Sumeet Kapur

🚨 ICAI Launches Stress Management Initiatives for CAs 🚨 ICAI has introduced stress management initiatives in response to the tragic deaths of chartered accountants due to work pressure. Key points: 1. ICAI will set up a counseling help desk and develop strategies for better work-life balance. 2. Collaboration with health institutions and industry partners to promote flexible work models. 3. Enhanced grievance redressal system for empathetic resolutions. ICAI President Ranjeet Kumar Agarwal stresses the importance of balanced work policies. Source: https://lnkd.in/gDe9vCQS What do you think? #ICAI #StressManagement #WorkLifeBalance #MentalHealthMatters #EmployeeWellbeing

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Depreciation isn’t just an accounting term—it’s a strategic asset for Indian businesses. Discover how to leverage this key tax planning tool and stay ahead in the dynamic Indian business landscape. 📈 #BRMCo #TaxPlanning #Depreciation #IndianBusiness #FinancialStrategy 

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Tax credit should be given to taxes paid in Japan, even though the AO is of the view that taxes ought not to have been paid in Japan: ITAT Mumbai Amarchand Mangaldas & Suresh A Shroff & Co. Vs ACIT (ITAT Mumbai) Appeal Number : ITA No. 852/M/2024 Facts: 1. The AO, on perusal of the return of the income, noticed that the assessee has claimed relief u/s 90 of the Income Tax Act for the income received for services rendered in Japan. Since, the receipt was in the nature of independent personal services, it is not taxable in Japan, the tax was not required to be withheld there. Thus, AO’s view is that the credit of such withholding tax is not allowable to the assessee in India. 2. The assessee maintained that, the legal services provided by the assessee would squarely fall within the ambit of ‘consultancy services in view of the decision of the Hon’ble Supreme Court in the case of GVK Industries Lid. vs. ITO. So the credit of taxes paid in Japan should be allowed. ITAT Mumbai held as below: 1. Article 14 of the India-Japan DTAA was applicable only to individuals and thus not applicable to the Appellant, which is a partnership firm. 2. The fees earned by the Appellant firm in Japan was taxable as fees for technical services under Article 12 and that tax credit ought to have been granted to the Appellant firm for the taxes withheld in Japan. 3. When the source jurisdiction has taken a reasonable and bonafide view, which is not manifestly erroneous, that taxes should be withheld at source, foreign tax credit should be provided by the resident jurisdiction even though the legal position in the residence jurisdiction may not be the same. TaxByte by CA Aniket Kulkarni

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NFRA vs. ICAI: The Audit Standards Debate The National Financial Reporting Authority (NFRA) and the Institute of Chartered Accountants of India (ICAI) are at odds over proposed changes to audit standard SA 600 ¹ ². What's the Issue? NFRA wants to align SA 600 with international standards, making principal auditors accountable for subsidiary audits. ICAI fears this will concentrate the audit market in a few hands, harming small practitioners ¹ ². Key Concerns: - Concentration of Market: ICAI worries that revising SA 600 will lead to bigger firms dominating the audit market, pushing out smaller firms ¹. - Principal Auditor's Responsibility: NFRA proposes holding principal auditors accountable for subsidiary audits, which ICAI believes is unfair ². - Impact on Small Firms: ICAI claims that 97,000 small CA firms will be affected if NFRA's changes are implemented [2). The Way Forward: ICAI suggests improving processes and implementing additional checks and balances instead of revising SA 600 ². NFRA's goal is to enhance audit quality and reliability, crucial for India's growing economy ¹. https://lnkd.in/gqBgbm5Q Share your thoughts on this controversy. How can NFRA and ICAI find a balance between audit quality and supporting small practitioners? Let's discuss! 💬 #NFRA #ICAI #AuditStandards #SA600 #Accounting #Finance #India

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Dismisses challenge to show cause notice premised on audit findings : HC Delhi Magicon Impex Private Limited Ruling : Delhi HC dismisses challenge to show cause notice (SCN) by holding that “SCN may be premised on the findings of the audit report, the same is within the statutory framework.”; Pursuant to an audit, SCN as per section 74 was issued; On receipt of multiple audit memos, the same not only indicated the findings of the auditors, but also called upon the assessee to pay tax as determined, along with the interest and penalties as applicable; Besides, clarifies that “Any irregularities in issuing the audit memos does not impinge the validity of the impugned SCN”; Thus, concluding that SCN cannot be set aside at ‘threshold stage’ disposes of the petition with a direction to Adjudicating Authority to consider the response to SCN, if filed by Assessee #GST #GSTLitigation #GSTUpdates #GSTCompliances #GSTNews

