and Pakistan to give a bad name to the Indian Army and remove AFSPA 'completely' from the north east.' 'Hopefully, better sense will prevail and the ground realities of the army countering insurgency in the north east acknowledged,' asserts Lieutenant General Prakash Katoch (retd).
The tenure of Indian Revenue Service officer Sameer Wankhede with the Narcotics Control Bureau, which was marked by controversy, would end on December 31, official sources said on Friday.
The GST collection in April touched the highest ever level of about Rs 1.68 lakh crore, up 20 per cent from the year-ago period, on improved compliance and recovery in business activity, the Finance Ministry said on Sunday. During the month, 1.06 crore GST returns from GSTR-3B were filed, of which 97 lakh pertained to March 2022. The gross GST revenue collected in April is Rs 1,67,540 crore, of which CGST is Rs 33,159 crore, SGST Rs 41,793 crore, IGST Rs 81,939 crore (including Rs 36,705 crore collected on import of goods) and cess Rs 10,649 crore (including Rs 857 crore collected on import of goods), the ministry said.
'Fan armies are not just followers; they are a force of nature.'
'We are looking at the next target which is to be a $1 billion ARR firm in the next 4-5 years.'
Certain changes in the past two or three years could have a long-term structural impact on the IT services market.
Several people are still feared trapped in the debris after a series of landslides that occurred in Chooralmala and Mundakkai of Wayanad.
The Supreme Court has dismissed an appeal filed the customs department against Adani Power Maharashtra Limited (APML), Adani Power Rajasthan Limited (APRL) and others in a case pertaining to alleged over-valuation of imported goods. "We have heard Balbir Singh, Additional Solicitor General appearing for the appellant(s), and Mukul Rohatgi, senior counsel appearing for the respondents, at length. "We are of the considered opinion that the matters are concluded by the findings of fact recorded by the authorities below and the impugned order(s) does not require any interference at our behest.
When its founder, Raghunandan Kamath, took a calculated risk, his Bollywood customers backed him all the way, say Rohith Potti and Pooja Bhula.
More than 600 people have visited hospitals and medical camps in Puri. However, only over 130 have been admitted to hospital, said Director of Health Services, Bijay Mohapatra.
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