CA Jinesh Pagaria (Jain)

Here's how CAs can upskill themselves for jobs at Big Four / Running Own Practice: 🔹 Leverage Tech to its best: Daily invest 10-15 minutes time to improve and practice in the tech domain through Linkedin / Youtube. It will compound magnificently. I personally did it for MS Excel Automation. Now it helps me do 3 days work in 15 minutes and less. 🔹 Updation with Laws and Current Affairs: As working professionals, one should make it a regular time for updating oneself with updates in Law and Current Affairs. One can take Masterclasses or Online Courses for the same as well. 🔹 Participation in Public Domains, Connecting with People: Investing time to connect with people will bring you new insights and open new doors. A person should work in a multi-currency model, I mean consideration may be - Monetary, New Skill, or New Network. As they say - "Network is your Networth". 🔹 Continuous Networking and Building Relationships: Actively engage in networking events, both online and offline, to expand your professional circle. Building strong relationships with colleagues, clients, and industry professionals can lead to valuable opportunities and insights. Remember, fostering genuine connections is key to long-term success. 🤝 🔹 Exploring Specialized Certifications and Training: Identify areas within accounting and finance that align with your interests and career goals. Pursue specialized certifications or training programs to deepen your expertise in these areas. Whether it's tax planning, forensic accounting, or risk management, becoming a subject matter expert can enhance your value in the job market and attract high-profile clients. 🎓 🔹 Embrace Continuous Learning and Feedback Loops: Cultivate a growth mindset by actively seeking opportunities for learning and improvement. Embrace feedback from mentors, peers, and clients to identify areas for development. Remember, every challenge is an opportunity to grow, and every setback is a chance to learn and iterate. 🌱📈 🔹 Invest in Personal Well-being and Work-Life Balance: Prioritize self-care and maintain a healthy work-life balance to sustain long-term success and fulfillment. Allocate time for relaxation, hobbies, and spending quality moments with loved ones. Remember, your well-being is the foundation of your professional performance and resilience. ⚖️💼 #LIPostingChallengeIndia #LinkedInNewsIndia

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Hello Friends, Income tax-filing season is approaching or may already be underway, depending on where you are. It's common to see a flurry of activity as tax-filing season approaches.   But the basic question arises, ‘Do you really need to file ITR ???’   The requirement to file an Income Tax Return (ITR) varies based on factors such as age, income level, source of income, and residential status. If you're unsure whether you need to file an ITR, we are here to provide a clarity to your thoughts. Presenting the ‘Applicability of Filing ITR ’. This will help you to understand the basic conditions which determines the applicability of ITR filing. File your ITR within time if applicable. Hope you will find it helpful !   Best Regards, CA Aditya Kulkarni

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#ESOP #IncometaxIndia 1/4 ESOP Taxation ESOPs and RSUs have become common in India with jobs gaining popularity. Several international companies with employees in India also offer ESOPs. ESOP (Employee stock option plan) or RSU (Restricted Stock Units) is an employee benefit plan offering employees an ownership interest in the organisation in the form of equity shares. It is similar to a profit-sharing plan. Under these plans, the company, which is an employer, offers its stocks at negligible or low prices. These stocks remain in an ESOP trust fund till the vesting period and exercise these options or retire/leave the company. ESOP – Employee Stock Option Plan, allows an employee to own equity shares of the employer company over a certain period. The terms are agreed upon between the employer and employee. ESPP - Employee Stock Purchase Plan allows an employee to own equity shares of the employer based on the agreed purchase price. Employees pay for such stock at a discounted and is paid directly from their bank account or deducted on a monthly basis from the payroll or payslip. RSU - Restricted Stock Units are usually issued by those companies listed outside India. In the case of RSU, employees need not pay any amount to exercise the stock and will be given free of cost from the employer. Grant Date –The date of the agreement between the employer and employee to give the option to own shares (at a later date). Vesting Date – The date the employee is entitled to buy shares after conditions agreed upon earlier are fulfilled. This date is also the agreed-on grant date. Vesting Period – The period between the grant date and the vesting date. Exercise Period – Once options have ‘vested’, the employee now has a right to buy (but not an obligation) the shares for a period of time. This period is called the exercise period. Exercise Date – The date on which the employee exercises the option. Exercise Price – The price at which the employee exercises the option. This price is usually lower than the prevailing FMV (fair market value) of the stock. An employer and employee agree on ESOP terms on the grant date. Once the employee has fulfilled the conditions or the relevant time period has elapsed, these employee stock options are vested. At this time, the employee can exercise them or simply – buy them. The employee is allowed some time period during which this option to buy can be exercised. Once the employee decides to buy, these stock options are allotted to him at an exercise price which is usually lower than the FMV of the stock. Of course, the employee can choose not to exercise his option. In that case, no tax is payable.

