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Thanking The Machinist for recognising our CEO Satyabrata Satapathy as the NextGen of the Year and bestowing this honour. #SSFAwards2024
Thanking The Machinist for recognising our CEO Satyabrata Satapathy as the NextGen of the Year and bestowing this honour. #SSFAwards2024
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CA Ronak Ajit Jain
*Business News : Scoop of 31st May* 1. PTC Fin Directors' Refusal Holds Up Results PTC India Financial Services (PFS) missed its Q4 and FY24 reporting deadline as three independent directors refused to recommend the results. The auditor's report noted these directors received ₹4.40 lakh each as honorarium, violating the Companies Act, 2013. 2. Agnikul Cosmos Launches Historic 3D-Printed Rocket Agnikul Cosmos successfully launched its Agnibaan SOrTeD rocket with a 3D-printed semi-cryogenic engine from the Satish Dhawan Space Centre. This marks the first controlled flight of such an engine, with commendations from ISRO and Prime Minister Narendra Modi. 3. Apollo Hospital Q4 Net Up 76% at ₹254 Crore Apollo Hospitals' Q4 net profit surged 76% to ₹254 crore, with annual revenue growing 15% to ₹19,059 crore. The company declared a total dividend of ₹16 per share for FY24, driven by increased health insurance penetration and growth in oncology. 4. Bata India Q4 Profit Falls 3% Bata India's Q4 FY24 consolidated profit declined 3% to ₹63.64 crore, while revenue rose 2.47% to ₹797.87 crore. Annual profit fell nearly 19% to ₹262.51 crore, with a slight revenue increase to ₹3,478.61 crore. 5. Banking Sector Sees More Frauds, Less Amount Involved The number of banking sector frauds increased over four times to 36,075 in the past five years, but the amount involved dropped to Rs 14,000 crore in FY24. Most frauds were reported by private banks and involved digital payments, while loan portfolio frauds declined significantly. Reserve Bank of India (RBI) Bata India Limited Apollo Hospitals PTC India Financial Services Limited
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CA Laxman Muppandam
Angel tax, though seemingly small, holds significant weight in the startup ecosystem. This provision, aimed at curbing illicit fund routing, often becomes a daunting hurdle for budding entrepreneurs. Understanding its nuances is crucial for startups seeking investment, as it pertains to the valuation of shares issued to investors. While navigating these complexities might seem challenging, clarity on angel tax can empower entrepreneurs to make informed decisions and foster a thriving startup environment Share your thoughts and experiences with #AngelTax! #Startups #Investment #Entrepreneurship #Taxation Feel free to share your insights and engage in the conversation! Let's empower startups to thrive amidst regulatory challenges.
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SURYA PRATAP SINGH
CBDT grants further extensions to charitable institutions for complying with charity registration provisions This Tax Alert summarizes a recent Circular No. 7/2024 (Circular) and Press Release dated 25 April 2024 issued by the Central Board of Direct Taxes (CBDT) (Apex body of direct tax administration in India) wherein the CBDT grants further extension to charitable institutions (Entities which seek to claim benefit of regime of section 10(23C) or section 11 or section 80G of the Income Tax Act, 1961 (ITA)) for complying with registration procedure within extended due date i.e., 30 June 2024 in order to avoid and mitigate genuine hardships faced by the charitable institutions in electronic filing of application. The extension is granted for specified cases of migration of registration from old registration regime to new registration regime and conversion of provisional registration into final under new registration regime.
