Deloitte Financial News

Every property buyer, being a resident individual, is required by law to deduct tax from the amount (price) he pays to the seller. However, where the seller is a tax resident in India, the TDS compliance is applicable only if the sales consideration exceeds Rs 50 lakh.

Data shared by Deloitte shows that 75% of the 250 companies surveyed are considering gig workforce for their open positions in 2024, as against 61% last year. Data from freelance platform Flexing It shows a similar trend, with more than 30% year-on-year increase in the number of projects in the tech sector.

The average age of a new partner at the Big 4 firms has fallen to 33-35, from 38-40 just 4-5 years ago, according to estimates. An average 35-40% of all partners in these firms are below 45 years compared to 30% 2-3 years back. The starting salary of a first-year partner at the Big 4 is in the range of ₹1.25-1.40 crore, the estimates suggest.

Union Budget 2024: Gita is your average software professional with a keen interest in following the daily trends of Indian economy to understand its impact – be it in the rise in prices of fruits or that of the stock market. She tends to connect the trends with RBI rates or FDI announcements. With upcoming year-end holidays, she is all geared up to appreciate the changes impacting her salary and plan for her new home in the next financial year.

Deloitte Canada says the Canadian economy will return to growth in the second half of 2024, with interest rate cuts as early as this spring.

The Canadian economy will return to growth in the second half of 2024, with interest rate cuts as early as this spring, Deloitte Canada says.

There are many retailers accepting cryptocurrency as a form of payment and realizing how important it is to attract and tap into a more tech-savvy client base.

Many big names of India Inc, from Hindustan Unilever to ICICI Bank to LIC, have received tax demand on the eve of new year as authorities sought to meet the deadline to raise claims. Even many smaller GST taxpayers have also received tax demand. The notices range from mismatch of input tax credit, mismatch in turnover for various returns to demand for non-payment of tax on payments made to expats (in case of MNCs) for which demand has been raised. For instance, Life Insurance Corporation of India (LIC) has been slapped with two demand notices recently. One notice of Rs 806 crore for alleged short payment of GST for 2017-18 for Maharashtra, the insurer said in a regulatory filing. The insurer shall file an appeal before Commissioner (Appeals), Mumbai against the said order within the prescribed timelines, it said.

The plans to increase buoyancy in tax collections, widening the tax base and increasing the compliance by taxpayers seem to have been aided by the new income tax (IT) regime in the current financial year. However, experts feel a few more tweaks in the tax rates in the forthcoming interim Budget could make the exemption-free regime more attractive.

Anand Ramanathan, Partner, Consumer Industry Leader, Consulting, Deloitte India, says “we are seeing green shoots in rural India and retail today in India is still about two-thirds of it is food and groceries. So, food will be one of those big categories. But beyond that, while the overall retail market is expected to double by 2030, we have some categories like luxury, for example, which will grow at about 5x. We will have e-commerce grow at about 4x compared to the overall market at about 2x and hence these will be categories or segments that will grow faster than the rest of the market.” One of the key points which caught my attention from your latest write-up is that upcoming elections could actually inject a lot more liquidity in the hands of people, especially in tier II, tier III and the rural side and that could boost sales of consumer items. What category of consumption are we talking about here and what is your hypothesis? Anand Ramanathan: Yes, indeed, we will see high retail growth in 2024. We expect it to be about 10% to 13% and this is largely driven by an uptick in rural demand too. Urban demand had picked up, but we are seeing green shoots in rural India and retail today in India is still about two-thirds of it is food and groceries. So, food will be one of those big categories.

Fyllo said it is in talks to partner corporates such as Coromandel International and Dhanuka Agritech among others to widen their reach through a large set of farmers with their strong channel and forces on the ground. The company said revenues tripled this year driven by new products such as Nero and building channel partners to boost sales. It expects sales to grow four times in 2024. «We have a strong product market fit with 100% customer retention.