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5 Reasons Why Indian Chartered Accountants Struggle to Scale...   Scaling a practice is a dream for many Indian CAs, yet few achieve it. The barriers are multifaceted, rooted deeply in mindset, education, and practice management. Here’s a deep dive into the five fundamental reasons why Indian CAs struggle to scale their practices.   1. Mindset Shift: From Professional to Entrepreneur   The primary hurdle in scaling up is the mindset. Traditional training molds CAs to think of themselves as professionals selling their time. However, scaling demands an entrepreneurial outlook.   Entrepreneurs sell their expertise as a commodity, not their time.   This shift necessitates a comprehensive understanding and integration of systems, controls, processes, technology, sales, and marketing—areas often neglected in standard CA education.   2. Reinvestment   Scaling up requires substantial reinvestment. This includes allocating resources to research, branding, technology, people, and most importantly, upskilling. The practice must continually evolve, and that means dedicating significant funds towards these growth areas. Unfortunately, many CAs do not prioritize or understand the critical nature of reinvestment.   3. Embracing Transparency   A scalable practice trusts processes over people. Transparency is essential; the more transparent the operations, the more dependent on processes the practice becomes. As the saying goes, "When you’re small, you sell time; when you’re big, you sell processes".   This transparency fosters trust and ensures that the practice can scale exponentially.   4. Redistribution of Wealth   Scaling requires the redistribution of wealth created within the practice. It’s unrealistic to expect scalability if the cash flow remains concentrated in the hands of one or two individuals. Wealth redistribution incentivizes and empowers the entire team, creating a more robust and scalable business model.   5. Curriculum Shortcomings   Finally, the CA curriculum itself does not prepare professionals for scaling. The focus remains on technical expertise rather than entrepreneurial skills. There is an urgent need for the curriculum to incorporate training in business management, technology, marketing, and other essential skills required for scaling a practice.     Scaling up a CA practice is challenging but not impossible. It requires a paradigm shift in mindset, strategic reinvestment, commitment to transparency, wealth redistribution, and a revamped educational framework.   If you are ready to transform your CA practice and scale new heights, click the "Growth Minded CA" link on my profile page or just share your mail id in comments , to join the revolution.   Together, we can redefine what it means to be a Chartered Accountant in India.   Thank you for your time and commitment to growth! #charteredaccountant #india #leadership

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Few months back, I was hiring candidates for the Lead FP&A position for my company. A guy on LinkedIn sent me an application requesting to be considered for the job and stating how badly he needs it. I assessed his profile, interviewed him, found him to be of perfect fit and hired him. A day before his joining, I got a call from HR that the candidate is refusing to join. So I called up the guy. He said that he has received a counter offer from another company and can 'choose' my company if we pay him a lakh more than what we agreed initially. Needless to say, we had to re initate the hiring process. So, why am I writing about this now? Because I see LinkedIn full of scholars giving all sorts of gyaan to HRs and Hiring Managers on what they should do and what not. But no one talks about lack of integrity on the part of candidates. Maybe because this is not a people pleasing topic. But we are letting people create a dangerous precedent here, enabling a culture where there is zero trust and no value of people's commitments. Hiring is a time-consuming task for managers, on top of their regular work. But that doesn't hurt as much as the blatant breach of trust like this. Where is the basic integrity among some of these so-called professionals? Are they willing to sell themselves to the highest bidder with zero regard for those left hanging? Now, some may bring up recruiter shortcomings in response to my posts here, but let's be clear: two wrongs don't make a right. It's time we all – candidates, recruiters, and hiring managers – demand higher standards for ourselves. Let's build a job market where integrity is as sought-after as any other skill on a resume. #professionalism #integrity #respect #workethic #careerdevelopment

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OnePointJPtax - 60 Seconds: Updated Q&As on Flat Amount Tax Cut by Japan’s NTA On April 11, the National Tax Agency (NTA) released updated Q&As regarding the flat amount tax cut, set to commence as early as June this year. These updates offer further clarity on various aspects of this special tax reduction. Please see the following URL for the slides to learn more. https://lnkd.in/dXpjyvxv #OnePointJPtax #GlobalMobility #JapanTax #ExpatriateTax #TaxCut

