This document provides a profile summary for Palak Patni, including her education and work experience as an Assistant Manager at KPMG Mumbai since July 2011. Her responsibilities at KPMG include assisting clients with international tax advisory and compliance, corporate tax advisory and litigation, and Companies Act compliances. She has experience in areas such as FEMA regulations, tax returns, tax audits, and corporate tax planning. Her educational qualifications include a B.Com from DAVV Indore and passing the CA Final and CS Executive exams.

1. CA PCA PALAKALAK PPATNIATNI
: Mobile: +91-9920739556
E-mail: palak.patni@yahoo.com
PROFILE
KPMG, Mumbai Since July’11–till date
Position : Assistant Manager
Functional Area : International Taxation and Regulatory
Work Responsibilities
1. FEMA and RBI Regulations:
• Assisted client in filing application with Foreign Investment Promotion Board of India (FIPB)
and obtaining approval for issuance of shares for a dormant Company.
• Assist clients in complying with the FEMA and RBI Regulation in respect of any Foreign
Inward Remittance such as intimation to be filed with RBI regarding receipts of fund.
• Filing FC-GPR with AD Banks in relation with the allotment of shares.
• Filing application with Authorized Dealers in respect of closure of Liaison Office and other
compliance procedures in respect of the same.
• Preparing and filing compounding and rectification application with RBI in respect of
defaults in complying with FEMA regulations.
• Preparing application for obtaining approval of RBI for raising ECBs for Company engaged
in Power Sector and Software Sector.
• Analysis of transaction of Sale of Shares from Non-resident to Resident, Non-resident and
Non-resident Indian.
• Review of Share Purchase Agreement from Corporate tax and FEMA Regulatory perspective.
• Assistance in Filing Form FC-TRS with AD Banks.
• Analysis of the transaction of lending of money from Parent Company to Indian Subsidiary
from ECB guidelines perspective and resolving various queries raised by the client.
• Analysis of Liberalised Remittance Scheme (LRS) for remitting funds outside India to
purchase an immovable property.
• Assisting Client for seeking extension for realization of on-site exports of IT Services /
Software.
2. Corporate Taxation:
Advisory

2. • Advisory on various options available for infusion of funds from the outside India in
compliance with the Income Tax Act, FEMA Regulatory and Companies Act.
• Analysing the repatriation options available to a foreign company from the Direct Tax and
FEMA Regulatory perspective.
• Preparation of Case for Opinion on the taxability of Marketing Services, Reservation Services
etc. provided by Hong Kong entities in India.
• Advisory on applicability of Indirect Transfer provisions on Sale of Shares of Dubai entity
deriving its value from the contracts with Indian parties.
• Advisory on applicability of Section 112(1)(c )(iii) of the Act on the Capital Gain arising
from transfer of Shares of an unlisted Company (Before Union Budget 2016)
• Preparation of concept note on withholding tax rate
Litigation - Income tax Scrutiny Assessments, CIT(A) and ITAT Appeals
• Preparing submissions and appearing before Assessing officer in Scrutiny proceedings,
Penalty proceedings, Rectification, Stay of Demand, Adjournments etc.
• Preparing and filing an appeal before CIT(A) and preparation of the submission to be
submitted before CIT(A) in respect of demand raised by Assessing Officer with regards to
TDS.
• Preparing submissions to be submitted before CIT(A) and representing before CIT(A) with
respect to TDS matters and appearing before CIT(A)
• Preparing and filing appeal / objections before the CIT (A) / Dispute Resolution Panel
(DRP) / Income Tax Appellate Tribunal in Form 35 / 35A/ 36 / 36B.
• Preparing Grounds of Appeal (GOA) and Statements of Fact (SOF). Also preparing detailed
submissions/paper book before the CIT(A)/ITAT
• Preparing of comprehensive case law chart and comprehensive research for hearing before
ITAT
• Assisted the counsel in hearing before the ITAT on issues like Permanent Establishment,
Royalty, Fees for Technical Services etc.
Compliance

3. • Preparation of Computation of Income and filling Return of Income and Preparing Position
letter for future reference for Tax Returns.
• Filing of Income tax returns of the Foreign Company as Royalty and FTS Returns for income
derived by group Companies
• Tax Audit Clearance and Review of quarterly advance tax liability and queries from Tax and
Regulatory perspective
• Assist in the Due Diligence from various direct tax related issues for past five years.
• Preparation of the Assessment Status Chart of past Assessment Years proceedings.
• Assist client in applying PAN for foreign citizen and body corporate registered outside India.
• Assist in filing application with Income Tax Department for obtaining the No Objection
Certificate for closure of Liaison office and Branch Office of Foreign Company
• Assist in filing the Closure of Liaison Office Application with Registrar of Companies
3. Companies Act Compliances:
• Assist clients in complying with the Annual Compliances as per Companies Act including the
filing of Annual Forms with RoC.
• Assist client in incorporating Company in India
EDUCATION
ACHIEVEMENTS
 Secured All India 16th Rank in Common Proficiency Test [CPT] from ICAI
 First attempt pass out in all the above mentioned examinations
 Handling team of 3 people
 Won Super Team Award and Above and Beyond Award in KPMG India
EXAMINATION AND INSTITUTE
YEAR OF
PASSING
%
CA Final Nov 10 51.38
CS Executive June 10 63.83
B. Com. from M.K.H.S., DAVV Indore Mar 09 66.15