EY NEWS

With 92 IPOs in Q4CY2023, Indian stock exchanges trump global markets in 2023

Of the 92 IPOs, 31 were main-board while the remaining 61 were from the small and medium enterprises (SMEs), according to a report published by EY India on Q4CY23’s top IPO trends.

Infrastructure funds top return chart in three years; Top schemes offer over 35%

The infrastructure fund category has offered 22.99% in the five-year horizon. The category offered 19.37% in the 10-year horizon.

India's GDP growth pegged at 7.3% for FY24, govt's first advance estimate shows

India GDP Growth FY24 Forecast: The Indian economy is expected to grow by 7,3% in the current financial year, according to the first advance estimate released by the National Statistical Office. This is higher than the previous government forecast of around 7%, which was due to the Reserve Bank of India's revision of its GDP estimates.

Parle-G's hilarious response to influencer's poser: 'What to call the owner - Mr. Parle or Parle-G?'

Parle-G pleasantly surprised fans on Instagram by humorously replacing its iconic girl with influencer Zervaan J Bunshah on the biscuit packet cover, responding to a viral video. The creative gesture garnered praise for its witty engagement with followers.

Airtel India’s return on invested capital to post sharp rise in FY25: Analysts

Bharti Airtel's India operation is expected to report a significant increase in post-tax return on invested capital (RoIC) in fiscal 2025, marking a turnaround after eight years of decline. The higher RoIC is anticipated to be higher than the weighted average cost of capital (WACC), potentially driving economic value creation for the telecom operator.

Professional services companies go slow on hiring as attrition level drops

Industry officials, however, said the impact of the cut down in hiring is mostly at the senior management and director levels, while companies continue to hire at the top, or the partners level. "Hiring of partners or people who bring in business is pretty aggressive. It is the middle that is suffering, also due to a fall in exits," said a partner.

Adani auditor EY faces inquiry by India’s accounting regulator

The National Financial Reporting Authority (NFRA) in India has launched an inquiry into EY member firm S.R. Batliboi, one of the longtime auditors of the Adani Group, according to sources. NFRA has requested files and communications related to the audits of Adani Group companies dating back to 2014. It is unclear how long the inquiry will take or what consequences it may have.

Tax deducted on NRIs income: CBDT changes process to get nil TDS certificate

Any payment to a Non-Resident Indian (NRI) is subject to deduction of TDS. However if the NRI wants the rate of TDS deduction to be made at a lower or nil rate then an application using Form 13 needs to be submitted on the TDS TRACES portal.

Deloitte may step down as auditor of Adani Ports & SEZ ahead of term

According to one of the persons, a formal announcement is expected in the next three-four days. The firm was reappointed statutory auditor last year for a five-year period, according to the company's annual report for FY22.

UAE Introduces Corporate Tax: A Shift In The Fiscal Policy To Drive Economic Growth

NDTV to seek nine news channel licences from MIB

NDTV plans to launch nine news channels in different Indian languages in phases. This is the first major expansion of the network after coming under Adani Group's control. Currently, NDTV owns and operates the English news channel NDTV 24x7, the Hindi news channel NDTV India, and the business news channel NDTV Profit. Apart from English and Hindi, the other key language markets for TV news broadcasters are Marathi, Bengali, Tamil, Telugu, Malayalam, and

Indian M&E sector crossed Rs 2 trillion revenue mark in 2022: FICCI EY report

The Indian Media and Entertainment (M&E) sector grew 20% in 2022 to reach INR2.1 trillion (US$26.2 billion), 10% above its pre-pandemic levels in 2019, according to a FICCI-EY report. Digital media has grown significantly, reaching INR571 billion and increasing its contribution to the M&E sector from 16% in 2019 to an astonishing 27% in 2022. It is important to note that the digital segment's share of the entire M&E sector would rise to 50% if data costs were also to be factored in.

Revised terms for EY split leave India partners jittery

EY insiders say the India partnership had negotiated a much better deal than other regions. That was largely due to EY India's nearly 40% year-on-year growth in FY22, one of the fastest in EY universe. Country practices in EU and Americas have been growing in single digits due to economic slowdown.

EY India's former audit chief Sudhir Soni to join KPMG

Soni used to head EY’s audit practice in India until September 2020 and was in charge of the firm’s audit affiliate SR Batliboi and Co LLP. Thereafter, he stepped aside and partner Arvind Sethi took over. Soni had remained as a senior auditor with the firm until August 2022, when he signed off.

EY's global split: No more a part of 'Big 4', what happens now

ITR filing difficult for taxpayers whose EPF interest is taxable: EY

Budget 2021 announced that if an employee's own contribution in the EPF account exceeds Rs 2.5 lakh in the financial year, the interest earned on excess contribution will be taxable. The new rule is effective from April 1, 2021 (i.e., FY 2021-22). This year ITR forms ask an individual to provide details of the taxable EPF interest. However, individuals are struggling because interest is yet to be credited in EPF accounts.

EY to pay $100 million to settle U.S. charges of staff cheating on accountant exams

"EY acknowledges the findings determined by the SEC," said Brendan Mullin, EY media relations director, adding that the firm's response has been "thorough, extensive and effective."

Taxman Readies for a More Tech-driven Administration

Trell cofounder Sachan sold full stake in company last year, says no longer involved

Sachan said he first diluted the majority of his equity in Trell by transferring it to the management stock options plan (Msop) in December 2020. He later sold his remaining stake, about 1.5%, to LOGX Venture Partners and LetsVenture syndicate in October 2021.

Paytm Payments Bank denies it leaked data to China; Trell to lay off hundreds of employees

Bloomberg reported that the RBI acted against Paytm Payments Bank as it had allegedly leaked data to entities in China. The company has refuted the allegation.

Can’t offer a bank guarantee? Give a surety

While it may be more expensive than bank guarantees, it fills in a key gap for companies that can’t post collateral to bid for businesses.

Job crisis and inflation: Here are some recommendations for FM Nirmala Sitharaman

Aircel’s lenders rope in EY for second forensic audit

A second forensic audit while addressing gaps in the first one would also serve the dual purpose of enabling the lenders of the telco to establish the company’s intrinsic value if they decide on inviting fresh bids for Aircel, sources said.