Nandini Agrawal

#Buybacktax #Unionbudget2024 Buy back tax u/s 115QA is proposed to be abolished. Companies undertaking buy back of shares w.e.f 1st October, 2024, would not be required to pay buy back tax. Instead, amount received by the shareholder on buy back of shares will be deemed as dividend in the hands of the shareholder and will be taxable at the applicable rates. No deduction of any expenses undertaken for buy back would be available. Cost of acquisition of shares bought back would be deemed to be capital loss in the hands of the shareholder (assuming consideration of shares to be nil). Such capital loss would be available for a set off from capital gains as per the relevant carry forward and set off provisions.

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At cajobportal.com, there has been a sudden deluge of CVs - Chartered Accountants who were happily working with USA oriented Centres of Excellence across service lines like Audit, FP&A etc. US economy is not doing so well - maybe there is a pressure to reduce costs - some people are not been promoted and hence resigning out of frustration, some apparently have been asked to resign 'sou moto' and this category concerns me a lot USA oriented Centres of Excellence have paid a good pay premium in the last 5 years - Now the challenge is that these hundreds of CVs have flooded the market in one go - simply Demand versus Supply and they are branded as 'Offshore CVs' , which means a lot of mainstream companies , driven by their own biases and beliefs, will simply not consider them So, whats the way out when you are suddenly out of 'Offshore Jobs' #jobs #careers #charteredaccountants

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Big News: NFRA to Inspect Big 4’s!!! Birds Eye View:🎯 👉 National Financial Reporting Authority (NFRA) will inspect the Big 4 Audit firms: - Deloitte India - EY (SRBC & Co) - KPMG (BSR & Co) - PwC - Walker Chandiok & Co (Grant Thornton) Object of Inspection: 👉 To ensure compliance of ICAI’s Audit Standards and Guidelines with main focus on: → Providing Non-Audit services with Auditing Services. → Auditors' independence and communication with company directors. → Documentation Scope of Inspection: To check and enforce audit quality, approximately 60 listed companies will be examined for compliance with auditing standards due to: → Increase in no. of professional misconduct cases. → Increase in qualitative irregularities in audits. Impact of Inspection: → Better quality of financial reporting. → Geater transparency and accountability in the auditing profession. #NFRA #BIG4 #ICAI #Audit

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Story 1: Not everyone at Big Four is unhappy with ICAI's action against EY India affiliates. Many believe this could bring in much needed clarity around international networking norms. Story 2: EY Group grabbed the highest share of audit fees, among the Big Four, in 2022-23, according to Prime Infobase. #bigfour #auditing #accounting

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PROFITING OFF BANKRUPTCY: Private Equity Playbook In BYJU'S CASE private equity firms want it to fail, or at least go bankrupt, to get rid of unwanted debts. And here, private equity’s true advantage—its ability to navigate the bankruptcy code. Bankruptcy is an opaque, enormously complex process and one where great lawyering (though not necessarily great business acumen) is rewarded. Private equity firms thrive in this part of the law, and they have certainly been rewarded. History has it. This is akin to ManorCare's fate when Carlyle pushed it to bankruptcy. Everyone made money. Founder. Investors. BYJU'S has no option but to go this path for the founder and board to win. They already made money in this game with the founder sipping juice from an umbrella straw and his PR team putting in all the effort in media to make him look like a saint. And it's the nature of the beast: "Who cares about the vendor and customers?" #startup #byju #privateequity #vc

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Budget 2024 hits the right spots in moving towards simpler taxes. Nudging taxpayers towards the new tax regime, pushing investments into the New Pension Scheme (including NPS Vatsalya), removal of the angel tax and tax equalization levy are steps in the right direction. However, the removal of indexation of costs in respect of long-term capital gains hits taxpayers who could not have envisaged such a drastic change. Cost indexation rightly ensured that only real income was taxed after considering the effect of inflation on purchase / improvement costs. In fact, in a significant number of cases, taxpayers typically have a long-term capital loss on sale of long-term capital assets. While the effective rate of tax has been lowered, this is not necessarily beneficial for all taxpayers. Those taxpayers who are adversely impacted should be given an alternative to deal with the abrupt change in the tax law. A grandfathering provision (similar to the one introduced when long-term capital gains became taxable in 2018) would ensure that if a taxpayer is impacted adversely, they can opt for the old method. Or at the very least, the tax rate in such cases could be brought down to zero.

