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What is PPF?

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Heard about Public Provident Fund (PPF), but don’t know much about it? For details, have a look at the explanation.

WHAT IS PPF?

Much known as Public Provident fund, PPF a savings instrument introduced by the ministry of finance in India which also helps in tax savings. In 2015 this scheme is more than 45 years old and is still among the top financial instruments used for tax planning. PPF is a success not only because it provides decent returns on investment but the money invested also gives tax benefits. The returns are usually higher than what the Fixed Deposits offer. It is a Long Term Debt Instrument of Indian Government. Post Offices as well as some Banks gain the authority to access PPF accounts. 

 

Eligibility

  • A person needs to be ROI (Resident of India)
  • Non Resident Indians (NRI’s) cannot advance money in Public Provident Fund.
  • Minors are eligible to open an account by their legal guardian.
  • PPF account can not be opened under the name of  HUF (Hindu Undivided Family)

 

Documents Required

  • Pan Card copy
  • Form A (Opening Form)
  • Passport size photo
  • Any residential proof

 

Investment Amounts

The minimum and maximum limit every year for investing in public provident fund is INR 500 & 1.5 lakhs respectively, deposits may be made in monthly installments (max 12/year) or in one go. Any deposits above the specified amounts will not fetch any interest income. Failure to deposit 500 INR would make you liable for a penalty.

 

Interest Rates and Other Benefits

RBI declares the Interest Rate every year in March. For 2014-2015 this is 8.70%, which was exactly the same as previous year.

It is advisable to invest money in this account before 5th of each month to gain maximum returns, as the interest is calculated on the least balance from 5th to the last of month. Therefore, it is desirable to deposit additional sum before time to earn additional benefits.

Also the entire sum of 1.5 lakhs can be advanced before 5th April to earn interest on the entire amount for the whole year.

 

Duration, Loans & Transfers

From the day a PPF account starts, it’s accessible till 15 years. After 15 years, the tenure ends. On the expiry date, the money can be withdrawn.
Also, the account holder can opt for extension of account up to a maximum of 5 years with adherence to certain terms and conditions.

Loans are available to individuals from third financial year itself. All such loans are to be reimbursed within months. disbursed amount can not be more than 25% of balance at the end of 2nd immediately preceding year. If you have paid the first loan successfully and you are between 3rd and the 6th year you may be available for a 2nd loan.

The accounts of individuals can be easily transferred to Post Offices or other Bank Branches free of charge.

 

Benefits Regarding Tax

Such benefits come under SEC 80(c) of IT ACT. The amount deposited in PPF account, is divided into two parts.

  1. PRINCIPAL AMOUNT which is the total sum which you invested
  2. INTEREST AMOUNT which is the benefit you will get on the above investment

Tax benefit includes benefits on both the amounts, up to a maximum of INR 1,50,000

 

ON PRINCIPAL AMOUNT

This amount can be reduced from the actual Income Tax amount of that year. The sum so arrived is liable for tax payment. It can also be reduced from Wealth Tax.

ON INTEREST AMOUNT

The return, in form of interest is tax-free. No tax formality is incurred on the interest amount.

 

Policies Governing PPF

  • Only one account is accessible by an individual. Except in case of minor, if second account of a person is disclosed, the principal amount will be handed over back to him but the interest thereupon will be cancelled.
  • A PPF account is not a joint account. A nominee can be selected, who will be benefited after the death of account holder.
  • In case, no nominee has been appointed, the benefits will be given to the legal heir’s of the deceased account holder.

 

PPF Disclaimer

  • By default, the PPF account will be deactivated, if no investment is made in the whole year.
  • A penalty of 50 INR is to be borne by the account holder for again activating the account along with 500 INR for the inactive year.
  • The deceased account cannot be continued by the nominees.
  • The identity of legal heirs or nominees is just in case the balance in deceased account exceeds 1.5 lakhs.

 

PPF Vs Some other Schemes

Tax Savings Fixed Deposit

  • PPF and Tax Savings Fixed Deposit both are deductible incomes.
  • But the tenure of Tax Savings Fixed Deposit is 5 years, which is less when compared to PPF.
  • Even the benefit earned on Tax Savings Fixed Deposit is taxable which is the reverse of PPF.

