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By pratapregit

Top 20 Accounting Firms in India

1. Deloitte

It comes as no surprise that Deloitte holds the number one global position. It’s hold on the top spot seems secure for the time being.

Deloitte is located in more than 150 countries, and has over 600 offices in the world. The firm is headquartered in New York City, New York. They have most recently reached the 100-partner milestone when they merged with Curtis Mclean.
Deloitte specializes in audit & assurance, tax, advisory, and risk. They offer a wide range of services that include strategy, financial and technical, and human capital.

2. PwC

Deloitte’s closest competition over the last few years has and continues to be PwC (PricewaterhouseCoopers). PwC comes in as the second largest accounting firm in the world.
PwC has locations in more than 150 countries and more than 750 offices worldwide. Unlike Deloitte, they are headquartered in London.
The firm has most recently merged with Booz & Co, a medium sized consulting firm. The merger was approved on December 23rd, 2013. They offer a wide range of services but they specialize in audit & assurance, tax, and consulting.

3. Ernst & Young

Ernst & young earns the number three position in global accounting firms. This firm operates in more than 150 countries, utilizing more than 700 offices worldwide.
They are globally headquartered in London. In recent history the firm has acquired Greenwich Consulting, adding 7 more offices to its roster, and more experience in strategy consulting.

4. KPMG

Holding firm at number four, KPMG comes in as the last of the big 4, but still far ahead of the number five firm on our list.
The firm operates in over 650 offices located in over 150 countries around the world. They are headquartered in Amsterdam, Netherlands.
In recent news, the company has recently merged its Denmark operations with those of Ernst & Young. The merger will allow the company to offer more services to its clients while providing more support for that particular region.

5. Grant Thornton

Grant Thornton UK is number five in the top 20 firms and is an arm of Grant Thornton International. The firm has 26 offices spread across the UK and specializes in audit, tax and advisory services.
Most recently they merged with PFK to bring more services and locations to its clients in the UK. The firm is headquartered in London.

6. BDO

BDO ranks number six and is headquartered in Makati City, Philippines. The firm has more than 1,200 offices in 138 countries. They recently added to their capabilities and offices through the acquisition of Alpern Rosenthal.
The merger will allow BDO to expand its operations in both Pittsburgh and Florida. The firm specializes in audit, tax, and advisory services but has much more to offer its clients.

7. RSM Tenon

(Acquired by Baker TIlly in August 2013)
RSM Tenon Group comes in at number seven out of the top 20 firms in the world.
They are headquartered in London, and currently operate out of more than 700 offices located in more than 100 countries. The firm recently announced the merger of its China firm with that of Crowe Horwath’s Chinese firm to create a new firm called Ruihua China CPA’s.
The new firm has requested to be a member of both Crowe Horwath China and RSM China.

8. Smith & Williamson

Smith & Williamson holds the number eight position in the world. They are headquartered in London, and hold more than 550 offices in over 100 countries.
The company hasn’t merged with any other firms in recent history but is a part of M&A International and Nexia International.

9. Baker Tilly

Baker Tilly is number nine on the top 20 list in the largest firms in the world. They are headquartered in Chicago, hold more than 580 offices in more than 110 countries.
In June 2013 the firm merged with Holtz Rubenstein Reminick LLP. The merger will add 25 firms to Baker Tilly’s already larger list.

10. Moore Stephens

Moore Stephens UK holds the tenth spot on the top 20 list of firms and is headquartered in London.
They are a part of Moore Stephens International which has more than 620 offices in more than 100 countries. The UK division recently merged with Winx, corporate finance, and X-Stra, business consulting.
The merger will allow the firm to expand their corporate finance sector.