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🚨 Attention Taxpayers! 🚨 If you think a minute of non-disclosure won't attract an income tax notice, think again. A friend of mine recently filed his ITR, including salary income and some other income but failed to disclose his crypto earnings. Within just 5 days of filing, he received a notice from the income tax department. 🔍 The lesson here: If you only have salary and interest income, you might be able to file your ITR yourself. However, if you have more complex incomes, such as capital gains or crypto earnings, consult an expert in tax filing. 📞 Save yourself from potential tax notices and headaches. Connect with a professional to ensure your ITR is filed accurately and comprehensively. Stay informed, stay compliant! 💼 #IncomeTax #ITRFiling #TaxAdvice #CryptoTax #TaxExpert #FinancialPlanning --- .

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Expected - Increased income Tax for higher tier income individuals Reduced Income Tax for Middle tier income individuals

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For all Chartered Accountants! We are conducting a brief survey to understand better the challenges MSMEs, SMEs, startups, corporates, and CA firms face in managing substantial amounts of pre-accounting data across various stages (data collection, organization, reconciliation, and passing entries into accounting software). 📝 𝗬𝗼𝘂𝗿 𝗜𝗻𝗽𝘂𝘁 𝗠𝗮𝘁𝘁𝗲𝗿𝘀! 📝 Please take up this short survey and share it with your connections who might find it relevant. 𝗪𝗵𝗼 𝗖𝗼𝘂𝗹𝗱 𝗧𝗮𝗸𝗲 𝗧𝗵𝗶𝘀 𝗦𝘂𝗿𝘃𝗲𝘆? 1. Finance controllers / Finance managers of MSMEs, SMEs, startups, and corporates 2. Service providers, including CA firms offering bookkeeping or CFO advisory services. 📋 𝗧𝗮𝗸𝗲 𝘁𝗵𝗲 𝗦𝘂𝗿𝘃𝗲𝘆 𝗛𝗲𝗿𝗲: https://lnkd.in/g6Jkyn_s 🔒 𝗣𝗹𝗲𝗮𝘀𝗲 𝗡𝗼𝘁𝗲: This is an anonymous survey, and your responses will be used solely for research purposes. Thank you for your time and valuable contributions! #CA #ICAI #CharteredAccountants #survey #CAFirms #MSME #SME #Startups #CorporateFinance #Bookkeeping #CFOAdvisory

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Dear #YoungProfessionals, We get it, the allure of those fancy job titles and the prestige of working at big #accounting firms , top #law firms and any other #MNCs can be pretty tempting. But let's face it, working in a #toxic environment is like eating junk food: it might satisfy you momentarily, but in the long run, it's terrible for your health. Imagine this: you're pulling 80-hour weeks, your #sociallife is reduced to awkwardly nodding at your cat while you pull another all-nighter, and your idea of a #balanceddiet is alternating between coffee and energy drinks. Sounds fun, right? Wrong. Remember, your career is a marathon, not a sprint. Prioritize a #healthyworkenvironment where you can actually enjoy your life outside of work. Trust us, your future self will thank you when you're not face-planting into your keyboard from exhaustion. So, don't settle for a #toxicworkculture just because it comes with a hefty paycheck. Instead, find a place that values your well-being, even if it means a smaller salary. After all, what's the point of earning big bucks if you don't have the energy to spend them? Here's to a #healthier, #happier, and more #balanced future! Cheers !!

