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Digital Natives
Unlock growth with Grant Thornton Bharat's Digital Natives solutions. Customised support for tech-driven companies in healthcare, gaming, and more.
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Business Consulting
Our business consulting specialists offer a comprehensive blend of strategic advisory services. We assess the business, industry, operating model, synergy, skill sets and vision of the organisation and recommend the way forward
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Digital Transformation Services
Grant Thornton’s digital transformation services help traditional businesses digitalise their business models with cloud technology, IoT consulting, app development and more DigiTech solutions.
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Human Capital Consulting
Our Human Capital Consulting team harnesses technology and industry expertise to assist in constructing adaptable organisations with transparency, fostering productive and value-driven workforces, and inspiring employees to engage meaningfully in their tasks.
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Production Linked Incentive Scheme
Production-linked Incentive Scheme by the Indian government is aimed at boosting manufacturing. Grant Thornton Bharat offers varied services across sectors to help businesses avail of this scheme.
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Public Sector Advisory
Our Public Sector Advisory team has focused streams, aligned with the core priorities of the Government of India. We are responsible for providing innovative and customized technical and managerial solutions.
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Tech Advisory
We have amalgamated Digital Transformation, IT Advisory & Information Management and Analytics into a new offering, DigiTech.
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Direct Tax services
Our tax specialists offer a comprehensive blend of tax services, tax litigation, regulatory and compliance services, helping you navigate through complex business matters.
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Indirect Tax Services
Get tax services by leading tax firm Grant Thornton India. Our indirect tax services include consulting, compliance and litigation services for corporate, international and transaction tax
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Transfer pricing services
Our transfer pricing services experts provide a range of services from provision of APA services to handling large global assignments including Country by Country reporting.
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US Tax
At Grant Thornton, we help individuals and dynamic companies deal with US tax laws, which are one of the most complicated tax legislations across the world.
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Financial Services - Tax
Best financial advisory services, tailored for small and large businesses by the experts having comprehensive knowledge of domestic laws and access to multifaceted tools to provide a valuable results.
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Financial Reporting consulting services
Our experts have significant hands-on experience in providing IFRS/US GAAP services, end-to-end solutions and support services to fulfil financial reporting requirements.
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Fund accounting and financial reporting
International operations often lack standardisation and have varied local reporting formats and requirements. Our experts can offer proactive insights, practical guidance, and positive progress and help meet regulatory timeframes.
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Compliance and Secretarial Services
Our experts can assist in overhauling the entire compliance machinery of the organisation through evaluation of the applicable statutory obligations, monitoring of adequate governance controls, reporting and providing ongoing support.
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Global People Solutions
As businesses transcend borders, both domestic and global considerations need equal attention. Our interim CFO and financial controller support services help organisations meet the business vision.
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Finance and accounting outsourcing
Our accounting experts assist organisations in managing their accounting and reporting. Our dedicated Integrated Knowledge and Capability Centre (IKCC), allows us to service both the domestic and global markets efficiently and cost-effectively
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Compliance Management System
We have automation solutions for you that will allow meeting government requirements and remain diligent, which when failed, can lead to penalties and loss in revenue.
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IKCC: Grant Thornton's Shared Service Centre
The India Knowledge and Capability Centre (IKCC), aimed at delivering solutions by developing capabilities, has completed four years of its journey.
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Global compliance and reporting solutions
At Grant Thornton Bharat, we meet the challenges of our clients and help them unlock their potential for growth. Our professionals offer solutions tailored to meet our clients’ global accounting and statutory reporting requirements. With first-hand experience of local reporting requirements in more than 145+ locations worldwide, we provide seamless and consistent international service delivery through a single point of contact.
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Related Party Transactions Governance
Grant Thornton Bharat's comprehensive related-party transaction services ensure good governance by adhering to regulatory requirements, promoting transparency, and providing robust policies for compliance, documentation, and accountability in related-party transactions.
