In the light of such sweeping and unexpected happenings, the only way the world can keep itself safe and productive is to come together, adopt a common system of accounting and finance, and help keep track of transactions. It would help greatly by keeping things in order.
In our latest issue, we explore the importance of accounting and finance and companies that are striving to serve you the best.
Have a fruitful read.
India's most promising accounting & tax consultants to watch
1. LEGAL CONSULTANTS
AT YOUR SERVICE!
2020
VOL. 12
ISSUE 02
LEGAL AID
DAHOTRE&
DAHOTRE
CHARTERED ACCOUNTANTS
TIPS ON EMPLOYEE-
ENGAGEMENT DURING
THE PANDEMIC
KEEPING THEM HOOKED
India's Most Promising
& to watch
Accounting Tax Consultants
ABHAYKUMAR DAHOTRE
CO-FOUNDER
DIWAKAR DAHOTRE
CO-FOUNDER
2.
3.
4. ACCOUNTING
AND FINANCE
WITH A GLOBAL
PERSPECTIVE
umans have always known the importance of keeping
Hrecords and we have been doing that since the time of
our existence on earth. From clay tablets in Egypt to
scribbling on the wall and stone tablets, we have kept track of
things as diverse as time, produce, precious metals, agreements
and so on. And we have been doing that in varied formats,
languages and scripts to suit each individual case and
convenience.
Cut to the present where things have gone way beyond paper to
the cloud with precious little remaining in physical forms. What
though remains is the need to keep accounts, and the need to do
that in ways and formats that people everywhere (remember
the world’s gone FLAT!) can understand and relate to.
Concurrent to the development of accounting was the
development of finance, the one resource which could make or
break most enterprises, if not empires worldwide. In fact, today
if the word accounting gets uttered, it is always in the content of
finance, and most in fact appear to be synonyms!
With the world having gone flat and continents losing their
bearing in the ocean of finance, the importance of a global
outlook with respect to accounting and finance was felt even
more than ever.
5. From the
EDITOR
Enterprises are today global. So why not accounting
and finance? Global is today local and so should
accounting and finance be. With standardization having
entered practically every aspect of life, keeping
accounting and finance out of its ambit is asking for
trouble. Finance is no more stagnant in places but
travels wherever returns are good. In fact, it is a good
way of providing employment and taxation to a number
of countries where money travels. With so much travel
of money, things can get complex if different accounting
systems are employed countrywide. For precisely this
reason, a global perspective in accounting and financing
is a must.
Bodies like World Trade Organisation (WTO) to name
one, want the world to operate as one single entity and
reduce overlaps. One of the biggest reasons for finance
being expensive is local regulations which ignore global
realities. The best example comes across when one
tries to send money by wire-transfer from one country
to another. Despite apparent standardization and a
plethora of agreements, it takes over six hours for
money to reach the other end! Imagine if it was an
emergency, including a spike in some country’s stock-
markets. It would mean that part of the world which has
money cannot invest on time where it is most needed!
Bodies like WTO and many trade blocs today insist on
uniform accounting and finance practices such that
money travels with maximum ease and minimum cost,
and does so fast. Overlaps, we know reduce the ability
to generate income and exploit opportunities besides
adding to the cost of finance.
Finance is necessary for business of every kind, good or
bad, and the only way to keep the lid on tight is by
having uniformity and legislations like Foreign
Accounts Tax Compliance Act (FATCA) in place. Imagine
if there were multiple ways of accounting and financing
like was the case with countries in Europe (France in
particular). It led to double taxation, and then started
the game of pilfering to save on taxes. In today’s world,
even with a level of understanding and uniformity,
money laundering is one of the most serious crimes
doing the rounds. One way to keep check, if not
eradicate it is by bring a global outlook to accounting
and finance.
The world is moving towards advanced systems which
helps in multiple ways. No two countries can ever be
alike in economic status, accounting and finance, and
technical prowess. This holds true even in the case of
advanced economies of the west and gets starker when
comparisons are made across the globe. With huge
gaps in technologies becoming crevices for criminal
enterprise to develop, and strengthen their roots, there
is no other way for the world but to have a global
outlook with respect to accounting and finance - with
special emphasis to make things easier for lesser
endowed corners of the world.
New developments like bitcoins make it imperative to
remain in sync with the world. Money, the way we have
always understood it was fiat money which was
controlled and released by individual governments.
Movement of money across borders thus were
controlled, and in some cases quite effectively (even
though at times industries and sectors within an
economy was at the receiving end of such embargoes).
With technology triumphing over authority, it was just
a question of time before cryptocurrencies like bitcoins
came to the fore which have completely done away
with the concept of regulations. In the light of such
sweeping and unexpected happenings, the only way the
world can keep itself safe and productive is to come
together, adopt a common system of accounting and
finance, and help keep track of transactions. It would
help greatly by keeping things in order.
In our latest issue, we explore the importance of
accounting and finance and companies that are striving
to serve you the best.
Have a fruitful read.
Sumita Sarkar
sumita@insightssuccess.com
7. Legal Consultants
At Your Service!
Legal Aid
Tips on Employee-engagement
during the Pandemic
Keeping them Hooked
ARTICLES
M. B. Nayak & Co.
Rendering Quality
Services Efficiently
28
18 32
Expert Insight
Tax reforms and
how to implement them
24
CXO
CONTENTS
ARS Solutions
Providing Expert
Advice And Solutions On Taxation
22
11. Management Brief
Company Name
Ashok Dhingra &
Sonia Gupta,
Founders
Global Expert Tax &
Accounting Solutions
globaltaxsolutions.in
Abhaykumar Dahotre
& Diwakar Dahotre,
Founders
H. H. Chimthanawala
& Co.
cahhchimthanawala.com
N. B. Gupta & Associates
nbguptaca.com
Dr. CA. Mayur Nayak
Founder
CA N. B. Gupta,
Founder
Mr. Habib
Chimthanawala,
Founder
ARS Solutions
arssolutions.co.in
Dahotre & Dahotre
Chartered Accountants
dahotreanddahotre.com
M.B. Nayak & Co.
mayurnayak.com
Ashok Dhingra
Associates (ADA)
adalegal.com
C. S. Narayana Saami,
Practicing
Indirect Taxation
ARS Solutions is an Indian technology and performance based
accounting, tax return e-filing and financial planning solutions
provider with simplicity.
