Page 4 - Deloitte

Data sharing among authorities, taxpayers to improve I-T dept AIS: Deloitte

Deloitte India on Sunday said creating a seamless data exchange and establishing a framework for efficient data sharing among businesses, tax authorities and taxpayers would help improve the AIS functionality of the income tax department. The Annual Information Statement (AIS) is a comprehensive view of financial information for a taxpayer, made available by the income tax department. Information about the taxpayer relating to specified financial transactions such as cash deposit/ withdrawal from bank accounts, sale/purchase of immovable property, time deposits, credit card payments, purchase of shares, debentures, foreign currency, mutual funds, buyback of shares, cash payment for goods and services etc. To improve the functionality of AIS and the efficiency of tax administration and compliance, Deloitte India's latest paper, "Annual Information Statement: Ushering in a new era of tax administration", recommends creating a seamless data exchange and establishing a framework for ...

Deloitte projects India's FY25 GDP growth at 6.6% as exports rebound

Deloitte India on Friday said it estimates India's GDP growth at 6.6 per cent in the current fiscal helped by consumption expenditure, exports rebound and capital flows. In its India's economic outlook report, Deloitte said the rapid growth of the middle-income class has led to rising purchasing power and even created demand for premium luxury products and services. With the expectation that the number of middle-to-high-income segments will be one in two households by 2030/31, up from one in four currently, we believe this trend will likely become further amplified, driving overall private consumer expenditure growth, it said. Deloitte has revised India's economic growth prediction for last fiscal to a range of 7.6 to 7.8 per cent. In January, the firm had projected growth for 2023-24 fiscal in the range of 6.9-7.2 per cent. The country's GDP growth is estimated to reach around 6.6 per cent in FY 2024-25 and 6.75 per cent in the year after, as markets learn to factor in geopolitic

50% leadership of PSBs needs to do a catch up on digitisation: Study

The senior management at banks typically includes chief executive officers, assistant CEOs, chief financial officers and any other senior executive officers

Big Four adopt tech, hire more to meet rising risk advisory demand

Deloitte, KPMG, PwC and EY say business feel greater need for regulatory compliance after the coronavirus

GenAI, GCCs to help boost Indian economy in coming years: Deloitte

India could see a substantial growth of USD 359-438 billion in GDP through adoption of GenAI and the country's Global Capability Centres (GCC) market would exceed USD 100 billion by 2030, Deloitte India said in a report. The Technology Trends 2024 report: India perspective said GCCs are taking the lead in 2024, showcasing India's growing prowess in catering to international technology needs. "With over 1,600 GCCs, India's GCC market is growing and creating its dominance globally. It is estimated that by 2030, the Indian GCC market would exceed USD 100 billion, with 2,500 GCCs across the country employing over 4.5 million people," it said. The report pointed out a close connection between technological adoption and accelerated economic growth. Improved accessibility and government initiatives, it said, have led to a significant surge in digital technology adoption. It said advanced technologies offer avenues for growth and efficiency, such as automating tax filing, using blockchai

Reorganisation to simplify market strategy, services: Deloitte India

Changes in Deloitte India's structure to align with changes in other countries

Deloitte's 'biggest reorganisation in decade' to simplify business: Report

Accounting and consultancy giant's main business units will be trimmed to four from five

Deloitte pegs average corporate salary increment in India at 9% in 2024

Companies are likely to offer double-digit increments to junior management

Number of board seats held by women in India Inc grew in last 5 yrs: Report

The number of board seats held by women across India Inc has increased gradually over the past five years with them holding 18.3 per cent board seats in 2023, a Deloitte report said on Friday. The 'Women in the boardroom: A global perspective' report, however, said that it is lower than the global average of 23.3 per cent. The report by Deloitte Global Boardroom Program analysed more than 18,000 companies in 50 countries exploring representation of women in the boardroom. This includes analysis of 400 companies from India. "Boardroom diversity requires a paradigm shift. Since many companies prefer to recruit board members with CEO or CFO experience, these numbers do not paint an optimistic outlook for pipeline development. India Inc. must break from historical patterns and prioritise capabilities over past roles," Deloitte South Asia Chairperson Shefali Goradia said. The report shows a gradual increase in the number of board seats held by women across India Inc, with women holding

India likely to grow at 10% for 10-20 years: Deloitte's Romal Shetty

He urged investors to grab the opportunity India's rapid growth offers

Nearly 45% CXOs see FY25 GDP growth hitting 6-6.5%: Deloitte survey

Meanwhile, 37 per cent business leaders expect the growth to remain below 6 per cent, as they cite rising inflation rates, supply chain challenges, and global headwinds as major challenges