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The Financial Express: Tax Connect's Article Published on April 17, 2024 : ITR Filing: How to claim TDS Credit not reflecting in Form 26AS There are ways and means by which the taxpayers can claim TDS credit as per the procedures laid down by the Government.   Vivek Jalan, Partner with Tax Connect Advisory Services LLP & Chairperson of The National Fiscal Affairs and Taxation Committee of The Bengal Chamber of Commerce & Industry said Tax Deducted at Source (TDS) applies to various income sources, including salaries, business income, property sales, and interest on bank deposits. When a payer deducts TDS from your income, they essentially withhold a portion of your tax liability. This deducted amount is then credited to your tax account and is supposed to be reflected when you file your tax return. However, there can be instances where this TDS credit isn’t immediately available in your tax records. This may happen due to numerous reasons like non-deposit of TDS to the Government by the counter party, due to mismatch in details or any other reason. Yet, the tax payer need not lose his sleep. The remedies are available in these cases and we suggest the following ways and means by which the taxpayers can claim such TDS as per the procedures laid down by the Government. Link for accessing the Article : The Financial Express :- https://lnkd.in/gYttYQWP #tax #incometax #incometaxreturn #TDS

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Chartered Accountants are often not given the due credit they deserve in the field of investment research (equity research, credit research, investment banking, private equity, etc.). Common perception towards CAs is that their core competencies are in the field of accounts, tax and audit, overlooking their strong conceptual understanding in the field of finance. Through our blog, we try to debunk this misconception (do read and share your views) https://lnkd.in/gwJP6pfg

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Simplify GST Reporting: Ditching Multiple Ledgers in Tally As a CA, on review of accounting books of the clients, we often come across multiple ledgers: * Multiple Sales Ledgers like Professional Fees Interstate, Professional Fees Intrastate, Export Sales, SEZ Sales etc. to categorise nature of supply * Multiple Tax Ledgers like Output CGST 1.5%, Output CGST 2.5%, Output CGST 6%, Input CGST 1.5%, Input CGST 2.5%, Input CGST 6% etc. & similarly for SGST & IGST to classify tax rates, tax liability, input & output. These ledgers look more than stock items or suppliers / customers ledgers. Do multiple tax ledgers for accounting simplify reconciliation and reporting? Ideally NO. " Too many cooks spoil the broth". Take a look at the GST portal, they are using a single ledger for CGST, SGST, IGST, CESS. *To report input & output, they use simple fundamentals of accounting - DEBIT & CREDIT. *To categorise nature of supply multiple choices have been list out along with place of supply to differentiate Interstate & Intrastate. *Similarly for respective supply, tax ledger fields are given in the table columns and different tax rates are given in the table rows. While doing accounting we can follow the above mentioned pattern of GST portal wherein we just use CGST, SGST & IGST ledgers for recording all kinds of transactions so that reporting and reconciliation becomes a cakewalk. For simplified implementation connect anytime and make GST execution quick & convenient all within Tally Prime: GST Management Software Arpit Mittal Mohit Patni Ankush Khetawat CA Praneti Agarwal Manmohan Mahipal Deepak Jain #GST#Singleledger#simplify#reporting#reconciliation#tally

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In many jurisdictions, dividends often receive more favorable tax treatment compared to interest. Notably, dividends may be non-taxable, which provides a significant advantage over interest, typically subject to taxation. This distinction makes it less likely for tax authorities to dispute a debt as equity. Additionally, to frank or receive dividends, there are stringent legal requirements—such as the necessity for the receiver to own shares and for dividends to be issued only from profits. These requirements complicate any attempt to argue that what is actually equity should be treated as debt. Interest expenses, however, remain a primary point of tax controversy. Borrowers must demonstrate that their interest expenses are linked to a genuine loan to qualify for tax deductions (the 6 key characteristics shared in the article), prioritizing this proof even over evaluating interest spreads. If you need guidance or would like to discuss this further, please feel free to reach out to Winnie, Shir Wei FOO, myself, or your usual contact at Grant Thornton Singapore. #tax #transferpricing #armlengthprinciple #relatedparty #intercompany #loans #financing #taxcompliance #taxplanning

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Hi all, If anyone is interested in setting up a fintech/NBFC company in India, or buying/selling one, or looking to acquire a listed company, please reach out. The RBI norms and regulations have changed, leading to a surge in Mergers and Acquisitions in the space. Moreover, Alternative Investment Funds (AIFs) are becoming a compelling investment option. I can assist in establishing an AIF in India/GIFT City. Feel free to get in touch. #India #Fintech #NBFC #MergersAndAcquisitions #AIFs #Investments

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Do you know that under Ind AS: 1. impairment loss on Financial Instruments needs to be shown as a separate line item in the Statement of Profit and Loss 2. nature of evidence needs to be disclosed while recognising deferred tax asset 3. the disaggregated revenue should be disclosed but care should be taken to make it congrous with Segment Reporting disclosures 4. security deposits not in the nature of financial assets only are shown below "other non current assets" Source: www.collectmybook.in