Ashok Dhingra Associates(ADA) is a professional services firm offering
wide range of services under GST, erstwhile indirect taxes, customs and
trade including export controls and sanctions, and regulatory laws. Also
provides adivory, training and investigation services under anti-
corruption laws and white-collar crimes to corporates.
Dahtore & Dahtore CA specialize in providing financial,
taxation, business advisory, audit and assurance services,
dedicated to fulfill all finance and tax related compliances since
35+years.
Global Tax Solutions provides essential services such as
advisory, arbitration and mediation, due diligence, commercial
contracts, litigation, licensing, drafting and pleading.
H.H. Chimthanawala & Co. is a CA firm providing a wide
range if accounts outsourcing, auditing, financial advisory,
company secretarial, direct & indirect tax consulting and
business advisory services to clients in diverse industries.
M.B. Nayak & Co. is a consultancy firm catering to Indian as
well as foreign corporate firms and individuals in respect of
service tax, statutory audits, transfer pricing audits, tax audits,
tax consultancy (Indian and international), project financing,
business structuring, cross border investments, etc.
N. B Gupta & Associates is a multi-disciplinary CA firm
providing services in areas of taxation, audits and accounts,
legal advisory, management consultancy, CMA data &
feasibility reports, and much more.
Abhishek Rajan Singh
Founder
INDIA’S
MOST PROMISING
ACCOUNTING
TAX CONSULTANTS
TO WATCH
&
12. C O V E R S T
DAHOTRE&
DAHOTRE
CHARTERED ACCOUNTANTS
Quality Financial Practices to Help Businesses Grow
Our mission is to expand and
continually improve utilizing quality
practices and employee involvement
in both the domestic and
international markets that result in
customer and employee satisfaction.
“ “
13. T O R Y
DIWAKAR DAHOTRE
ABHAYKUMAR DAHOTRE
CO-FOUNDER
CO-FOUNDER
14. ABOUT THE C
G
rowth is an inevitable part of
our lives. While some growth
processes are natural and
effortless like age and natural body
physique, for some we have to put in
extra efforts. Emotional, social,
professional, educational and economic
or financial growth are some essential
aspects that need devout attention and
sometimes expert guidance.
As it is with the current way of living,
financial growth is crucial. While we
earn, we feel the need to financially
secure our today as well as tomorrow
when we will not be able to earn. This
can be done with proper planning and
goal setting. Since no two individuals
have the same financial needs, it is
better to plan under the guidance of
experts like Dahotre & Dahotre
Chartered Accountants (D&DCA).
The firm methodically studies the
requirements of the client with respect
to managing the business, raising
finances, timely complying under
various laws, supporting their future
vision and helping them out of the way,
to help them align with the market.
They guide their clients to set Long
Term Goals and to achieve those
through Short Term Objectives.
For tracking the client’s financial
growth D&DCA regularly provides
them with Interim Reports in writing or
orally wherever required along with
inspiration and guidance. “We educate
them via Weekly Newsletters drafted by
our Knowledge and Development
Committee to keep them up to date
with current affairs. This helps us
educate them just like a mother
educates her son. We educate them
how to set routine controls, internal
control methods, Budgeting and
variances to control costs, pricing
policies of the products and educate
them about the difference between Tax
Saving and Tax Evasion,” explains the
Founder duo of Abhaykumar
Dahotre and Diwakar Dahotre.
The Company and its Services
In the late 1980s, the co-founders and
brothers started practising as CA
through their individual firm. In 2003,
they finally got together to form the
current partnership firm and named it
as Dahotre & Dahotre, Chartered
Accountants. In 2019, the brothers
extended the firm and warmly
welcomed their family members, CA.
Veena Abhaykumar Dahotre and CA
Varun Abhaykumar Dahotre as
DIWAKAR DAHOTRE
CA Diwakar Dahotre, a qualified
Chartered Accountant has been
practising since 1984 for 37 years.
He completed education from
Bhave High School and his gradua-
tion from Brihan Maharashtra
College of Commerce, Pune. His
professional journey began with a
sole proprietorship firm, namely
Diwakar B. Dahotre & Co. in
Pune.
Associate Partners. The now strong
team of over 50 people comprises of
five key personnel:
1. CA Varun Abhaykumar Dahotre
(Associate Partner)
2. CA Veena Abhaykumar Dahotre
(Associate Partner)
3. Mr. Pramod Limaye (Chief
Business Development Officer)
4. Mr. Pravin Kulkarni (Credit
Management and Business Develop-
ment Manager)
5. Mr. Gaurav Deshmukh (Information
Technology and Systems Manager)
D&DCA provides services in the fields
of Accounts, Audit and Assurance,
Direct Tax, Goods and Services Tax
(GST) and other Indirect Taxes,
Management Consultancy, Finances
and Company Law. Door to door
services, minimal waiting period and
fast clearance of visitors, acting
proactively by identifying needs of the
client, applying latest technologies and
systems, excellent services especially
to those who were in distress, solving
the socio-commercial issues of clients
similar to their own family, has been
the firm’s motto.
“We Cultivated the culture from being
15. CO-FOUNDERS
ABHAYKUMAR DAHOTRE
CA Abhaykumar Dahotre was an excep-
tional student throughout his academics.