India Inc confident of achieving $5 trillion economy: Deloitte survey

India Inc is confident of achieving USD 5 trillion economy with the central government's support in infrastructure investments, additional reforms, and enhanced technology adoption, according to a CXO survey by Deloitte Touche Tohmatsu India LLP. Stating that business leaders anticipate strong economic growth for the next fiscal year, Deloitte in a statement said about 50 per cent of India Inc reflects optimism about the country posting above 6.5 per cent growth in FY25. Amongst industry sectors, automotive (50 per cent), consumers and retail (66 per cent), technology, media, and telecommunication (47 per cent) and energy, resources and industrials (44 per cent) anticipate high growth. "Government initiatives, increased trade collaborations, lowering of logistics cost, and policies to increase industrial production (such as intelligent automation in manufacturing and increased investment towards sustainable technologies), will further this momentum. Changing consumer preferences and

Govt may extend scope of PLI scheme to job-creating sectors: Deloitte

To incentivise the manufacturing sector and generate employment, the government may extend the scope of PLI scheme to include sectors like garments, jewellery and handicrafts in the forthcoming interim Budget, Deloitte said. Currently, Production-Linked Incentive (PLI) scheme is available for 14 sectors. Deloitte India Partner Rajat Wahi said driving rural income is one of ways to deal with inflation and slack in consumption demand. "Today we have 14 sectors under PLI scheme, but a lot of these sectors do not generate massive employment. Leather, garment, handicraft, jewellery -- many of these sectors need PLI scheme to come in because they are the ones which are the highest employment generators. That will help lower income households as well as urban,"Wahi told PTI. Deloitte in its Budget expectations report said the government is expected to come out with measures to support sustainable growth in income amongst rural households, thereby boosting rural economy's disposable ...

Deloitte India unveils initiative to cut emissions attributed to software

Deloitte India on Wednesday unveiled an Enterprise Conscious Code initiative for sustainable, inclusive, and accessible software development that aims to cut up to 30 per cent of the emissions attributed to software alone. Launching the Code here on the sidelines of the World Economic Forum Annual Meeting 2024, Deloitte India said this initiative marks a significant leap towards sustainable and responsible software development, supporting global efforts to reduce carbon footprint, increase energy consciousness, and ensure accessibility for everyone. "The Enterprise Conscious Code (ECC) combines everything a company needs - the triple Ps of the bottom line - people, planet, and profits," it said. The Code offers ways to build eco-friendly software, promoting the use of techniques that contribute to a greener planet. Currently, about 3 per cent of the world's carbon emissions are attributed to the Information and Communications Technology (ICT) sector, equivalent to roughly 1.58 bill

India likely to register 6.9-7.2% GDP growth in FY24, says Deloitte

India is expected to clock a GDP growth in the range of 6.9-7.2 per cent in the current financial year on the back of improving economic fundamentals, Deloitte India said in an update to its quarterly outlook. As per the first advance estimates of national income released by the National Statistical Office (NSO), the Indian economy is estimated to grow by 7.3 per cent in the 2023-24 fiscal, against 7.2 per cent a year ago, mainly due to a good show by mining & quarrying, manufacturing and certain segments of services sectors. Deloitte India's recent economic outlook report said there is an underlying momentum that is building up in the Indian economy, as seen in the improving economic fundamentals. India's current account deficit (CAD) was at 1.9 per cent of GDP in 2022-23 and is expected to be further lower in 2023-24, it said. Further, foreign exchange reserves remain at a comfortable level of Rs 568 billion which is equivalent to over 10 months of import cover. At present ...

NFRA finds deficiencies in audit quality inspection of Big four firms

In its firm-wide review of audit control systems of BSR & Co, the Authority found that the firm's claim of being independent from KPMG India entities was unacceptable

Deloitte is now looking at AI to help avoid mass layoffs in future

Deloitte LLP is using AI to evaluate existing staffers' skills and map out plans that would shift employees away from quieter parts of the business and into roles that are more in demand

Dunzo says will hit profitability in 12 months, has reduced costs

Auditor Deloitte has expressed doubt about on-demand delivery platform's ability to continue as a going concern

Central ministries gave contracts worth Rs 500 crore to 'Big Five' firms

About fifty organisations and 16 departments/ ministries outsourced work to these consultancy firms, which include PwC, Deloitte, Ernst & Young and KPMG, along with McKinsey & Company

GDP to grow at 6.5-6.8% in FY24; festive, govt spends key drivers: Deloitte

Deloitte India on Wednesday said it expects GDP growth in the current fiscal to be in the range of 6.5-6.8 per cent primarily due to upcoming festive spending as well as higher government expenditure before the national elections mid-next year. In its India economic outlook report, released earlier this month, Deloitte said India will need at least 6.5 per cent growth every fiscal to become the world's third largest economy by 2027, with its Gross Domestic Product (GDP) crossing USD 5 trillion. The country needs 8-9 per cent economic growth to become a developed country by 2047, it added. The Indian economy grew 7.8 per cent in the June quarter, higher than the 7.2 per cent in the year-ago period. "In light of the Q1 GDP growth, we have revised our growth estimate for this year to reflect it. We expect GDP to grow in the range of 6.5-6.8 per cent primarily due to festive spending in the coming months followed by higher government spending before the upcoming national elections ...