National Savings certificate

  • Both schemes include deposits made in Post Office or Bank Branches.
  • NSC is a scheme which involves deposit only once whereas PPF requires deposit every year.
  • The tenure of NSC is 5-10 years whereas that of PPF is 15 years.

 



 

What are Secured and Unsecured Loans, Which is Better?

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Secured and Unsecured Loans

You need funds to start a new venture? or Require money for education of your children? or Maybe you’re looking out for a new credit card or loan to buy a new car/house? Whatever the requirement, you will need to choose between Secured or Unsecured debt. Each type has its own positives and negatives. So it’s better to be aware about them by going through our cover story.

 

Secured and Unsecured Loans CIrcle

 

WHAT ARE SECURED LOANS?

Secured loans are those loans which are backed by some or the other kind of property or assets. The word secured depicts that these type of loan are protected by some collateral. In case if a borrower fails to pay the loan the creditor can legally auction or sell the collateral to recover the original amount disbursed. Assets such as home, automobile, stocks, gold etc. can be used as collateral. The title of the pledged article will be held by the loan provider (creditor) until it is repaid in full along with the interest. A secured loan is generally less costly for the debtors and more peace-of-mind oriented for the creditors.

 

Examples of Secured Loans

  • Home Loans
  • Construction Loans
  • Gold Loans
  • Car Loans
  • Boat Loans

 

PROS AND CONS OF SECURED LOANS

PROS

  • Secured loans are available for larger amounts as compared to personal loans.
  • Less paper work and easy to qualify if one has suitable collateral against the loan.
  • The time period of loan repayment is also higher as compared to other type of loans.
  • Such loans offer lower interest rates as they are secured against your property.

CONS

  • Failure to repay the loan would result in losing your property.
  • Few secured loans have varying interest rates that could make your repayment amount higher.
  • Secured loans bear risk factor because they need expensive collateral security.
  • You may incur high penalty fees on the repayment of loan.

 


 

WHAT ARE UNSECURED LOANS?

Unsecured loans are totally opposite to secured loans, they are disbursed without a collateral in place. Such loans are accessible to anyone & you need not have a suitable asset to be pledged as a collateral. Taking unsecured loan implies that the borrower can repay through his financial resources itself. Unsecured loans are usually more costlier than secured loans due to no security in place and more prone to end up as a total loss to the creditor. If you fail to pay an unsecured loan, the lender can drag you to court and damage your credit worthiness as well.

 

A borrower is judged by 5 C’s before a secured loan is provided:

  1. Character
  2. Capacity
  3. Collateral
  4. Capital
  5. Conditions

Examples of Unsecured Loans

  • Credit Cards
  • Education Loans
  • Personal Loans
  • Renovation Loans

 

PROS AND CONS OF UNSECURED LOANS

PROS

  • Such loans are quite cheap as compared to Secured ones.
  • They give number of options to choose the repayment mode.
  • You will not lose any of your assets.
  • All you need is a document and signature and you can avail this loan

CONS

  • As no property is mortgaged, the lenders charge higher interest rates even for a short-term.
  • You can get only a limited sum of money from lenders as they give more money on secured loans because there the financial risk is secured.
  • Since the loan amounts are not large, the repayment periods are also short as compared to repayment period of secured loans.
  • One may get trapped into the debt cycle due to continuous non-payment of loan amounts

 

WHICH ONE IS BETTER?

The truth, there is NO right answer to this question. What, When, Which & How to opt for which type of loan, totally depends on your need of taking the loan. Both are a good option if they fit in to your requirements perfectly. Generally secured loans are good from creditor’s point of view as there is a collateral to cover up the losses, whereas an unsecured loan is good from a applicant’s point of view as he/she would have no tangible asset to lose in case of a default.

The key is to think in the right direction before applying for the loan. Auto, education, personal, consumer etc. all these type of loans are designed specifically for the purpose stated in their respective name(s). Be willing to pay more & quicker in case if you don’t wish to collateralize your loan. So the preference solely depends on your requirement.

 Once you are clear about the type of loan you require, you must approach different lenders to see what interest rates they offer. Don’t forget to compare the rate of interests being offered by different banks and NBFCs before you finalize your lender. Try to browse through some websites to check their respective USPs & repayment plans. Cross check and apply for a loan with the lender which suits best, according to your requirements.

 



 

How to Become a Chartered Accountant in India

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Steps to become a Chartered Accountant in India?

