Alex Law’s Post

Around 35 senior partners will hang up their boots early from Deloitte India as part of a massive organisational revamp, sources directly aware of the matter said. According to the sources who did not want to be named, the transition is part of a ‘golden handshake' programme being offered by Deloitte India to a section of its senior leadership team in India from its audit, consulting, financial advisory, risk advisory, and tax practices, as it looks to replace its leadership with younger professionals. The UK-headquartered Deloitte, currently one of the world's largest big 4 professional services firms by revenue, is offering a ‘golden handshake' to partners who have attained the age of 55 years. The total number of partners above the age of 55 years was not immediately known. The standard retirement age in the firm is 62 years. As in the past, some partners have expressed their desire for early retirement to pursue their passions and other interests after dedicating several years to Deloitte India. The organisation is grateful and acknowledges their contribution over the years," a Deloitte India spokesperson told Moneycontrol. “In lieu of early retirement, the firm is also offering around two years' annual compensation as severance pay which will accrue in a staggered manner over a period of time” said the source cited above. So far 35 partners have accepted the package, he said. According to industry estimates, Deloitte India has currently more than 450 partners, with each partner drawing a base salary anywhere between Rs 3 to 10 crore per annum. With this, Deloitte will bring in younger partners,” said another source. “The internal thinking is that with the rapidly changing dynamics of the business environment, the firm needs younger faces to stay ahead of the curve,” he added. The development comes at a time when the big 4 firms in India are trying to transform into specialised consulting and advisory providers – thus far the domain of the likes of McKinsey and BCG among others. Notably, last year, Deloitte appointed Romal Shetty as the CEO of its South Asia practice. In his late 40s, Shetty is one of the youngest CEOs appointed by the firm in India to date. #DeloitteExodus #DeloitteReshuffle #DeloitteLeadershipChange #FutureofDeloitte #NewEraforDeloitte #DeloitteNextGen #DeloitteInsights #DeloitteTrends #EarlyRetirementLife #CareerPivot #SecondActStartsNow #DreamWorkReimagined #NewHorizons #FinancialFreedom #WorkLifeRebalance

In our modern-day world, Holi holds profound significance beyond its traditional roots. It serves as a vibrant reminder of several essential values and principles that are increasingly important in today's society: 1. Celebration of Diversity:Holi celebrates the diversity of colors, symbolizing the diversity of life itself. In a world often divided by differences, Holi teaches us to embrace diversity and appreciate the beauty of variety in cultures, beliefs, and perspectives. 2. Forgiveness and Reconciliation:The ritual of applying colors during Holi symbolizes forgiveness and reconciliation. In a time marked by conflicts and misunderstandings, Holi encourages us to let go of grudges, heal past wounds, and extend forgiveness to others, fostering harmony and understanding. 3. Community and Togetherness:Holi brings people together from all walks of life, transcending barriers of caste, creed, and social status. In an era where technology can sometimes isolate us, Holi reminds us of the importance of human connection, fostering a sense of community and belonging. 4. Joy and Celebration:In the midst of hectic modern lifestyles, Holi offers a moment of pure joy and celebration. It encourages us to pause, let loose, and revel in the simple pleasures of life, promoting mental well-being and emotional rejuvenation. 5. Environmental Awareness:With the growing concern for environmental sustainability, Holi serves as a reminder to celebrate responsibly. Increasingly, eco-friendly colors made from natural ingredients are being used, promoting environmental consciousness and respect for nature. 6. Cultural Preservation:Holi plays a vital role in preserving and passing down cultural traditions from one generation to the next. In a rapidly changing world, honoring cultural heritage fosters a sense of identity and roots, strengthening social cohesion. In essence, Holi continues to hold relevance in our modern-day lives as more than just a festival of colors. It serves as a timeless reminder of the values of diversity, forgiveness, community, joy, environmental responsibility, and cultural preservation, enriching our lives and fostering a more harmonious society.

Before you gift big, understand the IT Act's "Clubbing Provisions" 🔥 Last month, Infosys founder, N. R. Narayana Murthy gifted 15 lakh shares (0.04% stake in Infosys, worth Rs 240 crore) to his four-month-old grandson Ekagrah. 👍 Now this act can make the parents/guardians pay tax on income from gifted shares, like Infosys in this case! Protect your loved ones & your finances! Don't let taxes eat into your gift's value! Study the following things; 👇 📌 IT Act Clubbing Provisions (Explain briefly in the reel) 📌 Tax implications of gifting assets (Show visuals or text overlays) 📌 Smart gifting strategies (Mention consulting a tax advisor) P.S. Did you ever gifted your loved ones as Mr. Narayan Murthy did? Let me know in the comments! ______ If this post was useful, reshare it ♻️ Follow me, CA Shyam Saran, and hit the 🔔 For more updates on taxation and finance literacy 🚀 #taxation #finance #CA #virtualcfo #CAShyam