11. Mazars

Mazars, headquartered in London, holds the number eleven position. The firm has more than 13,000 employees in more than 70 countries.
They recently merged with Chadwick at their Liverpool and Manchester branches. The merger will allow the company to expand in the area where they did not have a great presence before.
12. Haines Watts
Haines Watts holds the number twelve position on the top 20 firms in the world. They are currently headquartered in London, have more than 60 offices in the region.
The firm is part of Geneva Group international. The company recently merged with Ocean Consultancy Limited.
13. Crowe Clark Whitehill
Crowe Clark Whitehill is headquartered in London, and has more than 160 firms operating in more than 105 countries. They specialize in audit, tax, and advisory services. The firm has not completed any mergers recently, however they did win the Accountancy Firm of the Year award in 2012.
14. Saffery Champness
Saffery Champness is headquartered in London and currently operates out of 12 offices. They are part of Nexia international which has a very large network of firms throughout the world. Saffery Champness specializes in audit, tax, and advisory services. The firm recently acquired 4 other firms in 2012, boosting their performance and rankings.
15. Begbies Traynor
Begbies Traynor is currently ranked as the number fifteen firm out of the top twenty. They are headquartered in Manchester England.
The firm currently operates out of 30 offices across the UK. They specialize in insolvency and global risk partners. They recently sold their tax division to Smith & Williamson
16. UHY Hacker Young
UHY Hacker Young is headquartered in London, and currently operates out of 260 offices across the UK. They are ranked at sixteen out of the top 20 firms in the world.
The firm specializes in tax planning and business growth. Although the firm has grown over the years they haven’t acquiesced or merged with any other firms in recent history.
17. Kingston Smith
Kingston Smith  is number seventeen on the list of top twenty accountancy firms. They are currently headquartered in London and has 7 offices across London and the Southeastern portion of England. In December 2013 the firm merged with PFK.
18. Zolfo Cooper

Zolfo Cooper specializes in advisory and restructuring services. They are headquartered in London and have a plethora of offices around the globe including the UK, US, and other countries. They recently merged with Kroll Inc.

19. MHA MacIntyre Hudson
MHA MacIntyre Hudson is located in Buckinghamshire, UK. They currently operate out of 40 offices across the UK.
They specialize in audit, tax, and governance. The firm most recently merged with Kent firm Larkings which has added six new partners and 2 offices.
20. Johnston Carmichael
Johnston Carmichael is number twenty out of the top 20 accountancy firms in the world. They are headquartered in Aberdeen, Scotland and have 11 offices across the region. The company merged with PFK in September 2013. The firm specializes in audit, tax, and advisory services.

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By pratapregit

35% Special Tax slab for Super rich?

The Union Cabinet might pave the way for imposition of a higher tax rate of 35 per cent on the ‘ super rich’ — those with income of more than Rs.10 crore a year — as it takes up the amendments to the Direct Taxes Code ( DTC) Bill, 2010, on Thursday. If the Cabinet gives its go ahead, the much- awaited amendments could be tabled in the ongoing session of Parliament. The amendments seek to have four tax slabs for personal income. Taxpayers might not get any breather in the form of higher exemption limit, as the proposal of the standing committee on finance to widen tax slabs has not been incorporated. 

 
The Parliament panel had suggested raising the exemption limit to Rs. 3 lakh, from the current Rs.2 lakh ( excluding senior and very senior citizens). The finance ministry’s worry is that raising this limit will not only lead to loss of revenue but will take many people out of its scrutiny, thereby eroding the tax base, already low at 34 million. If the slab is increased to Rs. 3 lakh, 87 per cent of the taxpayers will escape tax net. The current slabs are Rs.25lakh, Rs.5- 10 lakh and Rs.10 lakh & above. 
 
The standing committee on finance had suggested three slabs — Rs.310 lakh, Rs.10- 20 lakh and Rs.20 lakh & above — and said these should move with inflation. But the proposed amendments are not likely to include that. The current rates of 10, 20 and 30 per cent on income- tax might not be changed. In Budget 2013- 14, Finance Minister P Chidambaram had imposed a surcharge of 10 per cent on those earning at least Rs.1 crore in a year. He had said this was a one- time tax on the wealthy to help the economy tide over a difficult fiscal situation. 
 
There are only 42,800 people in the country who earn more than Rs.1 crore; those earning over Rs.10 crore a year would be even fewer. Officials said the DTC Bill was likely to give an impetus to growth and investment by the corporate sector, but might not have much for individual taxpayers, because of the limited fiscal space available with the government. The finance ministry is learnt to have accepted more than 150 of the 190 recommendations of the committee, headed by BJP leader Yashwant Sinha. 
 
