"I am a competent Chartered Accountant with proficient understanding and working knowledge IFRS, Indian GAAP, Direct Tax and Corporate Laws. 10+ years of post-qualification experience in investor relations/reporting across the globe, portfolio management, statutory audit of varied industries including financial services, media sector and manufacturing industries. Demonstrated abilities in handling assignments individually and as a team efficiently to ensure timely deliverable."
Treatment of goodwill: ♣ Accounting Standard 14 (Accounting for Amalgamation) allows amortization of goodwill, acquired in a business acquisition, over a period not exceeding 5 years unless a longer period can be justified. ♣ Ind AS 103 (Business Combinations) requires amortization of goodwill over its useful life if the same is finite. But if the […]
Even the minute investment from countries sharing land border with India shall require prior approval from government…??? Impact on Indian Economy. It is expected that the government will soon issue more stringent guidelines w.r.t investment from countries sharing land border with India. Amid Covid-19 and rising tensions at the India-China border, government held an internal […]
Moratorium accounts not to be declared as NPA until further notice: Order by Apex Court on September 03, 2020 & September 10, 2020 The apex court heard petition of borrowers on September 03, 2020 seeking interest waiver on loan moratorium granted previously by Reserve Bank of India (“RBI”). In the backdrop of COVID-19, banks had […]
Appointment of Independent Director & a Women Independent Director: 1. Requirement to appoint Independent Director under the provisions of the Companies Act, 2013 read with Companies (Appointment and Qualification of Directors) Rules, 2014: ♦ Sec 149(1) – When is a Company required to appoint Independent Director on Board? Every listed Company – at least 1/3rd […]
Platform for Transparent Taxation and faceless appeals launched by PM Modi – Government of India on August 13, 2020: With the noble motive to honour the honest taxpayers and facilitate faceless assessments & appeals, PM Narendra Modi launched a platform for ‘Transparent Taxation’. Needless to mention this shall also expedite the refund process. This is […]
Equality reaffirmed by the Supreme Court in a recent judgement delivered on August 11, 2020. It has been held that a daughter will have a share under the Hindu Succession (Amendment) Act, 2005, irrespective of whether her father was alive or not at the time of the amendment.
Considering the recent amendments in Income Tax Act, distribution to shareholder / promoter has become challenging, specifically post introduction of section 2(22)(e). The most viable options to distribute / pull out funds for promoter are incentive pay-out, dividend distribution and buy-back. It is worthwhile to note that dividend income is now taxable in hands of […]
Section 14A of Income Tax Act, 1961 r.w. Rule 8D of Income Tax Rules: Supreme Court standpoint – No tax in the absence of any exempt income The much debated and extensively litigated issue has been resolved by the Supreme Court in 2018 & 2019. The article below summarises issues encountered by the assessee’s prior […]
Compilation of Section 47(iii), section 56(2)(x)(c), 50D & 50CA -Corporate gifts- an allowable transaction under Income tax? Purpose of section 56 defeated by the ITAT judgement? Brief overview of the judgement delivered On October 4, 2019, in a recent judgement of M/s Direct Media Distribution Ventures Private Limited v/s Principal Commissioner of Income Tax (ITA No: 2211/Mum/2019),the Mumbai bench […]
Impact of tax on long-term capital gains (LTCGs) , grandfathering & assessment of revised / concessional tax rate The article illustrates taxation on long term capital gains of equity shares under the grandfathering provisions aligned with change in tax rate under the Taxation (Amendment) Ordinance, 2019: I. Tax on Long-term capital gains Long-term capital gains […]