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You can take the following action to correct the details in your Form 26AS: 1) In cases of a mistake made by the Deductor (e.g., your employer), you should contact the Deductor and request them to: •  File the TDS return if it is still pending •  Furnish a revised TDS return if they filed the return with incorrect details / wrong or no PAN •  If there is a mistake made by the bank (e.g., in tax amount, PAN), you should request the bank to rectify it in the challan details uploaded by the bank Especially in cases of tax amount being wrong, it is mandated that you get it corrected – else you will not get a tax credit for deductions that are not mentioned in Form 26AS. #9392030273 #18008896140 #TaxFAQ #TaxTips #IncomeTaxHelp #TaxAdvice #TaxExperts #TaxQueries #TaxInsights #TaxKnowledge #TaxAssistance #TaxSupport

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Dear Income tax Return filers, 𝗡𝗼𝘁𝗶𝗰𝗲 𝘂𝗻𝗱𝗲𝗿 𝘀𝗲𝗰𝘁𝗶𝗼𝗻 𝟭𝟰𝟯(𝟮) 𝗼𝗳 𝘁𝗵𝗲 𝗜𝗻𝗰𝗼𝗺𝗲 𝗧𝗮𝘅 𝗔𝗰𝘁,𝟭𝟵𝟲𝟭 𝗶𝘀 𝗮 𝗰𝗿𝘂𝗰𝗶𝗮𝗹 𝘀𝘁𝗲𝗽 𝗶𝗻 𝘁𝗵𝗲 𝘁𝗮𝘅 𝗮𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁 𝗽𝗿𝗼𝗰𝗲𝘀𝘀. 𝗙𝗼𝗿 𝗔𝗬 𝟮𝟬𝟮𝟯-𝟮𝟬𝟮𝟰, 𝘁𝗵𝗲 𝗱𝗲𝗮𝗱𝗹𝗶𝗻𝗲 𝗳𝗼𝗿 𝗶𝘀𝘀𝘂𝗶𝗻𝗴 𝘁𝗵𝗶𝘀 𝗻𝗼𝘁𝗶𝗰𝗲 𝗶𝘀 𝟯𝟬𝘁𝗵 𝗝𝘂𝗻𝗲 𝟮𝟬𝟮𝟰. To avoid missing out on these notices, stay vigilant. The Faceless Assessment Centre has started issuing these notices in large numbers in June 2024. Assessee and Tax Consultants should regularly check their registered email IDs and the Income Tax portal to avoid any miss out of such notices. #incometax #ITR #Duedates #Scrutiny #assessment

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Here's how CAs can upskill themselves for jobs at the Big Four: #LIPostingChallengeIndia #LinkedInNewsIndia As the accounting landscape evolves, chartered accountants (CAs) can take proactive steps to upskill and stay competitive. Here are some strategies: Continuous Learning: Embrace lifelong learning. Attend workshops, webinars, and conferences to stay updated on industry trends, regulations, and emerging technologies. Digital Transformation: Develop proficiency in digital tools and technologies. Familiarize yourself with data analytics, cloud accounting, and automation. These skills are increasingly valuable. Sustainability and ESG: Understand environmental, social, and governance (ESG) reporting. CAs can advise clients on sustainability strategies, carbon emissions, and climate risks. Financial Modeling: Enhance your financial modeling skills. Proficiency in spreadsheets and software tools allows you to create accurate financial models for forecasting and decision-making. Mentoring and Networking: Connect with experienced professionals. Mentorship provides valuable insights and expands your network. Microlearning: Explore bite-sized learning modules. Microlearning allows you to acquire knowledge efficiently without disrupting your work schedule. Financial Aid: Seek employer support for training programs. Some firms offer financial assistance for professional development. Remember, the key is adaptability. Stay curious, embrace change, and invest in your own growth.  This article relies on internal data, publicly available information, and other reliable sources. It may also include the authors’ personal views. However, it’s essential to note that the information is for general, educational, and awareness purposes only—it doesn’t disclose every material fact. This analysis is for informational purposes only and does not constitute financial advice.

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NIFTY 50 PE at 22742 21.7 agst. 1 month average 21.63 3 month average 22.43 6 month average 22.56 1 year average 22.34 3 year average 21.66 5 year average 25.62 It will be prudent to not compare 5 year average as this period include Covid period, when earnings were exceptionally low leading to higher PE. If we compare other figures, NIFTY 50 is still fairly priced. But there is one caution that IT and Financials like Bank have large weight in Nifty 50 and they are down leading to corrected NIFTY. If we exclude IT, Financials and FMCG, then market is certainly high. So, it makes more sense in investing in Basket instead of individual stocks. This is just for information for further analysis before investment and not a recommendation.

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