Deloitte Financial News

Mumbai: Promotions handed out like candy may be a thing of the past, as companies that rushed to retain and motivate talent at a time of hiring frenzy take a closer look at the practice as attrition falls. Consultants and companies said that fintechs, BFSI firms and startups which had frequently used promotions as a retention tool are finding that it has hurt internal parity and raised employee costs. In the last fiscal year, promotions were used to retain middle and senior level executives with institutional knowledge and client relationships, consulting and audit firm Deloitte said in a report.

Connected cars are becoming the mainstream choice for many new car buyers in India fuelled by rising disposable incomes and an influx of new models. Such cars, which have embedded chips allowing internet access, enabling drivers to transmit, store and receive information collected via sensors – currently make up as much as 30% of all new vehicles sold, up from 6% in FY21. New-age buyers are increasingly taking to cars which offer continuous connectivity and a safer driving experience. Given the robust demand, carmakers have started offering such features in all premium SUVs sold in the local market.

market slowdown, the Financial Times reported. The firm will streamline its primary business divisions from five to four, a source told the paper. These include the audit and assurance, strategy, risk and transactions, technology and transformation, and tax and legal units.

Companies say it is a win-win for them too as they get to retain valuable talent, cultivate a more skilled workforce from within, and save time and money on external hiring.

Sustainable investing remains a growing trend but while a recent report found rising interest among retail investors, new research highlights concerns among larger investors.

direct tax collections, which may now surpass the upwardly revised target of Rs 19.45 lakh crore by the end of this fiscal, people aware of the matter told ET. Net direct tax collections from April 1, 2023, to March 15, 2024, stood at Rs 18.95 lakh crore, up 14.05% year on year, buoyed by advance tax collections of Rs 9.10 lakh crore, officials said. So far, corporates have paid Rs 6.72 lakh crore in advance tax while individuals accounted for Rs 2.37 lakh crore.

salary increment in India in 2024 is likely to be 9%, marginally lower than last year’s 9.2%, shows a recent survey by management consulting firm Deloitte. The Deloitte India Talent Outlook 2024 Survey also shows that one in every three organisations in the country is planning to give double-digit increments this year.

gross negligence on the part of the auditors" of the now-crippled edutech firm Byju's, said its president Ranjeet Kumar Agarwal on Wednesday. Besides, the top official also said the accounting body is also planning to inspect the books of payments major Paytm. «Our inspection has found gross negligence on accounting practices by individual auditors of Byju's and accordingly we have recommended to the Financial Reporting Review Board (FRRB) to take punitive actions on auditors concerned,» Ranjeet Kumar Agarwal, the president of the Institute of Chartered Accountants of India (ICAI), told PTI here. When asked whether the ICAI will inspect the books of the payments major Paytm group now, he said, «As we have taken a suo moto decision to look into the role of the auditors of Byju's, we are now thinking about looking to the role of the auditors of the payments major Paytm now».

India Inc. is beginning to juggle different kinds of stock options as attracting and retaining top talent over a long period becomes tougher. Companies are creating hybrid forms of stock options instead of plain-vanilla ones.

March 11, Bengaluru: Gameskraft Technologies Pvt Ltd., one of India’s leading skill-based online gaming companies, today announced its plan to continue with its CSR initiatives geared towards skill-building and education. Gameskraft has roped in leading firms Deloitte India and Khaitan & Co. to advise in the space of education.

Rajnish Kumar. In a letter addressed to the Reserve Bank of India (RBI), Grover has accused Kumar of allocating equity shares worth hundreds of crores to himself since joining the BharatPe board, according to a report by Economic Times.

pension funds in Canada and a leading global investor, has appointed former Deloitte chief executive N Venkatram as the country chair for CDPQ India. Venkatram, known as Venkat, will join the fund on April 1, 2024, and will also be a member of CDPQ's global management team, the company said. Venkat served as the CEO and managing partner of Deloitte South Asia from 2015 to 2023. He was also on the global executive of Deloitte Touche Tohmatsu, and Asia Pacific executive as well as a member of the South Asia board and the executive committee for 12 years.

external commercial borrowing, professional fees, referral fees, and dividend income to finance companies and banking units, established in IIFC will be exempted from the tax deducted at source (TDS) from the next financial year. The Centre on Friday notified 14 categories of payments made by any payer to IFSC units on which no TDS is required.

EPF account holders from submitting a joint declaration form. Employers and employees are required to submit this form jointly for contributing to the EPF account on a basic salary higher than the current statutory wage ceiling of Rs 15,000 per month. The EPFO has issued a circular dated January 30, 2024, in this matter. However, the circular specifically states that the relief from submitting the joint declaration form does not apply to those who have applied for the higher pension under the Employees' Pension Scheme (EPS). So those who have applied for the higher pension have to mandatorily submit the form.

Deloitte has recently predicted a significant 13% growth in the production of vital chips across various industries this year.

Consulting firm Deloitte is looking for specialist analysts to assist in uncovering financial crimes related to crypto.

By Scott Murdoch and Clare Jim

Several U.S. accounting giants had greater deficiencies in their audits of public companies’ 2021 financial statements compared to the previous year, according to annual inspection reports released Wednesday by the Public Company Accounting Oversight Board. The regulator, which compiles its findings with a lag, inspected 215 audits conducted by the Big Four accounting firms in the U.S.—Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers—down from 220 a year earlier.

Mint on the sidelines of the Bharat Tex event in New Delhi. Mehta said Indian retailers also raised concerns around ease of doing business for foreign retailers. “The other issue, of course, was the various FDI regulations and ease of doing business.

Byju’s and submit the inspection report at the earliest, a senior official told ET. It will take a final call on the next course of action, including whether the matter needs to be referred to the Serious Fraud Investigation Office or the National Financial Reporting Authority (NFRA), based on the findings he added While the NFRA currently doesn’t have remit over a private limited company like Byju’s, the audit regulator is empowered to initiate a probe into any case if the government asks it to do so, another person said.

The consulting sector emerged as the top recruiter, with 167 students (31.6%) bagging offers, the institute said in a statement on Monday.