He completed his primary education from
N.M.V. High School (Nutan Marathi
Vidyalay), and his postgraduation M.Com
from Brihan Maharashtra College of
th
Commerce, Pune. He scored 18 rank in
graduation from Pune University. He
cleared CA entrance, CA intermediate and
CA final in the first attempt in a record time
of two-and-a-half years at the age of 20. He
had to wait for further three months to
complete 21 years age to get membership
of the ICAI. Immediately after getting a
Certificate of Practice (COP) in May 1987,
without wasting a single day, he started his
practice and it has now been 33 years.
Person Driven to a Process Driven
Firm and implemented Standard
Operating Procedures (SOP) and
policies. We have defined a strong
hierarchical organisation structure for
relevant and appropriate authority and
responsibility as per the Job descrip-
tions for all positions,” Says CA
Abhaykumar.
Upgraded Services with Latest
Technology
Foreseeing the advent of technology,
the office of Dahotre & Dahotre
Chartered Accountants started the
process of going paperless as early as
in 2011-12. The firm now boasts of
various industrial scanners and
printers. They also use a customized
ERP which handles all their business
processes starting from Client’s Master
Data to Invoicing and Task Manage-
ment.
The systems and ERP provide the
clients with automated task updates via
various communication channels
(WhatsApp, Message, E-mail) on a
real-time basis keeping them updated,
always. Compliance and accounting
services are taken care of, by
outsourced software. The firm has
digitisation of tax returns/tax, saved
lots of labour, time and brought
perfection in submissions.
“From our point of view, there are two
facets to this digitisation. One is that it
has helped us to reduce human
resources almost by 50% and thereby
the HR challenges linked to it. Second
is that lots of efforts were put on
educating the human resource with the
use of new techniques, software,
machines and systems. A decade ago,
all the filings and processing were
developed a Project Report software
in-house and all the Project Financing
related services are handled through it.
“We currently operate on a thin client
architecture along with VPN for those
having a preference of work flexibility.
We have a dedicated lease line for
uninterrupted services,” adds CA
Diwakar.
The firm understands the necessity of
data being protected at all times. For
this, it is equipped with Disaster
Recovery Servers capable of handling
over 100 plus team members even
amidst crises and Backup Servers with
multiple layers of protection which has
enabled us to provide much faster and
safer services even amidst the COVID
crisis without a 0.01% data loss. It is
also using Microsoft 365 ecosystem for
its mail servers and Microsoft Teams
for internal communication and
meetings during COVID-19.
This combination has made D&DCA a
stronger player to fight the present
COVID situation with 95% of its team
capacity flawlessly working from
various locations in India and provid-
ing a much better client experience.
Adopting technology early-on also
helped the firm to cope up with the
We have strong
documentation
with respect to
mandates, visit
reports, MIS,
timesheets which
help us build our
brand.
“
“
16. We have been a support pillar to our clients during their
tough times. It wouldn’t be wrong to conclude that, we
help businesses grow as we grow and vice versa.
“ “
17. done manually thereby increasing the
probability of mistakes. Whether
digitisation is a boon or a bane
depends upon your style of working or
organisational culture. If you are alert,
systematic and tech-savvy then the
digitisation will be enjoyable and
effective,” shares CA Diwakar.
Managing Money and Tax During
the Pandemic
The co-founders assert that the main
thing which they have noticed in this
changing dramatic scenario of a
pandemic is that now one will only
survive if one opts for digitis-
ation/computerisation. A big challenge
is that human resource and companies
both must be equipped with the best
quality infrastructure, internet facility,
anti-virus software and continual
training and awareness programmes.
To sail these rough waters, the duo
suggests the companies and individuals
maintain the quality of work and take
some learnings from the present
situation and plan future events. They
need to be more disciplined when it
comes to financial management and
build and maintain a back-up plan. The
members of a company should act as
each other’s support system and the
leaders should boost the morale of their
resources.
To handle the constrained cash flow
during this period, their suggestion is
to first survive this pandemic by
lowering down unnecessary costs and
thrive until the market outlook
changes.
“We will always suggest keeping a
simple formula in mind for effective
Financial Management (Provisioning
+ Reserves = When Times are Good).
Break down all annual costs (includes
taxes) into monthly costs and further
into daily costs and make a daily
provision of these costs,” explains CA
Abhaykumar.
They also suggest educating human
resource, vendors and customers for re-
organisation and changes happening
within the organisation. Educating the
stakeholders is the best medicine to sail
through this pandemic. Redraft credit
policies with vendors and the custom-
ers and wage policy with the human
resource for the survival of all three
pillars of the business. Take the
bankers into confidence and exploit the
government’s Covid packages for
survival. Consider Keyman Insurance
Policies for Safety of Key Personnel.
Last but not least as Ratan Tata said:
“This year is about Survival and not
about making profits.”
In the years to come, Dahotre &
Dahotre Chartered Accountants are
looking forward to upgrading the
company to the international standards
and expanding to new verticals like
International Taxation, Business
Process Management, Internal Audits,
Information System Audits. They are
also considering to open branches to
serve better locally, develop full-
fledged IT department within the
organisation and circulate a monthly
magazine to the clients to educate and
update their knowledge in this field.
Realising Their Parents’ Dream
It was their father’s dream to make
Diwakar and Abhaykumar Chartered
Accountants. On the other hand, their
mother did not leave a single stone
unturned in their cultural development.
Her saying was that a single cultured
person can improve the life of at least
four people in the society.
To fulfil his dream, since childhood,
their father used to take them along at
different CA offices to imbibe the
importance of owning a business. Their
organisational set up always brought an
intrigue within the young boys. These
visits acted as a stimulus in their mind,
pushing them to study hard and work
harder to make their father’s dream
true and serve society on the other
hand.