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Private Client Services
Grant Thornton Bharat Private Client Services offers tailored advisory for family-owned businesses, focusing on governance, compliance, tax, succession planning, and family office structuring to sustain wealth and preserve legacies across generations.
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GTMitra: Tax & Regulatory Tool
GTMitra, a specialised tax and regulatory tool by Grant Thornton Bharat, supports multinational businesses in understanding laws and regulations for effective growth strategies.
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Labour codes
Labour codes solutions help you transition through the new legislation. At Grant Thornton, we help businesses divide their approach to make sure a smooth transition.
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Alerts
At Grant Thornton India, with the help of our tax alerts, we help to provide updates on how to minimise your tax exposure and risks.
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Cyber
In today’s time, businesses have gone through large transformation initiatives such as adoption of digital technologies, transition to cloud, use of advanced technologies et al.
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Governance, Risk & Operations
Our Governance, Risk and Operations (GRO) services encompass Internal Audit, Enterprise Risk Management, Internal Financial Controls, IT advisory, Standard Operating Procedures and other services.
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Risk analytics
Grant Thornton Bharat’s CLEARR Insights is a state-of-the art data analytics platform that will help you in seamless data analysis and efficient decision-making.
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Forensic & Investigation Services
The team of forensic advisory services experts consists of the best intelligence corporate experts, and fraud risk, computer forensic experts to deliver most effective solutions to dynamic Indian businesses.
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ESG consulting
Grant Thornton Bharat offers holistic ESG consulting solutions for sustainable business outcomes. With industry expertise and AI technology, we drive long-term value.
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Transaction Tax Services
Our transaction tax experts understand your business, anticipate your needs and come up with robust tax solutions that help you achieve business objectives ensuring compliance and efficiency
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Deal Advisory
Unlike other M&A advisory firm in India, we offer deal advisory services and work exclusively with controlled and well-designed strategies to help businesses grow, expand and create value.
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Due Diligence
Grant Thornton’s financial due diligence services are aimed at corporate looking for mergers and acquisitions, private equity firms evaluating investments and businesses/promoters considering sale/divestment.
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Valuations
As one of the leading valuation consultants in India, Grant Thornton specializes in all the aspects of the process like business valuation services, financial reporting, tax issues, etc.
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Overseas Listing
Overseas listing presents a perfect platform for mid-sized Indian companies with global ambitions. Grant Thornton’s team of experts in listings, work closely with clients during all stages.
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Debt & Special Situations Solutions
Grant Thornton Bharat offers specialist debt and special situations consulting services, including restructuring, insolvency, and asset tracing solutions.
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Financial Reporting Advisory Services
Grant Thornton Bharat Financial Reporting Advisory Services offer end-to-end solutions for complex financial requirements, including GAAP conversions, IPO support, and hedge accounting advisory, ensuring accurate financial reporting and compliance.
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Financial Statement Audit and Attestation Services
Grant Thornton Bharat offers customised financial statement audit and attestation services, ensuring impeccable quality and compliance with global standards. Our partner-led approach, technical expertise, and market credibility ensure effective solutions for your business needs.
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Article Agriculture and Budget: Immediate compulsions and long-term visionGovernment focuses on sustainable agriculture, digital infrastructure, and market intelligence to enhance productivity and global competitiveness in agriculture.
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Article Union Budget 2024 expectations: Building resilience for consumer industryUnion Budget 2024 expectations: Building resilience for consumer industry
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Thought Leadership Grain to gain: Impact of corn on India’s biofuel revolutionExplore Grant Thornton insights on unlocking India’s Energy Potential on Corn-Based Ethanol as a sustainable fuel solution.
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Case study Transforming agriculture: The rise of Drone DidisDiscover how Grant Thornton Bharat's Drone Didis initiative empowers rural women and transforms agriculture with drone technology. Learn more about this success.
