Business Standard

KPMG

Double standard deduction: KPMG outlines key tax reforms for Budget 2024

Doubling standard deduction to Rs 1 lakh, increasing tax break on interest paid on housing loan and rationalisation of capital gains tax regime are some of the expectations that consultancy firm KPMG has from the Budget 2024-25 to be unveiled on July 23 in Parliament. There has been a significant rise in medical expenses, fuel costs and overall inflation. Keeping in mind the increase in personal expenditure it is popularly expected to enhance the standard deduction to Rs 1 lakh from the existing limit of Rs 50,000, KPMG said in a note. With the objective to have more net disposable income which can either be spent on consumer goods or channelised as savings, it is a popular expectation that the basic tax exemption limit under the default new tax regime be increased to Rs 5 lakh from Rs 3 lakh, it said. With regard to housing loans, it said there is mounting pressure on the real estate sector with recent hikes in interest rates and regulatory reforms. To alleviate these challenges a

Double standard deduction: KPMG outlines key tax reforms for Budget 2024
Updated On : 14 Jul 2024 | 6:21 PM IST

KPMG plans C-suite topup across verticals to power Project Himalaya

The Project Himalaya, announced last year, involves the merger of the delivery capabilities of consulting, risk, and advisory practices of its units in the US, the UK, and India

KPMG plans C-suite topup across verticals to power Project Himalaya
Updated On : 21 Jun 2024 | 11:41 PM IST

No reduction in consumer market frauds despite regulatory changes: KPMG

The majority of the respondents feel that there has been no reduction in frauds despite multiple regulatory changes in India, a KPMG survey said on Thursday. KPMG in India conducted a survey with more than 75 experts from the finance/ compliance domain in various organisations in the consumer markets sector (FMCG, consumer durables, agriculture, retail and e-commerce), covering questions about frauds and leakages faced by them. As many as 79 per cent of the survey respondents said there has been no reduction in frauds despite regulatory changes, and only 21 per cent responded by saying that frauds have been reduced due to the changes. As per the survey, procurement, sales and distribution and e-commerce were voted as the major areas prone to fraud. About 72 per cent of the respondents cited reputational damage as the most severe impact of fraud, whereas 16 per cent believed that financial losses would also impact organisations. Around 61 per cent of the respondents believed that .

No reduction in consumer market frauds despite regulatory changes: KPMG
Updated On : 13 Jun 2024 | 6:01 PM IST

GCCs in India becoming 'nerve centres' for global business success

A Nasscom-KPMG report launched on Thursday has identified four considerations for GCCs as they move up the value chain

GCCs in India becoming 'nerve centres' for global business success
Updated On : 31 May 2024 | 9:44 AM IST

Cost of living doesn't influence compensation packages: KPMG Survey

Cost of living in a particular city does not influence the compensation packages for talent, a survey of recruitment leaders undertaken by a consultancy firm revealed. Around 95 per cent of human resources leaders and talent acquisition heads from 40 companies across 10 sectors said "cost-of-living differences across Indian cities do not affect compensation decisions", as per the survey by KPMG in February and March. Earlier, there used to be a city compensatory allowance to compensate for a higher cost of living in metros or tier-I cities, but HR heads say very few employers are offering it now, it said, adding the compensation range is more or less the same for the same roles across the country. Employees consider residential rent, property indices, local purchasing power, and overall cost of essentials like goods, utilities, and transportation when evaluating the cost of living, it said. The survey found Pune among the cities to be excelling on the safety aspect. "Chennai, Navi

Cost of living doesn't influence compensation packages: KPMG Survey
Updated On : 29 May 2024 | 7:37 PM IST

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

Big Four adopt tech, hire more to meet rising risk advisory demand
Updated On : 19 Apr 2024 | 12:09 AM IST

KPMG, Deloitte affiliates hit with US civil penalties for exam cheating

The PCAOB permanently barred the KPMG Netherlands' former head of assurance Marc Hogeboom from the industry, chair Erica Williams said

KPMG, Deloitte affiliates hit with US civil penalties for exam cheating
Updated On : 10 Apr 2024 | 9:52 PM IST

Taiwanese firms look to set up headquarters abroad to avoid Chinese attack

China asserts territorial claims over Taiwan and has issued threats of annexation if Taipei resists reunification indefinitely

Taiwanese firms look to set up headquarters abroad to avoid Chinese attack
Updated On : 09 Apr 2024 | 4:03 PM IST

India has a lot more trust in technology than others: KPMG's Brenda Walker

The Indian government is seeking more advice and strategic direction on sustainability, ESG goal, decarbonisation efforts across supply chain in almost all industries

India has a lot more trust in technology than others: KPMG's Brenda Walker
Updated On : 20 Mar 2024 | 9:43 PM IST

Hong Kong to name ex-KPMG China head Carlson Tong to chair stock exchange

Tong is expected to take over as the next chairman of the Hong Kong Exchanges & Clearing Ltd. after April 24, according to people familiar with the matter