There are two ways to pursue a branded CA career;

  • Foundation Course Route
  • Direct Entry Route

The direct entry route takes you directly to the intermediate stage of the course, meaning skipping the CA Foundation exam.

The candidates who are eligible to register themselves with the Direct Entry Route are given below –

  1. Commerce Graduates / Post Graduates scored minimum 55% marks or other graduates or Postgraduates who scored minimum 60% marks.
  2. Candidates who have passed the Intermediate level of Institute of Companies Secretaries of India or Institute of Cost Accountants of India.

Direct Entry Course details can be seen on the following link.

CA Foundation course route has a total of Four Major steps, this flow chart will help understand it better.

Flowchart showing steps to become a chartered accountant in India

Direct entry course, on the other hand, reduces the first step and gives direct entry to the aspirants to the next level. Eligibility can be checked along with other criteria(s) for both the entry types at the following link.

 

Stage 1 – CA Foundation (Previously CPT)

CA – Foundation is the first stage of CA course. It comprises of four subjects. A candidate is required to secure at least 40% marks in each subject and a total of 50% in aggregate to clear this stage. CA Foundation syllabus, course papers, and all other related information can be accessed on this link.

 

This paper is divided into 4 parts-

  • Paper 1: Principles and Practices of Accounting
  • Paper 2: Mercantile Law and General English
  • Paper 3: Business Mathematics, Logical Reasoning, and Statistics
  • Paper 4: Business Economics & Business and Commercial Knowledge

 

Stage 2 – IPCC or IPCE

After the results for CA Foundation, the candidates get a period of 9 months to prepare for the next stage, which is the intermediate stage.

The next stage in the CA course is IPCC/IPCE (Integrated Professional Competence Course/Examination). A candidate reaches this stage after clearing CA – Foundation. IPCC is divided into two groups;

  • Group – 1
  • Group – 2

For clearing this stage a student needs to get a minimum of 40 marks in each stage and a total of 50% in aggregate in each group. Students need to appear in Intermediate Examination on completion of 8 months of study course as on the first day of the month in which the examination is to be held.

 

Stage 3 – Apprenticeship training

The next stage for candidates who have cleared both the groups of IPCC/IPCE and even any one of the groups is apprenticeship training of 3 years. Though, before that, one must go through the ITT and Orientation Program.

After the one can go ahead with the practice, it can be done under any practicing CA or a chartered accountancy firm.

A candidate is not eligible to appear in CA – Final exams if he/she has not completed the apprenticeship training of 3 years.

One always prefers to go with firms like Big 4 or various other big firms. The bottom line stays the same, which says the practice is the Key. It is very important to get the most possible exposure during this period, which helps one place better in a dream company later on. We have to trust that there is no substitute for learning.

 

Stage 4 – CA Final

The last stage of the CA course is CA – final examination. A candidate who has cleared both groups of IPCC/IPCE and who has completed the apprenticeship training is eligible to apply for CA – Final exams. This is the final stage of CA course.

CA – Final is divided into two groups and each group has four papers.

CA Final Group I

Paper 1: Financial Reporting (100 Marks)
Paper 2: Strategic Financial Management (100 Marks)
Paper 3: Advanced Auditing and Professional Ethics (100 Marks)
Paper 4: Corporate Laws and other Economic Laws (100 Marks)

CA Final Group II

Paper 5: Strategic Cost Management and Performance Evaluation (100 Marks)
Paper 6: Elective Paper (100 Marks)

For clearing CA – Final a student needs to get at least 40% marks in each paper and a minimum total of 50% in aggregate in each group to clear this stage. After successfully completing the CA Final exam, one can enroll as a member of the ICAI and be designated as “Chartered Accountant”. Which is just like the final step to dream come true.

 



 

How to do MCOM from IGNOU?

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MCOM from Indira Gandhi National Open University

So you are done with your graduation and now you may be looking forward to a post-graduate masters degree which focuses on accounting, management, commerce etc.

If you’re looking to study regular college then the top regular commerce colleges are the ones you are looking for such as SRCC, Loyola, Xaviers etc. MCOM from IGNOU is a suitable choice for someone who is looking for a distance program. SOMS or School of Management Studies is the department which has the responsibility of the design and delivery of all IGNOU’s management courses.

