Deloitte Financial News

Deloitte is planning to resign as auditor of Adani group's port company, a move that comes weeks after it raised concern over certain transactions flagged in a report of a US short seller. Deloitte Haskins & Sells LLP has communicated to Adani Ports & Special Economic Zone Ltd its decision to resign as auditor and a formal announcement is expected shortly, sources with knowledge of the matter said. The reason for the resignation was not immediately known.

Deloitte Haskins & Sells LLP is likely to resign as the auditor of Adani Port & SEZ citing difference of opinion with the management relating to few transactions, said multiple people aware of the development. The formal announcement of resignation is expected in a few days, said a person familiar with the development on the basis of anonymity as talks are private. Deloitte Haskins has been auditing the company since FY18, when it took over from SRBC & Co LLP, an EY affiliate.

Among the many things that have changed since the start of the pandemic, the way people view their workplace is one of the most radical.

ITR for FY 2022-23 (AY 2023-24) was July 31, 2023. However, if an individual has missed this deadline, there is no need to worry for one can still file ITR by paying a penalty. This ITR, which is filed after expiry of the deadline of the original ITR, is called a belated ITR. The last date to file belated ITR for FY 2022-23 (AY-2023-24) is December 31, 2023. To file a belated ITR an individual has to pay a penalty of Rs 5,000 if net taxable income is above Rs 5 lakh or Rs 1,000 if net taxable income is below Rs 5 lakh. Penal interest on the income tax due, if any, will also have to be paid. A belated ITR is filed in a similar manner as an original ITR with some differences… But if you want to switch the tax regime (from that chosen in the previous year), while filing a belated ITR, then it is a different matter and is dependent upon your source of income. For example, there could be a case where a person who filed ITR under old tax regime for FY 2021-22 wants to file a belated ITR for FY 2022-23 under new tax regime.Click here to know more about belated ITR deadline and penalty amount.

PwC Australia spin-off Scyne Advisory has replaced the embattled big four firm as a pre-vetted supplier of cloud computing services for the Commonwealth, and its consultants have won new work from a federal and Victorian departments.

The interest proposed by Byju’s works out to 11.0-11.5% at least, they said. This may even change as the terms have not yet been finalised and the two sides were still continuing their discussions this week, the people added.Also read | Byju’s, Davidson Kempner in talks to settle dispute “This would increase the total pay-out annually by about $50-60 million,” a person aware of the matter said, adding that creditors are yet to sign off on this.

Tech layoffs decline in the US since the mass job cuts at the beginning of the year, the worst of the layoffs in India may also be largely behind us, top industry experts told ET. But companies will continue to focus on how best to utilise existing capacity and go slow on hiring, except for niche skills, as demand constraints and lack of visibility continue to weigh on the entire tech cohort of services, products and tech enabled startups, the experts said.

Australia’s biggest consultancy firms were awarded contracts worth $3.7 billion from the Australian Defence Force during the past decade, a report shows.

However, not many understand the finer working details of the scheme. For instance, how long can you keep the money in an EPF account after retirement or after quitting your job — which means there will be no monthly contribution to the account? Will the EPF account balance continue to earn interest if there are no monthly contributions? If yes, then how long it will work and what would be the applicable interest rate on such EPF balance? If you continue to work after retirement, either with the same or a different company, can you continue with the EPF and EPS account contributions? Here is a look at certain aspects of the EPF account that a contributing member should know.

McKinsey and Boston Consulting Group have agreed to appear at the Senate inquiry into consulting after earlier declining to testify before the committee and failing to answer most of the questions posed by the senators about their operations.

Davidson Kempner Capital have begun negotiations to settle their dispute over the breach of a loan covenant linked to the Indian edtech company’s test preparation subsidiary, Aakash Institute. According to people directly aware of the ongoing negotiations, Byju’s has offered to repay the funds it has so far availed of from the sanctioned loan, along with the interest on that amount.

NEW DELHI : The Institute of Chartered Accountants of India (ICAI), the accounting rule maker and self-regulator of auditors, is likely to flag concerns about the preparation of financial statements by Think & Learn Pvt. Ltd, which runs the Byju’s online tutoring platform, to the ministry of corporate affairs after a review of its FY20 and FY21 accounts, two people aware of the development said.

Leaders at Deloitte, EY and KPMG will call for fragmented regulation of the sector to be replaced by a single set of standards as part of a Treasury review into their firms they hope will restore public trust in the sector.

HDFC Bank picked up about 1 lakh sq ft office space spread across two towers of Blackstone Group backed Nucleus Office Parks' commercial complex One International Center in Mumbai's business district Lower Parel through a long-term lease of five years, said persons with direct knowledge of the development. The deal is the first real estate transaction by the bank following after its merger with the group's non-banking finance company Housing Development Finance Corporation (HDFC), indicating the need for additional space for expanded operations. «The new office will be used for consolidation and expansion of the bank's operations including financial services and credit cards.

Pancard Clubs, with ₹5,034 crore of admitted claims in a bankruptcy resolution, has received three offers from Ashdan Properties, a consortium of Vijay K. Oswal, Shanti Hospitality, and Kantadevi V. Oswal, as well as Chemhub Tradelink.

High cash levels in the exploration sector will underwrite an upbeat mood at this week’s Diggers & Dealers conference, countering concerns about a tougher environment for fundraising early-stage metals and critical minerals prospects.

Consulting firms caught promoting tax exploitation schemes will be fined up to $780 million, a 100-fold increase, under the Albanese government’s sweeping response to the PwC tax leaks scandal.

edtech business Byju's. Mint takes a look at what this entails and what it means for the company and the auditor. ICAI takes up financial statements of companies including the auditor’s report for a review either on its own accord or on a reference from a sectoral regulator.

data protection bill will compel companies to review their current ways of working, make investments in new processes and sensitise workforce in handling of personal data, experts said on Thursday. The bill was introduced in Parliament on Thursday.

National Financial Reporting Authority (NFRA) has approached the Delhi High Court, seeking the vacation of the court's earlier directions that had effectively stayed the auditing regulator's 2020 orders against former auditors of IL&FS Financial Services (IFIN). The High Court will examine the matter on Friday along with a batch of petitions by the auditors who have challenged the constitutional validity of NFRA's power to investigate professional misconduct of auditors.

New York | The world’s largest accounting firms are fighting to block new rules in the US that would force them to take more responsibility for rooting out fraud at the companies they audit.