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Gunjan Verma
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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SP2 Analytics
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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Rashika Bagaria
TaxBuddy partners with Rajkummar Rao for the ongoing ITR filing season! TaxBuddy is now trusted by 1 million+ users across Web & App from 2600+ towns. With our partnership with Rajkummar Rao, we aim to amplify our mission to make tax compliance a stress-free activity for you! Visit TaxBuddy for all your tax compliance needs. Link in the comment. #taxbuddy #itrfiling #efiling Ankita Murkute
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Balwan Bansal
The mainboard segment of the primary market will again take a breather after the launch of JNK India IPO last week as new public issue is scheduled to open in the coming week. Nevertheless, investors' focus will remain on four small and medium enterprise (SME) issues and 4 listings scheduled for this week. #ipo #ipos #sebi
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Pranav Pandey
Here is the news in crisp, 1. Entities Involved: - The focus is on three EY India affiliate entities: - S. R. Batliboi & Associates, LLP - S.R.B.C & Co., LLP - S. R. Batliboi & Co., LLP - Additionally, the involvement of retired partner *CA Raj Kumar Agrawal* * adds complexity to the case. 2. Core Issue: - The crux of the matter lies in these firms' interactions with global entities within the EY network, operating beyond India's regulatory jurisdiction. - Specifically, the firms were found to have paid referral fees to global network firms like EY Global (EYG) and EY Europe, Middle East, India, and Africa (EY EMEIA), contravening the guidelines of the Chartered Accountants Act. 3. CA Raj Kumar Agrawal's Role: - CA Raj Kumar Agrawal, labeled as the 'member answerable,' was held accountable for professional misconduct by the ICAI. - The disciplinary committee meticulously evaluated evidence and representations before reaching its conclusion. 4. ICAI's Verdict: - The disciplinary committee outlined several reasons for professional misconduct: - Engaging in international entities and referral work. - Use of visiting cards and email IDs closely linked with multinational entities, suggesting compromised independence. - Potential sway over potential clients due to ties with multinational entities. - The ICAI's actions highlight its dedication to upholding professional standards in the accounting sector and ensuring adherence to regulatory frameworks. #icai #ey #ca #ICAI #castudents
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Ramakrishnan S
Adani group back to pre Hindenburg value -is #corporategovernance a must? (a controversial post but based on facts) https://lnkd.in/gQsP9PU3 Governance: PM himself talks of ‘tempo loads of money’ Supreme court could not conclude as two issues were pending SEBI has sent notices to the group .. The group has been in news for years for ‘problems ’ in India and abroad (Australia etc.) So there are issues in corporate governance Short selling: Some dozen cos benefitted https://lnkd.in/gght_88b; surely Hindenburg did. Is short selling ethical? May be if it brings out things which would otherwise not have come out.(after all same guys brought out some huge problems in other companies) But that’s a discussion for another day. No investment -decision: Council of ethics told Norway Sovereign fund not to invest due to ‘ethical concerns’ in Adani port and a US and Chinese company; so may be a few more decided not to invest also. https://lnkd.in/gYC98rmP But let’s see the other side: Bulls of Adani: GQG Rajiv Jain invested $2B and it is worth $6.5 B (and counting) A real smart investor! Some others did well too like Qatar investments (also sovereign?) , IHC And Adani has performed extremely well- there’s no doubt about it and contributed to India's growth story. Now I come to the question: Does good corporate governance help more than performance and making money? I am not sure! Why did everyone and his uncle invest in China? Not for good corporate governance It was the fastest growing economy then When performance dropped and may be corporate governance somewhat improved, they decided it to pull it out too! I think there will be some investors always for whom good money trumps governance (the not so grave types?) (ok, talking of ‘trumps’ incidentally Donald Trump with so many cases including criminal cases could become the most powerful man on earth and he has stated he will do a ‘clean up’ on the first day of returning to power) Many research reports have concluded good governance increases value. so yes, corporate governance is good (for companies that are run well and want to be known as ethical and above board and it has a premium) but there could be other ‘compelling factors’. It’s probably not a must. N.B: Personally I’m 100% certain corporate governance and ethics are most important and there’s not an iota of doubt in my mind. I am just saying what seems to be reality.