 

IGNOU LOGO

 

Details of MCOM from IGNOU

 Eligibility  You need to be a graduate from a recognized university
 Minimum Duration  2 Years
 Maximum Duration  5 Years
 Course Fees  Rs 11,000
 Age  There is no age bar
 Language  Hindi/English
 Session Time  July – December & January – June
 Others  Expect 6 Subjects each year with 6 Credits each

 

Other Course Details

Some features of this program are:

  • Material provided for studies is enriched with multimedia to assist students in their learning and growth.
  • Operational activities of business are kept in the limelight which helps in a more practical understanding of the real life scenarios.
  • Teleconferencing is encouraged and has been included as a regular practice.
  • Students

 

From IGNOU you can also choose to do MCOM which focuses on specific area of study such as:

  • MCOM in Finance & Taxation, Click Here for more details on MCOM (F&T)
  • MCOM in Business Policy & Corporate Governance, Click Here for more details on MCOM (BP&CG)
  • MCOM in Management Accounting & Financial Strategies, Click Here for more details on MCOM (MA&FS)

 



 

How to do BCOM from IGNOU?

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BCOM from Indira Gandhi National Open University

After 10+2 you can now head towards graduation which in India is offered by both private and the public sector. Graduation is necessary to apply for a lot of jobs both with private and the public companies. BCOM from IGNOU is suitable for someone who is looking to attain a graduation degree through distance education.

BCOM has been included under SOMS or School of Management Studies, it handles all the management related courses’ design and delivery from IGNOU.

There are many universities which offer bachelors in commerce such as IGNOU, SOL (School of open learning, Delhi University), SMU (Sikkim Manipal University) and many other regional universities from Andhra, Bangalore, Madras, Patna etc.

 

IGNOU LOGO

 

Details of BCOM from IGNOU

 Eligibility  You need to be at least 10+2 qualified or must have completed BPP program from IGNOU
 Minimum Duration  3 Years
 Maximum Duration  6 Years
 Course Fees  Rs 6,000
 Age  There is no age bar
 Language  Hindi/English
 Others  Expect 6 Subjects in 1st year, 13 in 2nd year,  16 in 3rd year

 

Other Course Details

Some features of this program are:

  • With BCOM from IGNOU students can also get basic knowledge about Computers, Tech, Humanities, Social Sciences etc.
  • All the teaching is done through multi media medium which makes the studies interactive for the students.
  • If you are a student from a different university and want admission in BCOM from IGNOU on the basis of prior education, you can apply.

 

From IGNOU you can also choose to do BCOM which focuses on specific area of study such as:

  • BCOM in Accountancy & Finance, Click Here for more details.
  • BCOM in Corporate Affairs and Administration, Click Here for more details.
  • BCOM in Financial and Cost Accounting, Click Here for more details.

 



 

Top Accounting Softwares in India

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FINANCIAL ACCOUNTING SOFTWARES USED IN INDIA

An Accounting software is used by almost all micro, small & medium firms to make it easier and user-friendly for the owners to manage the finances of a company. It helps provide more accurate results with less efforts. Top accounting softwares in india include Tally, Marg, Busy & Quickbooks.

Not all companies need an ERP package. It depends on the size of the company, amount of money the company is planning to spend on it, user-interface & complexity of the software.

 

Tally

Tally Logo Accounting SoftwareTally is a company founded by Shyam Sundar Goenka and is Headquartered in Bangalore, India. (2014) It currently serves over 100 nations worldwide & has a revenue of US$ 90mn. Top 4 countries with a wide use of Tally are India, Bangladesh, Middle East & United Kingdom. It has over 500,000 subscribers in India alone.

The latest update, TallyERP9 is customized to many Indian accounting rules and regulations. It is considered an easy to implement accounting software and people who are well versed with operating Tally are available in large number.

It also has few other products on offer such as Tally: Developer 9, Shopper 9 & Tally.Server 9999

To check pricing and consider buying Tally Click Here

 


 

QuickBooks

Quickbooks LogoQuickbooks is the leader of accounting softwares with over 6,00,000 subscribers (2014), it is promoted & developed by an American software company “Intuit”. The company is headquartered in Mountain View, California & is publicly traded on NASDAQ.

Intuit mainly focuses on small businesses and accountants by serving them with financial and tax planning softwares. Quickbooks is widely used in many countries and each country has a different product that would suit the country’s business rules and customs.