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Income tax returns data and details - A meaningful insight. 7.28 crore (ITRs) filed for AY 2024-25 where as it was 6.77 crore ITRs for AY 2023-24 last year till July. So there is a rise of 7.5% Out of the total ITRs of 7.28 crore filed, 5.27 crore have been filed in the new tax regime compared to 2.01 crore ITRs filed in the old tax regime. The filing of ITRs peaked on 31st July, 2024 with over 69.92 lakh ITRs being filed on a single day. The e-filing portal also observed its highest per hour rate of 5.07 lakh of ITR filing between 07:00 pm to 08:00 pm on 31.07.2024. The highest per second rate of ITR filing was 917 (17.07.2024, 08:13:54 am) and highest per minute rate of ITR filing was 9,367 (31.07.2024, 08:08 pm). The Income Tax Department also received 58.57 lakh ITRs till 31.07.2024 from first time filers, a fair indication of widening of tax base.

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𝐈𝐍𝐃 𝐀𝐒 116 - 𝐋𝐄𝐀𝐒𝐄 Ind AS 116, Leases, is an accounting standard issued by the Indian Accounting Standards Board that came into effect on April 1, 2019. It aligns with IFRS 16 and establishes principles for the recognition, measurement, presentation, and disclosure of leases, ensuring that lessees and lessors provide relevant information that faithfully represents lease transactions. Under Ind AS 116, lessees are required to recognize a lease liability reflecting future lease payments and a 'right-of-use' asset for almost all lease contracts, thus bringing most leases onto the balance sheet. This change eliminates the distinction between operating leases and finance leases for lessees, enhancing transparency regarding a company's leverage, asset base, and cash flows. Lessees must recognize both a right-of-use asset and a lease liability for leases exceeding 12 months unless the underlying asset is of low value. The right-of-use asset represents the lessee's right to use the leased asset, while the lease liability reflects the obligation to make lease payments. For lessors, the accounting remains largely unchanged, retaining the classification between operating and finance leases. Lessors do not recognize a right-of-use asset but instead recognize a lease receivable representing their claim to lease payments. This distinction ensures continuity in financial reporting for lessors while enhancing the transparency of lessee accounting. The adoption of Ind AS 116 significantly impacts financial metrics and key performance indicators, influencing stakeholders' evaluation of a company's financial position and performance. Key financial ratios, such as debt ratios, efficiency ratios, profitability ratios, and liquidity ratios, are affected due to the recognition of lease liabilities and right-of-use assets. Additionally, the standard mandates comprehensive disclosures to provide users with sufficient information to assess the amount, timing, and uncertainty of cash flows arising from leases. In terms of cash flow statements, Ind AS 116 classifies cash payments for the principal and interest of lease liabilities under financing activities, while payments for short-term leases, low-value asset leases, and variable leases not included in lease liabilities are classified under operating activities. This reclassification ensures that financial statements more accurately reflect a company's leasing activities. Overall, Ind AS 116 represents a critical shift in lease accounting, improving the transparency and comparability of financial statements, and affecting financial reporting, management decisions, and stakeholder assessments. #IndAS116 #RevenueRecognition #FinancialTransparency #BusinessImpact #EconomicGrowth #FinancialManagement #Audit #TaxCompliance #BusinessAdvisory #CorporateFinance #IndASCompliance #FinancialReporting #ProfessionalServices

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Do you know as per Ind AS 110 "Consolidated Financial Statements" If a parent loses control of a subsidiary, the parent: (a) derecognises the assets and liabilities of the former subsidiary from the consolidated balance sheet. (b) recognises any investment retained in the former subsidiary at its fair value when control is lost and subsequently accounts for it and for any amounts owed by or to the former subsidiary in accordance with relevant Ind ASs. That fair value shall be regarded as the fair value on initial recognition of a financial asset in accordance with Ind AS 109 or, when appropriate, the cost on initial recognition of an investment in an associate or joint venture. (c) recognises the gain or loss associated with the loss of control attributable to the former controlling interest. #Gaap #Ind_AS #Consolidations #Reporting #Financial_Reporting