INDIA’S
MOST PROMISING
ACCOUNTING
TAX CONSULTANTS
TO WATCH
&
18. Subscribe Today
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www.insightssuccess.in
21. Legal
Consultants
At Your Service!
I
n our daily routine, we consult with family,
friends, colleagues, etc. on various
matters. As humans, we have a tendency
of taking a second opinion from someone
close. Knowingly or unknowingly,
consultation has become a huge part of our
lives. There are times when we can’t make
the right decision or we are not thinking
sound. At such times, this second opinion
matters the most.
Similarly, in a business environment, we make
numerous decisions each day. Making
sound decisions single-handedly regarding
various matters is not quite possible. Here,
the role of consultants comes into the
picture. There are consultants for carious
matters in the business industry like, financial
consultants, investment advisors, legal
consultants, etc.
www.insightssuccess.in 2020 DECEMBER | 19
22. Legal consultants allow businesses to make the
correct legal decisions. They provide consultation
regarding all aspects of the business that include
legalities in it. Legal issues are something that all
of us like to avoid because they can get tricky
and out of control. The services provided by legal
consultants are highly valuable to any business
organization. Even a small legal mistake can
prove to be a big hassle for the business.
There are various services that legal consultants
provide. Here is an industry-wise breakdown of
services that they provide:
Corporate Law
Legal consultants attend general body meetings,
shareholder meetings, board meetings etc. to
make sure that all the decisions being made are
within the law. Drafting and negotiations of
contracts or agreements are also done by legal
consultants. They help implementing a legal
structure on the level of domestic sales and
distribution channels, foreign sales and
distribution channels, purchasing from domestic
and foreign markets, etc. They keep all the
clients’ departments informed and updated
about the applicable regulations and legal
information for the company to be able to
operate in a sound legal way.
Labour Law and Industrial Relations
Legal consultant services include Labour Law
and Industry Relations Consultancy services. At
the level of the Human Resource Department, all
the administrative documents are legally
reviewed and improvements are made. Facilities
like legal inspections of all kinds – applications,
documents, trade union activities, etc. are
available. Services also include any arrangement
of legal situation of employees. They also provide
assistance in settling possible disputes between
employees and the company in compliance with
the legal laws. Legal representation of any kind is
offered by the legal consultants. Additional
support is also given to the partners and
executive managers of the company and their
families in cases of accident, surveillance, labour
accidents and other extraordinary cases.
Industrial and Manufacturing
The industrial and manufacturing sector is large
and most of the players face a similar kind of
challenge. Legal consultants help anticipate and
effectively deal with any operational, project or
transaction issues. With their experience of
consulting various businesses, they can help you
avoid some expected losses or problems. They
will give you insight into the issues that you may
encounter and ways of how they can be
tackled. From the market intelligence and legal
know-how they have gained through their work,
their advice is practical, legal and commercially
viable.
International Legal Services and Cross-Practice
Services
Some legal consultants have foreign law offices
which act in cooperation with each other. Such
legal consultants or consultancies have the
eligibility to provide effective and cost saving
legal services. Their services will be useful for
companies that have business proceedings or
clients in foreign land.
Banking and Finance
With the ever changing market conditions, each
person or organization needs advice regarding
the best investments, approaches, new
developments, etc. A team of legal consultants
provides information in relation to the full
spectrum of financial products like acquisition
and mergers, assets management, financing for
projects, etc. They provide a complete service to
firms covering the entire financing needs of
clients from small loans to large financing.
Regular counseling regarding the latest banking
laws and regulations to take clients through
business turmoil is done.
-Shreevarshita Gupta
www.insightssuccess.in
20 | DECEMBER 2020
23.
24. ARS SOLUTIONS
Providing Expert Advice And Solutions On Taxation
A
ccounting and Taxation are an
integral part of our
professional life, whatever be
our role - a business, an entrepreneur
or an employee. There have been
multiple moving and ambiguous parts
of taxation. They always challenge
people involved in the taxation
process, both consultants and clients.
For ever-evolving rules and
regulations, those involved in taxation
need to quickly learn and adapt. With
each passing tax year, there is a
demand for consultants who strive for
excellence and proactively work to
stay ahead.
While many view the dynamic nature
as a deterrent, some like Abhishek
Ranjan Singh, get inspired by the
problem-solving opportunity in the
industry. This very nature motivated
him to start his firm, ARS Solutions to
offer differentiated value to clients.
Expert Solutions for All Tax
Challenges
A professional consultant managing the
accounting and taxation firm ARS
Solutions, Mr Singh’s professional
career began while pursuing the
Industrial Accounting course after
completing his Bachelor of Commerce
(B.Com.) and Master of Arts (M.A.) in
Economics. Initially, he worked with
reputed CA firms in Mumbai and Navi
Mumbai to further develop his skills
and knowledge in a real-life business
environment.
In 2008, he founded ARS Solutions
and has scaled it into a well-established
group of competent and certified
professionals. While growing the
business, he continued to enhance his
professional credentials. He completed
the entire process to be an authorized
and certified TRP of Income Tax
Department of India, and a registered
GST Practitioner of Department of
Goods and Services Tax, India. He was
also certified to be ECRP of Election
Commission of India and registered
financial advisor of The Association of
Mutual Funds in India (AMFI) and
Fund's India.
ARS Solutions offers services for
Accounting, Tax Consulting, Tax
Returns e-filing and Financial Planning
Solutions. It is a performance-based
and technology-enabled firm. In 2015,
the firm was shortlisted to be among
the “25 Most Promising Accounting
and Tax Consultants” in India by
“Consultants Review” editorial board.
Technology - the Enabler
Technology has been one of the key
enablers for ARS Solutions. The team
has leveraged digital technology to
make its business processes more
efficient and team members more
productive. The firm uses the latest
accounting and taxation software to
deliver better results for its clients.