It is also offered on the cloud platform with a different name “QBO” and can be installed in the mobile phones too. It is used for invoicing, billing to the customers and day-to-day transactions.

To check pricing and consider buying QuickBooks Click Here

 


 

Marg

MARG Logo

Marg or Marg Compusoft is a provider of unified business application software for SMEs. Its journey began around 1992 in the field of pharmaceutical informatics and information technologies in general. (2014) It has over 160 sales & support centers, 700 ERP clients & 45000 Satsfied users.

Marg offers financial accounting software which suits companies that do not need a complex ERP package. For almost two decades, many small businesses in India are using this software. This software suits most of the FMCG, pharmaceutical and other companies.

To check pricing and consider buying Marg Click Here

 


 

Busy

BUSY Logo

 

Busy or Busy Infotech Pvt. Ltd. which is a sister concern of Digitronics Infosolutions Pvt. Ltd. started back in the year 1997. Currently the chairman is Mr. Harish Chander & the managing director is Dinesh Kumar Gupta.

Busy is an accounting software that is used in many industries mainly within Micro and SME segment. Currently it has more than 6,00,000 users across the globe. Busy can support functions ranging from financial accounting, invoicing, Taxes, MIS reports etc. 

You can download a 30 days trial copy or purchase a full version Click Here

Companies which are looking for small software unlike an ERP package can opt for many small and effective software packages, instead of spending money unnecessarily on large packages. One needs to choose the software based on the company’s requirement.

Most softwares can be upgraded and can grow and become flexible as the company grows. Look into the features of each software and pick the one that covers most of your requirements.

 



 

How to Apply for a Passport Online in India?

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Step by Step Guide – Online Passport Application

With the information age hitting us, gone are the days when getting a passport was regarded as a daunting task. Now, you can apply for a passport online and avoid the queue. On a busy day to steer clear of this hassle, you might not bother shedding few notes to the passport agent. However, the changes in the procedure across the nation has eased the process to a greater extent. Now you can apply for a passport online through this website http://passportindia.gov.in.

 

Image with Indian passport and text apply online

 

Following are the steps you need to follow to apply for a passport online:

 

  • Fill in all mandatory asterisk (*) marked fields as per the given instructions. Please carefully select the passport office as per your present address only. Once you are done with the entry, click on “Register” and you are done with the registration process.

 

  • Check your inbox and look for an email from “[email protected]“, open the email and follow the link in email to activate your user account.

 

 

  • Click on ‘Apply for Fresh Passport/Re-issue of Passport’ link on your home screen.

 

  • Choice 1 – You can download the soft copy of the form , fill it offline & upload.

or

  • Choice – 2 – You can  fill in all the required details in the online application form under the head Alternative 2 by clicking on the link provided on the page (Please note that an internet connection would be required when you opt for online application).

 **Make sure you check your information twice or thrice if needed before submitting a form offline or online.

 

  • Next step is to make payment for the application. Click on the ‘View Saved/Submitted Applications’ link on the left side of the screen under Services screen to schedule an appointment. Then Click on ‘Pay and Schedule Appointment’ link for making payment for scheduling appointment.

 

  • Please note that payments for appointments at all Passport Seva Kendras (PSK) has been mandatorily made Online. The same can be done by any one of the following modes:
  1. Credit/Debit Card (MasterCard and Visa)
  2. Internet Banking (State Bank of India and Associate Banks Only)
  3. SBI Bank Challan

 

  • Once you are done with the payment step, Click on ‘Print Application Receipt’ link to print the application receipt. This application receipt shall be demanded by the PSK. For easy reference place this receipt bearing the Application Reference Number/Appointment Number in front of your passport application file.

 

  • Reach the PSK with all the originals documents at least 30 minutes before the appointment time to avoid any unnecessary delay. If you are not sure of documents that would be required at PSK, click on the below link and follow the given instructions.

https://portal1.passportindia.gov.in/AppOnlineProject/docAdvisorSecure/attachmentAdvisorInp

 

Did we miss a step? Please comment below and we will fix/improve the article. Thanks!



 

Big Four Audit Firms

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THE BIG FOUR

Big Four is the term given to represent the top four audit companies of the world. Ernst and Young, Deloitte, PricewaterhouseCoopers and KPMG together make the Big Four. These companies conduct the audit of many public and private companies throughout the world.