Day 108 I had this picture saved in my gallery. Just a random day of visiting the #deloitte internal site and I stopped at this page and started observing 108 on it. Though, it is regular thing, and the number keeps changing as we grow old in the organization. I realized that this liking isn't usual instead it is because the number 108 which has a significance role to play in the Hindu tradition. Since, my childhood, I have learned a lot of things with 108 on it. Few out of many are in my daily practice, I chant mantras using Rudraksh Mala (precisely 108 times). I do parikrama(circumambulation) which is precisely 108 times. I read108 names of different Indian Gods (mostly Shiva & Vishnu) and many more Little did I know about the reason behind it which eventually was explained by science in a sophisticated way. Although, the Vedas described it long back. Vedic cosmology says that it is the basis of creation and represents universe and all our existence. Science says that the distance from the Sun is about 108 times the diameter of Sun. So, in one or the other way, there are numerous explanations on this. This is a fascinating thing because the older generations had enormous wisdom and left their trait and zeal in us which acts as a succession for all kind of creation on this planet. I am joyful of the fact that I am part of this organization which cares about the employee, and I still find the vibe of my first day and it never fades (not trying to jinx it at any cost). DEI(Diversity, Equity & Inclusion) are the rich culture of Deloitte. However, Inclusion remains my favorite and I really admire that the organization does what it says. Proud to be part of #deloitteusi #deloitte #tax #taxation

Tech giants should take a leaf out of Deloitte to understand how organization restructuring should be done in order to ensure continuity and goodwill while achieving its objectives. #deloitte #goldenhandshake #consulting #organization #restructuring

Under the Income Tax Act, gifts from relatives, gifts received during marriage, gifts from a will, and inheritance are not subject to taxation. However, gifts from non-relatives are taxable if the aggregate value exceeds Rs 50,000 annually. This limit applies separately to both money and movable properties. Infosys Founder NR Narayana Murthy has gifted Infosys shares worth over Rs 240 crore to his four-month-old grandson Ekagrah Rohan Murty. While full details of this share transfer are not disclosed, gifts are subject to tax under certain circumstances, as per Section 56 of the Income Tax Act. Money gifts, immovable properties, and specified movable properties received for no or inadequate consideration from non-relatives are considered gifts. These are treated as income from other sources and taxed according to the recipient's applicable income tax slab. If the recipient is a minor, the tax responsibility falls on the parent or legal guardian. #infosys #investment #gift #narayanamurthy

Vivek Mittal, Executive Director, Consulting, Deloitte India, shared his perspectives on recent budget announcements on achieving 'Viksit Bharat' by 2047. Read to find out Learn more about #InterimBudget2024, click here: https://deloi.tt/3HJaDTd #BudgetUpdates #DeloitteOnBugdet

🚀 Infosys Faces Tax Complexities: Infosys is set to receive a substantial income tax refund of Rs 6,329 crore for 11 assessment years, spanning 2007-08 to 2018-19. However, it also grapples with a significant tax liability of Rs 2,763 crore for the same period. 🔍 Subsidiaries Under Scrutiny: The scrutiny extends to Infosys subsidiaries, facing tax demands of ₹277 crore for assessment years 2018-19 to 2021-23. Refunds totaling ₹14 crore are also expected for assessment periods of 2007-09 and 2016-17. 💼 Impact on Financials: These directives will impact Infosys' financial statements, affecting both current and deferred income tax. In fiscal 2022-23, Infosys disclosed consolidated income tax expenses of ₹9,214 crore, marking an increase from the previous fiscal's ₹7,964 crore. ℹ️ Stay Informed: The intricacies of tax assessments and refunds under the Income Tax Act of 1961 pose challenges for Infosys, shaping its financial landscape for the coming fiscal years. #Infosys #TaxRefund #IncomeTax #Financials #BusinessUpdates

As an offended Arab before anything else, this is a new level of disappointment and frustration for me personally and I speak confidently when I say this hasn’t only offended me but also many of my fellow Arabs who share the same concerns. It is disheartening to see such company that has very strong ties with Arab countries (and employs Palestinians) take such a stance on a very sensitive and deeply rooted conflict. The firm's public support for one side in this complex issue undermines the trust and respect I have for them as a business partner. I urge the firm to reconsider its position and understand the gravity of the situation. I believe what we really need is companies that can contribute to peace and understanding in the region, rather than taking sides that exacerbate tensions. It is my hope that they will take immediate steps to rectify this situation and reaffirm their commitment to diversity, inclusivity and neutrality in ALL matters.

35 Deloitte India Leaders Take Early Exit ❗ Deloitte India, one of the world’s largest professional services firms, is undergoing a major organizational change that will see 35 of its senior partners retire early. What could be the possible reasons behind it? It could be : 1️⃣ They are Paving the Way for a New Wave of Leadership! 2️⃣ The retiring partners come from various practices such as audit, consulting, financial advisory, risk advisory, and tax. They have contributed to the growth and success of Deloitte India for several years and have expressed their desire to pursue other interests. 3️⃣ This move is aimed at bringing in younger talent and expanding into new areas of consulting. 👉 Also - The firm is offering a generous ‘golden handshake’ program to its partners who are 55 years or older, which includes two years of annual compensation as severance pay. Although the standard retirement age in the firm is 62 years. 📍 So now Deloitte India has more than 450 partners, who earn between Rs 3 to 10 crore per annum. 📍 It will be exciting to see how young employees take the responsibilities in hand as the firm is looking to move up the value chain in the consulting business and explore niche areas. 👉 Don’t you think it will be a wonderful opportunity for the youth to leap forward and reach these roles at an earlier stage? ⚡ What are your thoughts on the same? #deloitte #ca #charteredaccountants #big4 #jobs #partners