ARS Solutions started offering tax
return e-filing as soon it was rolled out.
In the beginning, it was tough to have
clients trust the online processes. Their
main concern was about the security of
their sensitive and confidential
financial data. The increasing rate of
cybercrime did not help either. As we
know, data is the new oil of the 21st
century. Since the firm comprises
authorized and certified professionals
by the Income-tax department of India,
it does follow various regulatory
compliances. That helped the firm win
clients’ trust. “We use latest technology
tools to process and store data
securely. We also ensure to be easily
accessible for addressing clients’
concern”, adds Mr Singh.
The continued efforts of tax authorities
to make taxation processes more
secure, more transparent, more fearless
and faster have been a tremendous
support. As a result, the ITR
assessment that earlier used to be
completed in years, is now completed
within a few weeks or a month.
Planning for Growth, Even in
Adverse Conditions
Mr Singh believes that tax return filing
is not merely an obligation. When one
files the tax returns, one creates a
www.insightssuccess.in
22 | DECEMBER 2020
25. financial record with the Income Tax
department. The firm’s objective is to
enable clients to have a well-thought-
out financial plan without much
taxation worries. Accordingly, it also
monitors implementation of the plan
and tracks its progress to stay focused
on clients’ financial goals and changing
situation. If there is any significant
change in the client's situation, it
adjusts the goals and strategies of the
financial and taxation plan.
For the current and future tax seasons,
Mr Singh strongly recommends
digitizing all documents, opting for
online tax consultancy, choosing e-
filing and e-verification, and preferring
online payment. Choosing these
options ensures multiple key
advantages in any situation e.g. more
accurate, more secure and more easily
accessible information. Also, there are
no constraints due to work time and
place.
“Earlier some of our clients liked to
complete taxation work in person,
sitting across the table. However, due
to the current pandemic, they are
compelled to choose online services.
They are finding these services super
helpful, thanks to government’s
relentless support and
encouragement,” asserts Mr Singh.
Upgrade on the Cards
Team ARS Solutions believes in
constant up-gradation of skills,
knowledge and business practices to
seize new opportunities. In the new
normal, digital technology will play a
huge role. So, they plan to invest more
in technology to serve remotely, to
secure data, and to create more value
for the clients.
Our
di erentiated
value is simplicity
in our business
processes.
“
“
INDIA’S
MOST PROMISING
ACCOUNTING
TAX CONSULTANTS
TO WATCH
&
Managing Director & Founder
Abhishek Ranjan Singh
www.insightssuccess.in 2020 DECEMBER | 23
26. hings as certain as death and
Ttaxes, can be more firmly
believ’d” was first written by
Daniel Defoe in 1726 before more
famous similar quote by Benjamin
Franklin in a letter to Jean-Baptiste
Le Roy in 1789. Of course, death and
taxes are certain, but both must be as
much painless as is possible.
Globally, governments depend upon
taxes to fund day to day functioning.
Fair realisation of taxes at bare
minimum costs is key to performance
of governments in running not only
administration but also welfare
schemes. Citizens can see their tax
money at work in every walk of life.
Seamless and effortless
administration of taxes is the
Tax
reforms
AND how to
implementthem
- Ashok Dhingra and Sonia Gupta
objective of every government. With
demographic and technological
changes happening at fast pace,
continued tax reforms and ease of
paying taxes by subjects is a
continued process, implementation of
which is most challenging task for
any tax administration.
India has federal structure and
written constitution under which
taxes are levied by Central and State
Governments. On account of
multiplicity of taxes, taxpayers have
to pay taxes to multiple authorities
and ensure multiple cumbersome
compliances. At the same time on
account of revenue bias, complex tax
laws casting heavy compliance
burden on taxpayers and tax evasion
by rogue elements, large volume of
“
tax litigation is ongoing, putting a
heavy burden on tax administration
and courts.
Tax laws are enforced in India by
respective administrative bodies
working under the Ministry of
Finance at Central Government i.e.,
direct taxes by Central Board of
Direct Taxes (CBDT) and indirect
taxes by Central Board of Indirect
Taxes and Customs (CBIC).
Similarly, state taxes are enforced by
officers of finance ministry of
respective state administrations.
Both CBDT and CBIC have
specialised all India cadre service
officers for administration of
respective tax laws seamlessly at
field level. Happiness index of
www.insightssuccess.in
24 | DECEMBER 2020
27. ASHOK DHINGRA
Senior Partner
Ashok Dhingra Associates | Attorneys at Law
Practice Group Leader:
White Collar Crimes, Investigations and Regulatory Group
Ashokisattorneyhavinguniqueadvantageofworkingonbothsidesoftable.Ashok
has worked for more than 22 ½ years with Indian Customs and over 15 years with
Big4Consulting firms like Ernst &Young, KPMG and law firms Khaitan &Co. and J.
Sagar Associates before setting up Ashok Dhingra Associates in 2014 along with
SoniaGupta.
AshokhasassistedclientsinconductingauditsandinvestigationsunderFCPA,anti-
corruption laws, investigations of wrongdoing or fraud or ethical violations by
management or employees of MNCs. He also assisted clients in making self-
disclosure to authorities. He advises clients in data security, privacy, retention,
encryptionandmovementacrossjurisdictions.
Ashok has assisted clients in investigation and adjudication under anti money
launderingandblackmoneylaws.
SONIA GUPTA
Managing Partner
Ashok Dhingra Associates | Attorneys at Law
Practice Group Leader:
Custom andTrade Group
Goods and ServicesTax Group
Sonia is chartered accountant and attorney, primarily focuses on Customs and
Trade Laws including Export/ Import Controls and Sanctions; ForeignTrade Policy
and Regulatory Laws, providing both advisory and litigation services to clients.