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India-UK
India-UK
The tax liability for individual taxpayers is determined as per the applicable income-tax slabs and rates. Senior citizens are eligible for beneficial slab rates. Till FY 2011-12, women taxpayers were eligible for beneficial tax slabs. However, with effect from FY 2012-13, the Government introduced common income tax slabs for both men and women. Also, there are no special tax deductions/exemptions which are available to a women taxpayer.
The present slabs and tax rates applicable to the individual taxpayer (both men and women) is mentioned below:
Income Tax Slabs For Women & Men: Old & New Regime
Income Tax Slab | Old Tax Regime | New Tax Regime | ||
---|---|---|---|---|
Resident Individuals (aged less than 60 years of age) and NRI | Resident Senior Citizens (60 to 80 years) | Resident Super Senior Citizens (above 80 years) | Applicable for all individuals | |
Upto INR 2,50,000 | NIL | NIL | NIL | NIL |
INR 2,50,001 to INR 3,00,000 | 5% | NIL | NIL | 5% |
INR 3,00,001 to INR 5,00,000 | 5% | 5% | NIL | 5% |
INR 5,00,001 to INR 7,50,000 | 20% | 20% | 20% | 10% |
INR 7,50,001 to INR 10,00,000 | 20% | 20% | 20% | 15% |
INR 10,00,001 to INR 12,50,000 | 30% | 30% | 30% | 20% |
INR 12,50,001 to INR 15,00,000 | 30% | 30% | 30% | 25% |
Above INR 15,00,000 | 30% | 30% | 30% | 30% |
The above income-tax liability is further increased with surcharge where the income exceeds the threshold limits. The rates of surcharge are mentioned below:
Income Tax Slabs: Surcharge Rates
Total income | Surcharge rate |
---|---|
Above INR 50 Lakhs and upto INR 1 Crore | 10% |
Above INR 1 Crore and upto INR 2 Crore | 15% |
Above INR 2 Crore and upto INR 5 Crore | 25% |
Above INR 5 Crore | 37% |
In addition to above income tax and surcharge, health and education cess of 4% is charged on the total income tax (including surcharge). Further, in case of women taxpayers having income up to Rs 5 lakhs, tax rebate upto Rs 12,500 can also be availed.
It is important to note that the taxpayer opting for new tax regime must forgo the commonly available deductions and exemptions like house rent exemption, deductions under Section 80C, 80D etc.
Budget 2023 expectations for women taxpayers
The existing law provides various deductions /exemptions to an individual taxpayer to reduce the overall tax burden and increase savings and disposable income. However, it is important to note that there is no specific deduction /exemption which is available to the women taxpayers. With the Union Budget 2023 around the corner, there is an expectation from the government that, to support working women and increase their contribution towards country’s economic growth, certain additional tax benefits be introduced.
The following suggestions can be considered in this regard:
- Increase in limit of Section 80C deduction: Amongst the other specified investments /expenses, repayment of housing loan and payment of life insurance premium is also one of eligible investment /expense for claiming 80C deduction. The limit to claim tax deduction for these two payments should be increased or separate deduction limit should be specified for these two payments for women taxpayers which does not form part of overall tax deduction of Rs 1.5 lakhs. This move would incentives and encourage independence among women to own a house and have a guaranteed life cover.
- Increase in limit of Section 80TTA deduction: The present law provides for deduction of savings bank interest income upto Rs 10,000 only. The limit should be increased for women taxpayers to promote savings and financial independence.
- Tax benefits for expenses incurred on pursuing higher education and professional/vocational courses: Women taxpayers should be allowed an additional deduction for expenses incurred on higher education and professional /vocational courses pursued by them. Further, scope of section 80E should be increased to include the principal repayment of loan taken for pursuing such educational courses as eligible deduction. The existing section 80E only allows deduction of interest expense on such loan.
- Increase the basic exemption limit: The basic exemption limit for women taxpayers should be increased from Rs 2,50,000 to Rs 3,00,000.
The above measures would go a long way in helping the women taxpayers in our country in building an independent future.