Finance Minister P Chidambaram has broadly gone with the 2010 version of the Bill, tabled in Parliament by his predecessor Pranab Mukherjee, instead of reverting to his own version of 2009. This means taxpayers might continue to enjoy exemption on maturity of some of their investments and industry could pay Minimum Alternate Tax (MAT) on book profits, instead of gross assets. 
 
Some of the provisions of the DTC Bill, such as the General Anti- Avoidance Rules and Advance Pricing Agreements, have already been incorporated in the Income Tax Act. When enacted, the DTC Bill, one of the two major tax reforms — the other one being Goods and Services Tax — will replace the 
By pratapregit

MCA Pending for Action, Assigned, Work-in-progress Meaning

When you submit a form to The Ministry of Corporate Affairs through MCA21 online portal, your application will go through Four states: 

 

1. Pending For Action: 

This is the first stage of processing, Pending for Action means you application is just in the stage of ‘Submitted’. It is pending for assignment to an Employee there.

 

2. Assigned: 

Assigned means, you file has been assigned to an officer. It means, it is just assigned, and the officer has not taken up the file. It’s like in a Waiting List.

 

3. Work-In-Progress: 

It means your file is taken up by the officer. It goes through two stages, Officer level and executive level. They very the form and send it to the concerned approval authority with valid recommendations.

 

4. Pending for approval: 

It is the final stage and the approval authority will either approve or reject the application. If it is approved, you get the result as ‘Approved’, and if it is rejected, then it will show ‘Required Re-submission’.

By pratapregit

35% Special Tax slab for Super rich?

The Union Cabinet might pave the way for imposition of a higher tax rate of 35 per cent on the ‘ super rich’ — those with income of more than Rs.10 crore a year — as it takes up the amendments to the Direct Taxes Code ( DTC) Bill, 2010, on Thursday. If the Cabinet gives its go ahead, the much- awaited amendments could be tabled in the ongoing session of Parliament. The amendments seek to have four tax slabs for personal income. Taxpayers might not get any breather in the form of higher exemption limit, as the proposal of the standing committee on finance to widen tax slabs has not been incorporated. 

 
The Parliament panel had suggested raising the exemption limit to Rs. 3 lakh, from the current Rs.2 lakh ( excluding senior and very senior citizens). The finance ministry’s worry is that raising this limit will not only lead to loss of revenue but will take many people out of its scrutiny, thereby eroding the tax base, already low at 34 million. If the slab is increased to Rs. 3 lakh, 87 per cent of the taxpayers will escape tax net. The current slabs are Rs.25lakh, Rs.5- 10 lakh and Rs.10 lakh & above. 
 
The standing committee on finance had suggested three slabs — Rs.310 lakh, Rs.10- 20 lakh and Rs.20 lakh & above — and said these should move with inflation. But the proposed amendments are not likely to include that. The current rates of 10, 20 and 30 per cent on income- tax might not be changed. In Budget 2013- 14, Finance Minister P Chidambaram had imposed a surcharge of 10 per cent on those earning at least Rs.1 crore in a year. He had said this was a one- time tax on the wealthy to help the economy tide over a difficult fiscal situation. 
 
There are only 42,800 people in the country who earn more than Rs.1 crore; those earning over Rs.10 crore a year would be even fewer. Officials said the DTC Bill was likely to give an impetus to growth and investment by the corporate sector, but might not have much for individual taxpayers, because of the limited fiscal space available with the government. The finance ministry is learnt to have accepted more than 150 of the 190 recommendations of the committee, headed by BJP leader Yashwant Sinha. 
 
Finance Minister P Chidambaram has broadly gone with the 2010 version of the Bill, tabled in Parliament by his predecessor Pranab Mukherjee, instead of reverting to his own version of 2009. This means taxpayers might continue to enjoy exemption on maturity of some of their investments and industry could pay Minimum Alternate Tax (MAT) on book profits, instead of gross assets. 
 
Some of the provisions of the DTC Bill, such as the General Anti- Avoidance Rules and Advance Pricing Agreements, have already been incorporated in the Income Tax Act. When enacted, the DTC Bill, one of the two major tax reforms — the other one being Goods and Services Tax — will replace the 
By pratapregit