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Join us today for the Panel Discussion on "2nd Accounting Standards Day" starting at 02:30 PM at NDMC Convention Centre, CP, New Delhi. We'll be joined by experts to delve into the below:- 📌 Framework, Formats & Applicability of Accounting Standards 📌 Critical aspects of assets related standards 📌Critical aspects of Liabilities & Expense related standards 📌 Critical aspects of Revenue related standards For further details refer attached flyer. #AccountingStandardsDay #Accounting #NewDelhi

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ICAI’s Bold Steps Towards a Tech-Savvy and Sustainable Future In a world where technology and sustainability are changing everything, the The Institute of Chartered Accountants of India (ICAI) is making sure Chartered Accountants (CAs) stay ahead. ICAI President Ranjeet Kumar Agarwal recently spoke about the need to embrace AI and other new technologies. To prepare for this, ICAI is setting up nine new Centres of Excellence (CoEs) over the next three years. These centers will train their 400,000 members and 900,000 students in AI, helping them lead in a tech-driven world. They’ve also formed a new AI committee to bring AI into accounting and auditing, making their work smarter and more efficient. On top of that, ICAI is a leader in sustainability reporting. They’ve created 16 audit standards and are launching a global sustainability certificate course with partners like CPA Australia and ICAEW. This course will be available to CAs worldwide and tailored to local needs. These steps show ICAI’s commitment to preparing CAs for the future. How do you think these advancements will shape the future of accounting? #icai #charteredaccountants #ai #professionaldevelopment #innovation

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📹 Ind AS 116 Video - Sale and Leaseback Transaction Accounting 📹 In this illustrative video, you will get a conceptual understanding of - 1. What is a sale and leaseback transaction 2. Purpose and perspective 3. Measurement and recognition 4. Calculate the proportion between right-of-use retained and rights transferred 5. Adjustments when transactions are above or below market terms 6. 3 examples explaining the accounting treatment with journal entries Video link Part 1 - https://lnkd.in/gTyCG7Mu 📢 Part 2 of the video containing the latest amendment to Ind AS 116, coming soon! 📢 For the full video lecture on Ind AS 116: Leases, please visit www.indasedu.com #IndAS #FinancialReporting #Accounting #IndAS116 #Leases #IFRS #IFRS16 #LeaseAccounting #CharteredAccountant #SaleandLeaseback #CA #ICAI

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My wish list for the upcoming budget was published on @livemint When the going is good, the government should take hard steps and expect major changes in capital gain taxes. You can read my article here. https://lnkd.in/gz-BvvrE #Indiabudget #capitalgains #views #opinion #livemint

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📢 𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝗨𝗽𝗱𝗮𝘁𝗲 𝗳𝗼𝗿 𝗚𝗦𝗧 𝗧𝗮𝘅𝗽𝗮𝘆𝗲𝗿𝘀 𝗼𝗻 𝗡𝗲𝘄 𝗙𝗼𝗿𝗺 𝗚𝗦𝗧 𝗗𝗥𝗖-𝟬𝟯𝗔 📢 GSTN has introduced Form GST DRC-03A on the GST portal, enabling taxpayers to 𝒂𝒅𝒋𝒖𝒔𝒕 𝒑𝒂𝒚𝒎𝒆𝒏𝒕𝒔 𝒎𝒂𝒅𝒆 𝒗𝒊𝒂 𝑭𝒐𝒓𝒎 𝑫𝑹𝑪-03 𝒂𝒈𝒂𝒊𝒏𝒔𝒕 𝒔𝒑𝒆𝒄𝒊𝒇𝒊𝒄 𝒅𝒆𝒎𝒂𝒏𝒅 𝒐𝒓𝒅𝒆𝒓𝒔. This form addresses previous issues where demand remained open even after payment, ensuring that payments tagged as "Voluntary" or "Others" are accurately linked to their respective demands. 🔹 𝑯𝒐𝒘 𝒊𝒕 𝑾𝒐𝒓𝒌𝒔: Enter the ARN of your DRC-03 along with the demand order number on the portal. This auto-populates relevant details, making the adjustment process straightforward and efficient. 🔹 𝑨𝒖𝒕𝒐𝒎𝒂𝒕𝒊𝒄 𝑳𝒆𝒅𝒈𝒆𝒓 𝑼𝒑𝒅𝒂𝒕𝒆𝒔: After the adjustment, entries will be updated in your liability ledger, reflecting the current status of demands. For further details, visit the GST portal or refer to the official advisory and FAQs. #GSTupdates #GSTAdvisory #Stayupdated #Taxupdates