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https://lnkd.in/dCEwMsTA Anjali Kumari Absence of HDFC: Corp bond issuances fall by 36% in Apr-Jun period According to Prime Database, corporate bond issuances dropped 36 per cent in the first quarter of the current financial year to Rs 1.88 trillion from Rs 2.95 trillion during the same period of the last financial year. “Several factors contributed to the subdued bond issuances in Q1 2024-25, including the Lok Sabha elections, expectations of a sharp drop in yields due to anticipated rate cuts, and India's inclusion in the JP Morgan Bond Index. Last year, HDFC's heavy borrowing ahead of its merger further boosted the overall issuance amount during that quarter,” said Venkatakrishnan Srinivasan, founder and managing partner of Rockfort Fincap LLP. Srinivasan said there has been a significant drop in private sector bond issuances with companies like Delhi International Airport, L&T, Dabur, Tata Power, Century Textiles, and Torrent Power, which tapped the bond market in Q1 of the last financial year, not issuing bonds this time. Power Finance Corporation raised Rs 12,281 crore in Q1 of last year compared to Rs 3,178 crore this time. However, the market expects the situation to improve with a significant increase in infrastructure bond issuances by banks and other major issuers who missed the first quarter. This anticipated surge in issuance is likely to stabilise the market and meet the pent-up demand from investors seeking high-quality, long-term bonds. SBI has already raised Rs 20,000 crore through infrastructure bonds in the current financial year. Another public sector lender, Canara Bank, is also planning to raise Rs 10,000 crore through similar bonds. Rockfort Fincap LLP #bonds #ncd #debentures #corporatebonds #psubonds #infrabonds #bankbonds #nbfc #bondmarkets #debtmarket

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FISCAL DEFICIT IN JULY 2024 BUDGET While the details for the actual fiscal deficit in July 2024 aren't available yet (since it's still early in the fiscal year), we can discuss the information presented in the most recent Union Budget for India (Budget 2024), which was presented in July 2024. Fiscal Deficit Target: The government has set a target to bring down the fiscal deficit to 4.9% of the GDP for the financial year 2024-25 (FY25). FY24 Performance: The provisional data suggests the fiscal deficit for the previous year (FY24) came in at 5.6% of the GDP, which is lower than the initial target of 5.9%. Focus Shift: There seems to be a slight shift in focus from just the fiscal deficit number to the overall debt-to-GDP ratio. The aim is to bring down the debt burden in the long run. Looking Ahead: The government intends to bring the fiscal deficit down further, aiming for a level below 4.5% of GDP by the next financial year (FY26). Ankush kaushik

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Let us assume 1,000 people decide to do CA - 1. They appear for CPT(Level 1). Only 30% pass. 300 survive 2. They appear for CA-Inter (Level 2). Only 12% pass. 36 survive 3. They appear for Final CA. Only 10% pass. ~4 survive Out of 1,000 people who entered the field, with dreams in their eyes and aspirations of being CA’s, a mere 0.4% are able to achieve it (in the first attempt). Now they have to compete to get jobs! Between IPCC and Final CA, your schedule looks like this - A) Weekdays - 1. 7 to 10 - Attend college in the morning 2. 11 to 8 - Slog in the office (Articleship) 3. When you reach home, you still have work to do – revision, any pending office work, talk to your friends (If you still have them), follow your hobbies, etc. Weekends - 1. 6–7 hour classes. (For some people even Saturday is working, ensuring your work-life balance is totally messed up) Add to this - outstation audits, college fests you have participated in, any other course you are pursuing and if you are in Mumbai/Delhi/Bangalore - 2 hours spent daily in commuting. This is what makes CA special - It teaches you how to manage time and be disciplined. Can I do it again? HELL NO! A very Happy CA Day to all my fellow colleagues. Cheers to this wonderful course :) #charteredaccountant #ca #caaspirants

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