She assists clients under customs issues such as classification and rate of Duty
under CustomsTariff; Country of Origin Rules; investigation by SpecialValuation
Branch of Customs (SVB) to determine arms’ length price in case of transaction
with Associated Enterprises; etc. Sonia advises clients on Export/ Import Policy
and Sanctions under ForeignTrade Policy and other regulatory laws.
–ABOUT THE AUTHORS –
www.insightssuccess.in 2020 DECEMBER | 25
Expert Insight
28. taxpayers and ease of doing business
is direct result of objectiveness and
fairness of such field officers. Inspite
of honest intentions of governments
to bring in tax reforms, the objective
is lost in case field officers
responsible for enforcement of tax
reforms are not cooperative and do
not follow law in letter and spirit.
Where compliance to tax reforms is
dependent upon technological
platforms, which are either not fully
geared to meet demands of new
system or not able to keep pace with
changes in law, it frustrates and
defeat objectives of such tax reforms.
Introduction of Goods and Services
Tax (GST) on July 1, 2017 at
Central and State level to create a
unified market, improving ease of
doing business, expand base of tax
payers and address issue of tax
evasion has been marquee project of
Government of India. Notification of
draft GST laws, holding wider
consultations with industry bodies
and stakeholders, bringing in
political consensus leading to
amendment of constitution and
creation of constitutional body of
GST Council comprising of central
and state representatives was a long
drawn and time- consuming process
to pan India roll out of GST.
However, unpreparedness of
Common Portal for compliances and
frequent technical glitches and
changes in GST laws are
embodiments of best intentions and
hazy implementation. All this has led
to dissatisfaction among taxpayers
and advisors. This is coupled with
unscrupulous elements exploiting
system for tax evasion, leading to
raids and denial of tax credits to
taxpayers which is vital for effective
functioning of GST system. Hence,
even after more than three years of
coming in force, GST law is far from
settled.
Mostly tax officers work with a
revenue bias and pass orders ignoring
clear provisions of law or judicial
pronouncements both at assessment
or departmental appellate levels,
causing heavy burden on Appellate
Tribunals, High Courts and Supreme
Court. There is no administrative
accountability of tax officers for
passing adverse orders in clear
defiance of law and interpretation
thereof by courts. Even CBDT and
CBIC turn a blind eye to such
conduct of officers and at times issue
circulars with a revenue bias. In
many cases, tribunal and courts have
passed strictures against tax officers,
without any tangible response by tax
administrators.
Largely, departmental officers even
do not respond to representations of
taxpayers with impunity. Even
escalation of such matters to
commissioners and chief
commissioners do not yield much
result in violation of Citizens
Charters adopted both by CBDT and
CBIC. Cases of refunds to eligible
taxpayers are not decided by officers
of CBIC, if they cannot reject the
same, though this problem is not
there in CBDT. This is one of the
major grounds of resentment of
taxpayers and defeat spirit of any tax
reform and implementation thereof.
It is high time that government and
tax administrators put some
mechanism in place to monitor
objective implementation of tax
reforms by officers. As is the
practice, pre-enactment wider
consultation with all stakeholders
should be continued and their
concerns addressed prior to
implementing such tax reforms.
Enough time should be given to
industry and technological platforms
to be built and extensive training of
tax officers should be conducted.
Government should also bring in
administrative mechanism for
addressing issue of defiance of law
and interpretation by courts, which
has become DNA of tax officers, by
bringing in accountability and
compliance to Citizen Charters.
Unless administrative accountability
and culture of following law in letter
and spirit by tax officers is brought
in, whole purpose of tax reforms will
have no meaning and taxes will
continue to be painful fate accompli,
even if both taxes and death are
inevitable and death is largely
painless.
www.insightssuccess.in
26 | DECEMBER 2020
29.
30. With a vision to create a value based organization
which generates value for all its stakeholders,
namely, partners, clients, government, staff and
society, Dr. CA. Mayur B. Nayak PhD., B.com, FCA.,
founded the M. B. Nayak & Co., a firm of Chartered
Accountants practicing for the past 33 years. Dr. Nayak is
an author, poet, speaker, motivational trainer, counsellor,
runner, and a spiritual healer. He has done Doctorate in the
field of International Taxation with GAAR and Transfer
Pricing as special focus areas. Clearing B.Com. in First
Class from Mumbai University, he is a Rank Holder in C.A.
final examination as well.
Becoming a CA was his college days dream as he wanted to
be a professional who can serve both the Nation and
Clients. Besides he also wanted to have a respectful earning
and a good standard of living. “I think CA Profession has
given me much more than what I had desired,” says Dr.
CA. Mayur B. Nayak.
Here’s more about his firm.
Tell us about your firm and its services.
Established in August 1987, M. B. Nayak & Co. renders a
range of services to its clients in three different verticals,
each headed by competent professionals:
(I) Consulting Practice
Under this vertical the Firm renders consultancy services
in the field of International Taxation, Foreign Exchange
Management Act (FEMA), Cross Border
Structuring/Investments and Transfer Pricing, to Indian
Companies, Multi National Enterprises (MNEs) and
high net worth individuals.
(ii) Audit and Assurance PracticeThe firm provides
services in respect of Statutory Audit under the
Companies Act, Bombay Public Trust Act, etc., Transfer
Pricing Audit, and Tax Audit. The firm also undertakes
Internal Audit, FEMAAudit, Due Diligence Audit and
implementation and/or documentation of the process
and Risk Control Matrix as mandated under the
Companies Act, 2013 regarding Internal Financial
Control System of a company.
(iii) Financial Services & Business Advisory
The firm is engaged in the Financial Analysis for leading
banks in India for over 20 years. Other areas serviced by
this vertical include “Project Financing and Venture
Capital Funding”. The firm also undertakes consultancy
in respect of business restructuring as well as turn
around strategies.