Hong Kong to name ex-KPMG China head Carlson Tong to chair stock exchange
Updated On : 08 Mar 2024 | 12:15 PM IST

British accounting watchdog fines KPMG $1.9 mn over Saatchi audit failings

KPMG and its partner Adrian Wilcox failed to audit with sufficient professional skepticism, according to the Financial Reporting Council, which published a decision notice on Monday

British accounting watchdog fines KPMG $1.9 mn over Saatchi audit failings
Updated On : 04 Mar 2024 | 3:54 PM IST

Interim Budget: Focus on infrastructure growth sets stage for Viksit Bharat

The government's focus on governance, development, and performance, along with bilateral trade agreements that promote FDI, will prioritise domestic development

Interim Budget: Focus on infrastructure growth sets stage for Viksit Bharat
Updated On : 02 Feb 2024 | 12:42 AM IST

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

NFRA finds deficiencies in audit quality inspection of Big four firms
Updated On : 23 Dec 2023 | 8:35 AM IST

KPMG, Deloitte ask staff to use burner phones for Hong Kong visits

The move comes as China increases its control over Hong Kong, the Asia-Pacific headquarters of many global companies

KPMG, Deloitte ask staff to use burner phones for Hong Kong visits
Updated On : 28 Nov 2023 | 10:57 PM IST

KPMG expands operations, opens new global delivery centre in Kolkata

KPMG LLP, a multinational audit, tax and advisory firm, has further expanded its presence in India with the opening of a new global delivery centre office in Kolkata. The new office, equipped with state-of-the-art facilities and collaboration spaces, will accommodate a growing team of professionals, a statement said. KPMG currently has over 250 professionals in Kolkata and has ambitious plans to double its workforce by FY'25, it added. This expansion reflects the firm's recognition of Kolkata's vibrant talent pool and its strategic importance to KPMG's growth strategy, the firm said. "The professionals in Kolkata are joining a team of individuals developing critical skills that support the audit today and the more data-driven audit we are driving towards," said KPMG U.S. national managing partner (audit operations) Tim Walsh. Global delivery centres play a crucial role in KPMG's global audit strategy, providing audit and assurance support, audit technology, and risk management ...

KPMG expands operations, opens new global delivery centre in Kolkata
Updated On : 22 Nov 2023 | 2:51 PM IST

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

Central ministries gave contracts worth Rs 500 crore to 'Big Five' firms
Updated On : 08 Nov 2023 | 12:03 PM IST

India's healthcare ecosystem undergoing change: KPMG India co-head

KPMG-FICCI study suggests more than 20 new healthcare models emerging in India

India's healthcare ecosystem undergoing change: KPMG India co-head
Updated On : 29 Oct 2023 | 4:37 PM IST

5G, satcoms, semiconductors to boost economy with $240 bn by FY28: KPMG

KPMG report outlines transformative potential of 5G, satellite communication and semiconductors on India's economy and job market

5G, satcoms, semiconductors to boost economy with $240 bn by FY28: KPMG
Updated On : 28 Oct 2023 | 6:00 PM IST

KPMG India, Vianai Systems sign pact for AI-based conversational finance

KPMG in India on Wednesday said it has formed an alliance with human-centred AI platform and products firm Vianai Systems for AI-based conversational finance to help finance professionals. The joint offering will leverage Vianai's hila Enterprise fine-tuning and optimisation capabilities with enterprise systems of record, according to a statement. Targeting finance professionals, conversational finance will allow finance users to ask any question against their systems of record, internal documents, public data, and other data in natural language, with a view to get immediate responses by way of text, dashboards, charts and more, it added. At present, the adoption of AI and the use of Large Language Models (LLMs) in enterprises has largely been a non-starter for business users that require an extremely high degree of accuracy and reliability, in particular those in finance roles. Issues of LLM hallucinations and inaccuracies are too risky for business-critical functions, such as ...

KPMG India, Vianai Systems sign pact for AI-based conversational finance
Updated On : 25 Oct 2023 | 6:46 PM IST

Sebi empanels 12 entities to provide onsite digital forensic services

Capital markets regulator Sebi has empanelled 12 entities, including Ernst & Young LLP and KPMG Assurance and Consulting Services LLP, to provide assistance to its search team for onsite data acquisition during search and seizure operations. The other empanelled entities are -- Baker Tilly Business Advisory Services, Cybermate Forensics & Data Security Solutions, Cyint Technologies, ECS Info Tech, Innefu Labs, Mahen Technologies, Nangia & Co LLP, Netrika Consulting India, Pelorus Technologies and Systools Software, according to a notice by Sebi last week. They have been empanelled for providing digital forensic services to the regulator following the completion of the empanelment process. The empanelment will be valid for a period of two years. In August, the Securities and Exchange Board of India (Sebi) invited applications for empanelment of service providers experienced in the field of digital forensic services. The applications were invited from eligible service ...

Sebi empanels 12 entities to provide onsite digital forensic services
Updated On : 23 Oct 2023 | 3:39 PM IST