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I was chatting with some colleagues around MCA requirements for filing PAS-3 (necessary documentation for investments into private companies as per Companies Act 2013) and, for the life of me, can't understand why valuation reports are still a thing. It's effectively a ₹15,000 (and higher at different stages) tax on startups for absolutely no purpose I can discern. There's enough red tape and paperwork as it is doing business in India, with strong regulations around creating and operating an AIF in the first place. The dirty secret here is that 'registered valuers' will effectively back-calculate any value you need, as this is already a complex decision, achieved through negotiation between the Founders and the Fund. There has to be more rational rules for startups, since 'traditional' valuation has no meaning in early stage (seed, Pre-A). If you're using discounted cash flow methods, there's no way to justify allotting a ₹50 crore valuation to a company who's still figuring out product market fit. My wishlist to improve the funding ecosystem is to get rid of this, at least when registered funds are involved. Would love to hear more views on this. #funding #fundraising #startups #venturecapital

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🌟 ICAI's Commitment to Stress Management & Work-Life Balance 🌟 In today's high-pressure work environment, stress management and work-life balance are more important than ever. The Institute of Chartered Accountants of India (ICAI) is committed to the well-being of its members by introducing initiatives to promote mental and physical wellness. Key initiatives include: ✅ Mindfulness & Meditation Programs ✅ Work-Life Balance Workshops ✅ Personalized Counseling Services ✅ Health & Fitness Campaigns ICAI's dedicated group, led by Mrs. Seema Gerotra, is working to implement comprehensive support measures, from wellness webinars to industry collaboration for flexible work models. We remain committed to fostering a resilient, productive, and balanced professional community. #ICAI #StressManagement #WorkLifeBalance #CharteredAccountants #MentalHealth #WellBeing #Motivation #Inspiration #PersonalDevelopment #Success #Goals #Leadership #Management #creativity #HumanResources #recruitment #Innovation #Entrepreneurship #Finance #Investing #Economy #VentureCapital #Markets #Linkedin #personalbranding #HR #employeengagement #talentacquisition #fakihivf

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I am thrilled to announce the 3rd edition of "Audit of Financial Statements" by CA Pranav Jain, published by Taxmann is now available This game-changing guide takes you on a comprehensive journey through the entire audit cycle, from appointment to report issuance, with a laser focus on risk-based auditing. Perfect for audit assistants, partners, and practitioners seeking a detailed, easy-to-understand resource to elevate their skills. Dive into: - Real-world scenarios and numerical illustrations - Linkages to legal requirements and illustrative disclosures - Guidance on Audit trail Don't miss out! Get your copy now and transform your audit practice! #AuditRevolution #FinancialStatements #NewBook #AuditExcellence #ProfessionalDevelopment #RiskBasedAuditing

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NFRA and ICAI at Odds Over Plans to Sync Audits with Global Norms! Who is NFRA?   The National Financial Reporting Authority (NFRA) is an independent regulator overseeing the auditing profession and Indian Accounting Standards under the Companies Act 2013. Why are NFRA and ICAI at odds, despite both working for the betterment of auditors?   The tension arises from differing roles and regulatory approaches. The Institute of Chartered Accountants of India supports self-regulation and auditor interests, while NFRA focuses on stricter oversight, emphasizing public interest and audit quality. This divergence creates friction as both strive for auditor improvement. NFRA’s draft norms overhaul the existing Standard on Auditing (SA) 600, affecting listed companies and banks, except state-run ones.  ICAI fears that these norms could concentrate audit work among larger firms, adversely impacting small and medium practitioner firms. ICAI also opposes mandating principal auditors to assess the competence of component auditors, arguing that all auditors share the same education, training, and licensing under ICAI. What is the take of other regulatory bodies? Despite these concerns, the Comptroller & Auditor General of India, Reserve Bank of India (RBI), and Securities and Exchange Board of India (SEBI) support aligning domestic audit standards with global ones. NFRA believes this revamp is essential to prevent corporate fraud by fostering greater accountability among auditors, whose work impacts millions of retail investors. #auditreforms #icai #nfra #auditquality #corporategovernance 