How do you utilize technology to help facilitate the
services. What software do you implement/recommend.
In our profession, service to client is very crucial. Client is
always expecting some value addition from our part.
Therefore, it is very important for us to satisfy the client in
terms of providing services.
With the technological changes, we can arrange the meeting
with client on virtual platform. With the applications like
Google Meet, Microsoft teams etc. we can meet with the
client virtually and provide our services. We can save a lot
of time and energy as we need not visit to client office.
We use multiple software such as Genius, Winman as well
utility of the Income-tax Department. Each one has its own
advantage and disadvantage. As such we do not recommend
any particular software.
How do you help companies/people align their financial
growth goals while keeping up with taxes? How do you
help them plan and track their growth?
We always encourage our clients to focus on toplines and
cash flows. Taxes are paid on profits. My clients do not
M. B. Nayak & Co.:
Rendering Quality Services Efficiently
www.insightssuccess.in
28 | DECEMBER 2020
31. Dr. CA. Mayur B. Nayak held the office of President of
the Bombay Chartered Accountants’ Society (BCAS)
for the year 2010-11. He was Chairman of the Human
Resources Committee for four years. Presently, he is
Chairman of the International Taxation Committee.
He is a Trustee of the BCAS Foundation.
He has authored a monograph on “Permanent
Establishment” published by the Chamber of Tax
Consultants (CTC), Mumbai. He has co-authored a
book titled “Mauritius- International Business and Tax
Strategies” published in 2002, a publication entitled
“Tax and Treaty Guide” published by BCAS and
another publication entitled “Comprehensive
Handbook on Non-Resident Taxation & FEMA”.
He contributes to the monthly column “FEMA Update”
in the “Income Tax Review” published by CITC.He has
jointly contributed to the branch report on “Source and
Residence: New Configuration of their Principles” on
behalf of India Branch, discussed at the 2005 Buenos
Aires Congress of the International Fiscal Association
and published in the CAHIER.
He has presented papers, led group discussions and
delivered talks at various professional forums
including BCAS, CTC, IFA, FIT, ICAI, Chambers of
Commerce, as well as public sector banks and
contributed articles to various professional journals
and newspapers.
He is an accredited trainer in “Spiritual Healing”;
conducting regular courses on “Parashakti Chikitsa”
with the blessings of Dr. Harish Joshi and Shri Shri
Maha Avatar Babaji. He is Chairman of the MABAP
Foundation. He is Chairman of the MILT Charitable
Trust, Bombay. He has served as a trainer at the
Chinmaya Mission, conducting workshops on the
module of “Emotional Transformation” for the benefit
of fellow humans.
CA. Sanket Narolkar
Dr. CA. Mayur Nayak
A Multi-faceted Personality
www.insightssuccess.in 2020 DECEMBER | 29
32. haggle paying taxes, as see the benefits of being compliant
and honest tax payers. Instead of wasting their time and
energy on litigative or aggressive tax planning, they focus
attention on their businesses and make more money and
derive satisfaction.
My clients have always appreciated our conservative
approach. We firmly believe that any business model which
is not profitable post taxes is not good. We do advise and
encourage clients to take advantage of all legitimate tax
incentives offered by the Government to remain
competitive.
We believe that if the mental energy is used in the right
direction for right purposes it leads to exponential growth.
Tax returns/tax systems have gone digital. What are
your views regarding it. How easy or complex has the
whole system become as compared to a decade ago?
Tax returns and systems are more simplified as compared to
that a decade ago. Tax returns can now be filed with more
ease and convenience by sitting in any part of the world.We
still remember that, a decade ago, we used to prepare the
tax returns by filling up the forms manually, attaching all
the supporting documents and stand in a long queue in the
income tax department till late hours to file the returns.
Moreover, we had to chase the client to get the signature on
the returns before filing it.
Now with Digital signature and OTP system it can be filed
more quickly and we need not chase to the clients. Further,
the returns are processed in very less time and refunds are
issued to the assessees. Previously, we had to visit the
income tax departments to follow up for the refund for the
client which was very time consuming. Overall, with the
digitization, the complex system has become easy and
assessee friendly.
The current and the following tax seasons are different
due to the pandemic. What are your suggestions to
companies/individuals on how to be prepared?
We are faced with unprecedented challenge of the
Pandemic, and therefore our response also has to be unique
and unprecedented. Working from Home is a new normal.
Digitization of documents is a must. Audits are also done
remotely. Documents are verified remotely. Use of
technology is playing and will further play an important
role in days to come.
New methods for staff supervision and efficiency
measurement will evolve. Luckily, Indian Government is
two steps ahead in implementing E-filing, E-Assessment/
Appeals and now Faceless Assessments etc.
Individuals need to acquire the new skill sets of being
computer/technology savvy and companies need to hire
skilled employees who can deliver the job without being
physically supervised.
Please share your ideas/plans for the near future.
The year 2020 has been an unusual year with several
challenges. Pandemic Covid has shattered many businesses
and changed the outlook towards life and work. Survival in
2020 is the key to success. Thanks to technology, people
have come closer despite physical distancing. Digitization
of economy and life are new normal for everyone.
Services of accountancy, audit and taxation are becoming
sophisticated. Structures based on tax avoidance will no
longer hold good. Businesses need to reconcile to pay their
taxes honestly and on time. The dividing line between tax
avoidance and tax evasion is getting blurred. Any structure
perfectly legal in form will not be accepted unless there is
an underlying substance. Compliances are on a rise, which
will put further pressure on the profession. Availability of
skilled staff will continue to be a challenge. The accounting
firms need to invest more in staff training, especially in
technical areas and soft skills up-gradation, infrastructure,
and practice management software to remain competitive
and relevant so as to increase the service standards
eventually. For this, they will have to increase their fees
substantially. The firms also need to factor in rising
expectations from government, banks and financial
institutions, clients and various other stakeholders.
