Awards Received – ACCOUNTANT OF THE YEAR and CUSTOMER CENTRIC BUSINESS OF THE YEAR

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We are honored to have received Two Awards at the Intuit Quickbooks Excellence Awards 2013 in association with Bloomberg TV India at Delhi on 21st November 2013. Naresh J Patel & Co, Chartered Accountants received “ACCOUNTANT OF THE YEAR” and for NRI Advisory … Continue reading

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IRS Form 1040 – U.S. Individual Income Tax Return

Form 1040 is the standard Internal Revenue Service (IRS) form that individual taxpayers use to file their annual income tax returns. The form contains sections that require taxpayers to disclose their taxable income for the year to determine whether additional taxes … Continue reading

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IRS Form 1065 – U.S. Return for Partnership

The partnership, as well as an entity (Domestic LLCs, Foreign partnerships with income in the US and nonprofit religious organization) treated as a partnership for federal income tax purposes, uses Form 1065. A partnership doesn’t pay tax on its income … Continue reading

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USA Tax Returns : Types and Applicability

US TAX RETURNS – CA Vishal Jagetiya, CA Shivam Thakkar 1. Introduction The U.S. tax system is set up under both a federal and state level. There are several types of taxes such as income, sales, capital gains, etc. Federal … Continue reading

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Budget 2020: Important Changes that Affect Investments and Taxation in India

Budget 2020 was introduced with an objective of “Ease of Living” with three prominent themes as Aspirational India, Economic Development and Caring Society with Good Governance and Robust Financial Sector. However, it may not result into ease of calculating and … Continue reading

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Budget 2020: Resident definition changed – NRI can be taxed as a Resident

The Finance Budget 2020-2021 came as a big surprise for NRIs as it changed the definition of a “Resident” in India. The Government noticed an individual managing his/her period of stay in India, so as to remain a non-resident in … Continue reading

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Overview of New GST Returns (Applicable from April 2020)

Overview of New GST Returns (Applicable from April 2020) 1.        Background                 The GST Council approved a new simplified GST return format in its 27th Council meeting. The new GST return aims at enhancing transparency and accuracy of the return … Continue reading

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Future of Accounting:- Cloud based solutions

Future of Accounting:- Cloud based solutions A couple of times, we have heard desktop based accounting is good and it will give more control over accounts and secrecy of data. Well, this blog aims at debunking the above statement. In … Continue reading

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Practical Issues on UDIN generation for Statutory Audit of Companies and important UDIN FAQs

Generation of Unique Document Identification Number (UDIN) is made mandatory for all other audit, assurance and attestation functions by ICAI w.e.f. 1st July, 2019. Therefore this is first year where the statutory auditor of companies (including private limited company) has … Continue reading

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Managing Wealth: 5 Lessons to Learn from the VG Siddhartha’s Letter

Just a week ago, who wouldn’t want to be like Mr. V G Siddhartha?   Mr. VG Siddhartha was a catalyst business tycoon and founder of the most successful coffee chain in India (Café Cofee Day), an early investor of successful … Continue reading

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Revised Auditor Report: Key Changes (Applicable for the financial year 2018-19)

Revised Auditor Report: Key Changes (Applicable for the financial year 2018-19) (Published in Chartered Accountants Association Ahmedabad May 2019 Journal) Click Here to download Audit Report Format Private Limited Company 2018-19 The auditor’s report is the key deliverable communicating the results of … Continue reading

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How to plan your investment in current scenario after Budget (No 2) 2019?

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Union Budget (No 2) 2019 takes us a step closer to achieving short term goal of becoming a $5 trillion economy by 2024. The biggest theme of the budget was Connectivity. In addition, it also addressed liquidity issues, relaxed investment … Continue reading

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Decoding Budget 2019 (No. 2) for NRIs: 11 important changes and their effect on NRI Investments and Taxation

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On July 5, the First full-time Female Finance Minister of India, Ms. Nirmala Sitharaman, presented the budget in the Parliament. While it may be a mixed bag for many, the one category it affect the most, and that too positively, … Continue reading

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Ind AS 116 : A Major Shift for Accounting by Lessees

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Ind AS 116 is effective from 1st April 2019 for all companies preparing their financials in compliance with Indian Accounting Standards by replacing Ind AS 17.  New standard requires Lessees to follow single accounting model for all leases.  For lessors, … Continue reading

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RBI Monetary Policy Review and What it means for investors

RBI in its bi-monthly Monetary Policy Review meeting decided to change the policy stance from calibrated tightening to neutral and to reduce the repo rate from 6.5% to 6.25%. This was mainly due to 1. Slowdown in global economy, 2. Low inflation (just 2.2% in December with … Continue reading

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Decoding Budget 2019: The Hidden Opportunity for Smart Investors to Create Tremendous Wealth

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The interim budget 2019 included few indicators properly placed in the budget speech, if identified and analyzed properly, could become a great opportunity for smart investors to create tremendous wealth in long term. This blog tries to explain and analyze … Continue reading

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Bank Statutory Audit 2017-18 : Useful Resources

Dear All, Creating a Common Pool of Materials/ Presentations/ Checklists / Circulars useful for Statutory Bank Audit :  Now next few weeks are crucial for practicing Chartered Accountants who have been allotted the statutory audit of Bank. The time is short … Continue reading

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Budget 2018 Proposal related to 10% LTCG on equity, its effect and expectations of stock market until March 31, 2018

The Finance Bill 2018 proposes to tax the long term capital gain (LTCG) on equity shares and equity mutual funds subject to STT @ 10% exceeding Rs. 1,00,000 from April 1, 2018. The LTCG on equity has been exempt from … Continue reading

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Budget Analysis for Investors: How to Efficiently Plan your Investments NOW for Maximum Benefit

Budget 2017 has proposed many important changes related to investments. Efficient Planning of your equity, debt as well as real estate investment could materially affect the investment returns. I have analyzed the effect of major changes proposed in the budget … Continue reading

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