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Kapil Gupta
"Navigating India’s Transition to Sustainability Reporting." According to a recent PwC India report, 51% of India's top 100 listed companies voluntarily disclosed their Scope 3 data for FY23 in the BRSR. This is a promising sign of the increasing awareness and commitment towards sustainability among businesses in India. Check out the report here: https://pwc.to/3xD0LIL
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CA ADITYA V. KULKARNI
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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Divakar Vijayasarathy
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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The Open Feed
ICAI President Ranjeet Kumar Agarwal predicts India will need 30 lakh chartered accountants by 2047 to support its aim of a $30 trillion economy. He emphasizes the vital role of digitalization and initiatives for skill enhancement. Agarwal suggests that for every $1 trillion growth in the economy, one lakh more CAs will be needed, totaling four lakh for India's current $4 trillion economy. With reforms like GST and IBC formalizing the economy, CAs are crucial in managing increasing digital transactions. The ICAI has revamped its syllabus, integrating technology and ethics, and formed mutual recognition agreements with global accounting bodies to ensure international recognition and prepare for India's economic goals.
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CA Raj Patel
📊💼 Exploring the New vs. Old Tax Regime in India: What You Need to Know! 🇮🇳💡 As a Chartered Accountant specializing in tax matters, I often get asked about the differences between India's old and new tax regimes. Understanding these distinctions is crucial for individuals and businesses alike to make informed decisions about their tax planning strategies. 🔍 **Old Tax Regime:** Under the old regime, taxpayers have access to various deductions and exemptions, allowing for more significant tax savings. However, navigating through these deductions can be complex and time-consuming. 🚀 **New Tax Regime:** The new tax regime offers lower tax rates but eliminates most deductions and exemptions. While this simplifies the tax-filing process, it may not always result in the same level of tax savings for every taxpayer. 📈 **Key Considerations:** When choosing between the old and new tax regimes, it's essential to evaluate your individual financial situation, including income sources, investments, and financial goals. Additionally, staying informed about recent tax updates and changes can help you make the most strategic decisions for your tax planning needs. 💬 **Join the Discussion:** Are you currently opting for the old or new tax regime in India? What factors influenced your decision? Share your experiences and insights in the comments below! Let's continue to learn and grow together as we navigate the complexities of India's tax landscape. #TaxRegime #OldVsNew #IndianTaxation #TaxPlanning #CharteredAccountant #FinancialInsights #LinkedInDiscussion
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Vivek Jalan
THE TIMES OF INDIA, BUSINESS STANDARD, THE HINDU, NEWS 18, THE PRINT, MINT, IBC24 - India's fiscal deficit in FY24 improved to 5.6% of GDP Vivek Jalan, partner at Tax Connect Advisory Services LLP, said, “The total expenditure has increased from around Rs.41.9 Lakh Crore to around Rs.44.4 Lakh Crore, an uptick of 6% approx and yet the fiscal deficit has reduced from around Rs.17.4 Lakh Crore to around Rs.16.5 Lakh Crore, a reduction of 5% approx. This is majorly due to the uptick in Tax Revenues from around Rs.21 Lakh Crore to around Rs.23.3 Lakh Crore an uptick of 11% approx.” Hence, he added, the encouraging Fiscal Deficit numbers can be dedicated to the taxpayers of the Country. The efficiency of the CBDT and CBIC and especially the ground covered in implementation of Artificial intelligence in unearthing fake transactions have also to be appreciated by Honest taxpayers. Links for accessing the Articles : The Times of India :- https://lnkd.in/gWg6sumT Business Standard :- https://lnkd.in/gGtKBbtx The Hindu :- https://lnkd.in/gYdpENzf News 18 :- https://lnkd.in/g-SFgM2N The Print :- https://lnkd.in/gnhgVuHR Mint :- https://lnkd.in/gFHyZ4KG IBC 24 :- https://lnkd.in/g9kwanFJ #tax #taxnews #taxupdates #gdp #FY24
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Sumit Kumar