Appropriate safeguards will have to be built in to withstand
risks which are part and parcel of any professional
endeavor.
We are committed to make Indian Multinationals valid and
effective players on the world stage.
We are big enough to specialize and
small enough to personalize.
“
“
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30 | DECEMBER 2020
35. NGAGEMENT
If there’s one thing that the Covid-19 pandemic has done,
it’s to change the very meaning and scope of the word
‘employment’. What earlier meant being at the physical
beck and call of an employer has today moved online to mean
being there, and at the same time, not being there.
Yes, the pandemic has affected us, but thankfully, technology
has stepped in and filled the gaps in ways unthinkable. Some of
them being novel and yet to be fully deciphered and appreciated.
That said, not all of the new ideas of work-from-home work in
favour of both employer and employee.
From experience, we have filtered down a handful of tips which
could help close the employee-employer divide that seems to
have developed in these pandemic times. This is certainly not to
say that the entire order is bad but to get the best of a remote
way of working, remembering these tips could greatly help
enhance productivity be it now or in the future while keeping
relations positive and positively exuberant.
1. Daily face to face meetings are a must
From the time that humans first became sociable beings to the
present, if there’s one way of staying in touch productively and
positively, it’s through in-person face-to-face meetings. This is
one of the best ways to know the situation, the person and the
matter at hand. Also, this is one of the best ways to
communicate the important and at times painful matters which
cannot be done in crowded surroundings. Working alone at
home is anything but easy beyond a point given the loneliness
and boredom that creeps in and the lack of colleagues who
during the
PANDEMIC
Keeping them Hooked
www.insightssuccess.in 2020 DECEMBER | 33
36. invariably are the best stress-busters. In the absence of the
same, one-to-one meetings should be encouraged, be it
between superiors and subordinates or between colleagues.
These one-to-one in the present situation may take the form
of online meets, the most effective, given the situation.
2. Incorporate in-person meetings where the same is
feasible
The pandemic has put paid to the idea of in-person
meetings given the danger of the virus spreading. That said,
one cannot carry on endlessly without meeting the person at
the other end, be it a senior, a junior or a colleague.
Chemistry is what forms when people meet in person, and
if the same is positive, can result in taking organizational
work to newer heights. In the present situation, and so too
in the case of companies that have declared “work from
home” as a norm henceforth, there should be set procedures
to meet office folks at certain times, like once or twice a
month for a certain number of hours. One’s performance
vis-à-vis those in the organization, whether one’s work is
appreciated or otherwise, what additional needs to be done
etc are issues that can best be clarified in an office-type
setting. Also, meeting colleagues in person gives out all the
grapevine news as to who does what, something one may
need to know to exist and grow in the organization.
3. Online meeting can be quite tiring so structure them
for maximum effect
Employee engagement during the pandemic and even after
that for those who have declared permanent “WFH” means
either phone calls with/ without video or similar chats in
chat-rooms with or without other participants. Constantly
peering at a screen in a semi-darkened room can strain the
eyes. The best of internet connection does not guarantee
uptime all the while which means one is left staring at a
screen which has frozen or has to continuously strain to
listen to either gibberish or voices at very low volumes.
Doing that for the better part of a day means that in time the
participant feels quite drained out. It’s precisely for these
reasons that in-person online meetings or those in
conference formats should be held only with a firm agenda
in mind with a clear understanding that in the event of
technology playing truant, they either end the meeting right
there or move to voice mode.
4. Routine work (like accounts, finance, HR etc) should
be encouraged to be tech-based.
Office work typically is either strategy-driven which
involves decision making, taking charge and leading from
the front or are activities that emanate from these decisions
like meetings to know of status, follow-ups, taking charge
of production/ service deliveries, accounting and finance,
human-resource issues and so on. The former cannot be
framed into any “system” given the very nature of the
activities therein and what it may entail. The latter can and
should always be system-driven to the extent possible
because in doing so, time and efforts can be saved and
outcomes can be made to be result-oriented, open and clear.
Accountability across the organization shall thus go up. As
far as employee-engagement goes, a systems approach
brings a lot more clarity without the need for constant
supervision and reporting, issues which rankle most folks in
organizations, besides reducing productivity.
5. HR-related issues should move to a self-service model
Human resource in any organization is it’s most dynamic
and also the reason things get dynamited if not handled with
care and alacrity. What employment engagement in the
times of Covid-19 pandemic has taught us is that when
things move far away in physical terms and travel is an
unnecessary pain, the organization ought to give the
employee some leeway when it comes to entering personal
details like leave applications, bills, queries etc. Ideally,
these should be put through a cloud-based system so that
they become equally accessible everywhere. In doing so,
the patience of all is saved which leads to lesser conflict and
as a consequence, higher productivity with a feeling of
quite a satisfaction.
6. If need be, employers should conduct employee
engagement surveys
Detailed employee engagement surveys when filled from
the convenience and seclusion of one’s homes invariably
reflect one’s most profound of feelings and understanding.
This, if done at regular intervals, could reveal what the
existing system of employee engagement lacks and also
ways to fix it. Sometimes the feedback could be purely
personal in which case, a detailed one-to-one with the
employee/ associate could change things for the better, both
for the organization as also the person filling in the details.
There’s a lot more to be done when a pandemic hits the
world of employment as can be seen in the present
situation. Being a completely new experience, humanity is
yet to understand its full impact and device course
correction strategies. For a start, the above steps may help.
These invariably will be added to with time given that the
pandemic has changed not only the dynamics of
employment but also our understanding of industries,
organizations, productivity, earnings and so on.
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34 | 2020
DECEMBER