They audit more than 80% of all the public companies in the United States and specialize in other areas such as assurance, actuarial, risk management, corporate legal services, tax, financial planning and consulting.

 

Initially, there were the Big Eight:

  1. Coopers & Lybrand
  2. Ernst & Whinney
  3. Price Waterhouse
  4. Arthur Andersen
  5. Arthur Young & Co.
  6. Touche Ross
  7. Peat Marwick Mitchell
  8. Arthur Young & Co.

 

1989 June – Ernst & Whinney merged with Arthur Young to form Ernst & Young

1989 Aug – Deloitte, Haskins & Sells merged with Touche Ross to form Deloitte & Touche

1998 July – Price Waterhouse merged with Coopers & Lybrand to form PricewaterhouseCoopers

 

So the world was left with only the Big Five which included Arthur Anderson. After the infamous scandal of Enron, Arthur Anderson went out of business and Big Five became the now famous Big Four.

 

Deloitte

Head Quarters – 30 Rockefeller Plaza, New York City, New York, USA

Employees – Over 200,000 (2014)

Revenue – Over US$ 34 Billion (2014)

Countries Served – Over 150 (2014)

 

200x200 Deloitte LogoFound back in 1845 at London, United Kingdom, Deloitte started as the separate companies of William Deloitte, Charles Haskins, Elijah Sells, and George Touche. The three companies eventually merged to become Deloitte & Touche.

Although acquisitions and mergers did help them to an extent but they have mainly remained on the top with the help of strong dedication and commitment towards their clients. In 2011, Deloitte had 1.8% growth and PWC had 1.5% growth, making Deloitte the top firm among the audit companies. In 2011, PWC out-ranked Deloitte and in 2013, Deloitte again took the first place.

Their estimated annual growth for 2012 was 8%, which is the highest out of the big four accounting firms. They have upheld this growth rate over the past four years.

 


 

PricewaterhouseCoopers

Head Quarters – London, United Kingdom

Employees – Over 195,000 (2014)

Revenue – US$ 34.0 Billion (2014)

Countries Served – Over 150 (2014)

 

200x200 PWC LogoFounded back in 1849 by Samuel Lowell Price It is the second largest audit firm operating in approximately 157 countries. It re branded itself to PWC in 1998 when Coopers & Lybrand and Price Waterhouse merged together. Their major revenue source as of 2014 is Assurance, Advisory & Tax practice. Its headquarters are in London, UK.

The firm has sustained its growth over the years, acquiring and merging with other company’s such as Booz & Co., leading them to become one of the biggest firms in the world & 5th largest in the US.

PWC has reached this level with acquiring skill from over 750 offices across the world it is growing at the pace of 4% every year.

 


 

Ernst and Young (EY)

Head Quarters – London, United Kingdom

Employees – 190,000 (2014)

Revenue – Over US$ 27 Billion (2014)

Countries Served – Over 150 (2014)

 

200x200 EY LogoFound back in 1849 by Harding & Pullein in England. It reformed to Ernst & Young in 1989 when Ernst & Whinney and Arthur Young & Co. merged together. With more than 700 offices throughout the world EY is rated third among the top 20 accounting firms in the United States.

Top source of income for EY include Assurance, Tax & Advisory.

In 2013 EY reported revenue of $25.8 billion and 5.8% annual growth rate which is the highest growth rate it has seen over the past 5 years. This is up 1.4% YOY 2012.

 


 

KPMG

Head Quarters – Amstelveen, Netherlands

Employees – Over 160,000 (2014)

Revenue – Over US$ 24 Billion (2014)

Countries Served – Over 150 (2014)

 

KPMG LogoHistory of KPMG can be traced back to 1870. In 1979 KMG was formed which was further joined by Peat Marwick and the name was eventually changed to KPMG in the late early 90s. Not a lot of people would know that in 1997 EY & KPMG tried to merge and the announcement was also made however it couldn’t happen due to some reasons.

Major source of income for KPMG is Audit, Advisory & Tax.

KPMG is doing fairly well with its growth and has also earned a lot of accolades over the years such as world’s most attractive employer, (2nd) World’s best outsourcing advisers etc.

 

Good to know – 5th largest accounting firm is said to be BDO International with over US$ 7Billion revenues (2014) & number 6 is Grant Thornton with over US$ 4 Billion revenues (2014).