Day 1/30 Assessee entitled to Section 80G Deduction on CSR Expenditure: ITAT Mumbai We have heard the rival submissions and perused the materials available on record. The only moot question to be decided here is whether the expenditure towards CSR activities are an allowable deduction u/s. 80G of the Act. In the present case, the assessee has contributed Rs.30 lacs to various educational and charitable trust for which the assessee has claimed 50% of the total donation paid as deduction u/s. 80G of the Act. Prior to the Finance (No.2) Act, 2014, the said expenditure was claimed as ‘business expenditure’ u/s. 37(1) of the Act where after the insertion of Explanation 2 to section 37(1) of the Act, the CSR expenses referred to in section 135 of the Companies Act, 2013 shall not be deemed to be an expenditure incurred by the assessee for the purpose of business or profession. It is observed that the said expenses pertaining to CSR has been claimed as deduction u/s. 80G of the Act which claim was perennially rejected by the Revenue for the reason that only donations which are voluntary in nature will come under the purview of section 80G of the Act and donation towards CSR was merely a statutory obligation on companies as per section 135 of the Companies Act, 2013. This justifies the fact that the other donations specified u/s. 80G of the Act would be entitled to deduction provided the conditions stipulated u/s. 80G of the Act are satisfied. In the present case in hand, the contributions made by the assessee would not fall under the two exceptions specified above which clearly mandates that the assessee is entitled to claim deduction for the donations contributed during the year under consideration u/s.80G of the Act. The decision relied upon by the ld. A.O. in the case of PVG Raju (supra) is distinguishable on the facts of the present case where there is no requirement of proving the voluntariness of the donation contributed by the assessee for claiming deduction u/s. 80G of the Act. On the above observation, we deem it fit to hold that the assessee is entitled to deduction claimed u/s. 80G of the Act towards the CSR expenditure incurred by it. Crux: 1) Under 80G, you can not only claim voluntary donations but also claim payment against statutory obligations like CSR expenditure. 2) You can save your taxes by claiming 50% of the expenditure on CSR u/s 80G of Chapter VIA. #itat #incometax #ca #icai #judgements #latest
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CA Mausam Rathi
SEBI wants auditors to certify utilisation of funds raised pre-IPO Since companies cannot spend more than 25 per cent of IPO proceeds under GCP, the above rule could take away the flexibility for companies to manage their pre-IPO proceeds https://lnkd.in/dDehM3TU #ipofunding #IPO
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Current Tax Online
DORI WINERY (P) LTD. vs. INCOME TAX OFFICER ITAT, MUMBAI ‘D’ BENCH Date of Decision 19th April, 2024 Citation: (2024) 38 NYPTTJ 503 (Mumbai) In a recent landmark decision, the ITAT Mumbai 'D' Bench ruled in favor of a taxpayer in a significant case involving Dori Winery (P) Ltd. vs. Income Tax Officer. The case, bearing ITA No. 1145/Mum/2024 for the assessment year 2014-15, highlighted the absence of specific charges in the assessment order. The penalty order invoked twin charges without proving their applicability, leading to a reversal of the lower authorities' decision. Counsel Haridas Bhatt represented the assessee, while Smt. Smitha V. Nair appeared for the revenue. The penalty under section 271(1)(c) of Rs. 877,980 was directed to be deleted. Follow Current Tax Online for more legal updates! For full access, visit: https://lnkd.in/dqYFmcpC For Queries related to product- +91 76888-53000 (Whatsapp/Call) #IncomeTax #TaxLaw #CTO #CTR #CurrentTaxOnline #CurrentTaxReporter #TaxCase #LegalUpdate #Taxation #TaxLitigation #TaxCompliance #TaxReform #LegalInsights #TaxPlanning #TaxDispute #TaxAdvisory #TaxConsulting #TaxResolution #TaxLawyer
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IndiaRetailing.com
The retail and consumer sectors continue to lead in terms of merger and acquisition (M&A) deal volume in January-March 2024, according to a PwC India report. Click on the link below to know more... Dinesh Arora I PwC India #pwcIndia #pwc #mergers #acquisitions #retail #consumersector #report #retailnews #retailtrends #retailsector #retailindustry #retailing #retailresults #retailupdates #businessnews #retailgrowth #retailtrends #retailsectornews #retailindia #retailbusiness #ir #IndiaRetailing
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