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*Taste Mix Scoop of Business news 18th Oct* 1. **India Inc. Must Adopt Global Audit Norms: NFRA Chief** NFRA chair Ajay Bhushan Pandey urged Indian companies to align with global accounting standards, emphasizing the lead auditors’ responsibility for consolidated financial statements. This follows NFRA's call to revise auditing norms, conflicting with ICAI's suggestion for a review. 2. **Direct Tax Collection Soars 294% in a Decade** India’s personal income tax collection grew 294% over the past decade, reaching ₹10.45 lakh crore in FY24. The surge is attributed to improved compliance, reduced corporate tax rates, and a doubling of taxpayers to 10.41 crore. 3. **Infosys Q2 Profit Rises 5% YoY; Revenue Guidance Revised** Infosys posted a 5% YoY increase in profit, reaching ₹6,506 crore for Q2. Revenue guidance for FY25 was revised to 3.75-4.5%, driven by strong performance in financial services and ramp-up of mega deals. 4. **Wipro Q2 Profit Jumps 21%, Announces Bonus Share Issue** Wipro’s Q2 net profit rose 21% to ₹3,209 crore, outperforming expectations. The company announced a 1:1 bonus share issue and saw significant growth in large deal bookings. 5. **Nestle India Q2 Profit Grows 8.6%, Revenue Up 1.3% YoY** Nestle India reported an 8.6% rise in net profit to ₹986 crore, with revenue growing 1.3% YoY. Despite challenges in consumer demand and commodity prices, the company’s major brands showed robust growth. Nestlé Wipro Infosys The Institute of Chartered Accountants of India MINT

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Ease of Doing Business or Tax Terrorism? Of late, owing to Revenue related pressures, there has been an increasing trend of Revenue Authorities (especially State GST) issuing Notices without proper verification of facts. Even worse, the unscrupulous ones even inflate demand based on their own whims without there being justification therefor just to put the assessee under pressure. This is then used to demand money so that the matter can be settled. All this is done knowing very well that the pre-deposit amount goes up for appeal based on their allegations. The pre-deposit norm therefore really deserves a Review as the Officers have turned this requirement to their advantage!!

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Vaibhav Manek, Co-founder and Partner at KNAV US spotted a golden opportunity in the booming US-India business corridor in the late ‘90s. A chance meeting with Khozema Anajwalla, Nishta Sharma, and Atul sparked the creation of KNAV in Mumbai in 1999. In just three months, they didn’t wait—they made their mark by expanding to the #US. Fast forward, four Mumbaikars, fueled by ambition, built KNAV into a thriving cross-border accounting firm. KNAV now operates in 7 countries US, UK, Netherlands, Singapore, Philippines and India. And ranks among the Top 300 CPA firms in the US. Vaibhav says, "Have a mindset for growth. It starts with that. You don’t need crores of rupees to start The corridor business model is great: Pick a jurisdiction Make sure you have appropriate licenses #Audit is following with a solid 10-15% increase #Taxation is also making strides with 15-20% growth. But the real star of the show is #advisory - growth rates of 25-30% across various countries! ….There’s no better time than now to start your overseas practice. There’s no need to rush; instead, focus on identifying that sweet spot and growing strategically." Here is their exciting journey. #usindiacorridor #accountingandaccountants #finance #USCPA #CrossBorderAccounting #knav

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PPF accounts with excess contributions beyond the Rs.1.5 lakh annual limit, multiple accounts – all such accounts will be declared irregular with changes proposed. Check out how these new rules will affect the irregular accounts. https://lnkd.in/gUERa8i5 PS: I had written about this 2 years back when I found few of my clients contributing more than the stipulated limit in PPF. PPF rules are finally catching up from October this year. #PPF

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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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