Cybersecurity firm TAC Security on Monday said the company is exploring capital raising options, including an initial public offering (IPO) in early 2024. It is also eyeing a revenue of Rs 100 crore by 2026. Beeline Capital Advisors Private Limited has been appointed the exclusive book running lead manager for the proposed IPO, the company mentioned.

NFRA) on Friday came out with an inspection report on audit firm Walker Chandiok & Co LLP (WCCL), flagging lapses, including the “lack of integration between electronic and paper files” and rendering of non-audit services prohibited under the Companies Act, 2013, in two instances. The regulator said the audit documentation of the firm comprises electronic audit documentation and physical files. The lack of integration between electronic and paper files poses risks of non-compliance with audit standards and quality control and “raises concerns about the reliability of audit documentation”, it added. It said Grant Thornton Bharat LLP (GTBL), Grant Thornton Advisory Private Ltd (GTAPL) and Grant Thornton International Limited (GTIL) are related entities of WCCL either “directly or indirectly” as per explanation to the Section 144 of the Companies Act, 2013.

NEW DELHI : Output of eight core infrastructure sectors expanded 7.8% in November, but the growth was the slowest since June 2023, official data showed on Friday. This represents a decrease from the 12% expansion seen in October and is down from the 5.7% growth recorded in November last year. Coal and refinery products saw double-digit increases, while cement and crude oil production declined.

Also Read: Budget 2024: 10 experts share what they expect from the coming Budget According to Deloitte India, the upside risks in the current environment include strong economic growth, robust spending on infrastructure and recovery in the MSME sector. On the contrary, the downside risks include a rise in inflation, election uncertainties, geopolitical concerns and diverging demand gaps. “India will have to rely on its own domestic demand to drive its growth, specifically, private consumption and investment spending.

Why do we need a pan-India retail policy? India’s offline retail market was estimated at $860 billion in 2022; it is expected to nearly double by the end of the current decade. Online retail, on the other hand, is a $70-billion market and is expected to grow at a rapid pace, according to a 2023 report by consulting firm Deloitte. However, the sector lacks a cohesive policy that governs retail trade pan-India.

Enterprises today face an epidemic of workplace stress and depression that takes an enormous toll on employees and corporate performance. In late 2019, the American Institute of Stress highlighted that 83% of US workers suffer from work-related stress, a third consult a doctor for stress-related issues and 18% had quit their jobs. And then there’s depression: According to a 2022 Deloitte survey in India, 59% of respondents reported symptoms of depression, including feelings of sadness, lack of interest, fatigue, concentration issues and poor decision-making.

Attrition levels across India Inc dropped to 17% in 2023 from 19.7% in 2022 on the back of a subdued job market, macroeconomic headwinds, layoffs across sectors, and an uncertain future environment. As the tech industry faced a global downturn and employees hunkered down to hold on to their jobs, the biggest drop in attrition has been in the IT/ITeS sector, where employee turnover fell to 15.5% in 2023 from 21.3% in 2022, according to the Deloitte attrition survey shared exclusively with ET.

Gautam Adani and his conglomerate by storm. Since the turn of the year, Adani’s company was accused of corporate misdoings, the Opposition said the Centre favoured him over others, the Supreme Court got involved, and his investors lost money. Yet, as we approach the end of 2023, he has yet to be charged for any of the allegations.

holiday season, many companies are encouraging their employees to take time off and be with their family and friends. The small fraction of staffers who might be working at these firms during this time will get compensatory leave. As 2024 has a number of holidays close to the weekend, many companies are also clubbing these to give extra time off to their employees. For now, most companies have given off to their staffers in the last week of 2023.

NEW DELHI : As the government looks to bring electricity under goods and services tax (GST), the Union power ministry is looking at its likely impact on the industry, states’ revenue and household electricity bills. Electricity is one of several commodities like petrol, diesel and natural gas that have so far remained out of the purview of GST. Audit and consulting firm Deloitte, which was appointed to analyse the impact of the move, submitted a report to the power ministry that showed the move would benefit industry by lowering its outgo in levies.