With effect from April 01, 2016, Income Computation and Disclosure Standards have become effective on Indian Taxpayer. Hence, it is important to understand the concept of standards, the recognition principles, disclosure requirements and transitional provisions. This presentation explains the basic structure of ICDS and contains the explanations issued by CBDT in March 2017.
2. ICDS Overview
2CIRC | ICDSCA PARUL MITTAL
• In Finance Act 2014, vide amendment made in section 145(2), power granted to Central
Government to notify ‘income computation and disclosure standards (‘ICDS’)’, substituting
‘accounting standards’
• A committee was formed that issued 14 accounting standards in 2012, subject to public
comments
• On March 31, 2015, vide Notification No. 32/ 2015, Central Government notified 10 out of 14
draft ICDS effective from April 01, 2015
• Vide Press Release dated July 6th, 2016, CBDT deferred by one year. Accordingly, ICDS applicable
from April 01, 2016 i.e. for computing Advance tax liability from previous year 2016-17 onwards
(Assessment Year 2017-18)
• CBDT rescinded old ICDS through Notification No. 86/ 2016 dated September 29, 2016 and issued
revised ICDS vide Notification No. 87/ 2016 and amended Tax Audit Form 3CD
• Per revised ICDS, no change in ICDS I (Accounting policies), ICDS VII (Government Grants) and
ICDS X (Provisions, Contingent Liabilities and Contingent Assets)
• CBDT issued FAQs dated March 25, 2017
3. ICDS Overview
3CIRC | ICDSCA PARUL MITTAL
Section 145(2)
Effective date w.e.f. AY 2017-18
Income heads covered -PGBP and other sources
-If accounts are on mercantile basis
No. of standards 10 vide CBDT Notification dated
September 29, 2016
Disclosure requirements Para 13 of Form 3CD & ITR
Individuals and HUF - ICDS applicable only if covered under tax audit provisions
u/s 44AB
Whether provisions of ICDS IV applicable for computing turnover threshold of
INR one crore?
4. ICDS Overview – Disclosure under clause
13 of TAR
4CIRC | ICDSCA PARUL MITTAL
ICDS* Name of ICDS Increase in profits Decrease in profits Net (Rs.) Description
I Accounting Policies
II Valuation of Inventories
III Construction Contracts
IV Revenue Recognition
V Tangible Fixed Assets
VI Changes in Foreign Exchange Rates
VII Government Grants
VIII Securities
IX Borrowing Costs
X Provision, Contingent liab & Assets
(d) Whether any adjustment is required to be made to profits or loss for complying with ICDS
notified u/s 145(2)
(e) If yes
(f) Disclosure as per ICDS* - No disclosure requirements for ICDS VIII – Securities and ICDS VI –
Change in Forex
5. ICDS – Consequences of non-compliance
Section 145(3)
• AO has the power to make best judgement assessment under section 144 if he is not
satisfied about the :-
• correctness or completeness of the accounts of the assessee ; or
• method of accounting is not regularly followed ;or
• Income not computed as per ICDS
• Hence, on not complying with ICDS, the AO can ignore the books of the assessee and do a
best judgement assessment.
• Therefore, in case of any deviation from the ICDS, there should be a proper disclosure giving
the reasoning for such deviation in the computation.
5CIRC | ICDSCA PARUL MITTAL
Key concerns/ points to ponder
• ICDS are authoritative guidance.
• Non adherence of single ICDS leads to BJA u/s 144?
6. ICDS I – Accounting Policies
6CIRC | ICDSCA PARUL MITTAL
• Concept of ‘materiality’ and ‘prudence’ absent
• Impact of absence of ‘materiality’ concept – Since concept od ‘materiality’ is
absent, capitalization of small value items though would not result in huge tax
effect but an onerous task
• Impact of absence of ‘Prudence’ concept – Concept of prudence entails
recognition of losses/ liabilities on best estimate basis. Absence of prudence
concept can result in timing difference and creation of deferred tax asset
• Para 4 - Substance over form
• Backdoor entry for GAAR?
• Mark to market losses will not be allowed except those covered under ICDS VI
– forward contracts
• Mark to market gains will also not be taxed
7. 7CA PARUL MITTAL CIRC | ICDS
ICDS II – Inventory Valuation
• Inventory shall be valued at cost or net realizable value, whichever is lower
• Three methods of valuation recognized:
• First-in first-out;
• Weighted average
• Retail method
• Inventory valuation and disclosure mandatory for service providers. Para 6 states
that cost of services shall consist of labour, other cost of personnel and attributable
overheads*
*As per erstwhile ICDS II, a service provider needed to maintain inventory record for
WIP. However, ICDS IV read with ICDS III, service providers are required to recognize
revenue on POCM basis. Accordingly, as per revised Notification 87/ 2016, the revised
ICDS has done away with this requirement for a service provider to value inventory of
work in progress. ICAI affirms this view in its guidance note
8. 8CA PARUL MITTAL CIRC | ICDS
ICDS II – Inventory Valuation
• Revised ICDS II (vide Notification 87 of 2016) recognizes both standard costing
method** or retail method*** for measuring cost of inventories if the result
approximately arrives at the actual cost.
• Method of valuation once adopted should not be changed without reasonable
cause.
** Erstwhile ICDS de-recognized standard costing method of valuation. Revised ICDS
allow standard costing method if results approximates actual cost. Adequate
disclosure should be made confirming that standard cost approximates actual cost
***Per revised ICDS, an average percentage of each retail department is to be used
while applying retail method for large number of rapidly changing items with similar
margins
9. 9CA PARUL MITTAL CIRC | ICDS
ICDS II – Inventory Valuation
• In case of newly commenced business, value of opening inventory shall be cost of available inventory
• No impact on conversion of capital asset into stock in trade for commencement of business - section
45(2)
• ICDS II recognizes inventory to be valued at Net Realizable Value (‘NRV’) on dissolution of partnership
firm/ AOP/ BOI, with or without discontinuance of business. Accordingly, profit/ loss should be
chargeable to income tax. However, in cases where dissolution is followed with continuation of business,
since inventory will be valued on NRV, the differential profit will be offered to tax, creating artificial
income and leading to generation of timing difference
Key concerns/ points to ponder
• Taxpayers to maintain parallel inventory record
• Firm/ AOP/ BOI - Inventory valuation based on NRV on dissolution, may give rise to deferred tax assets if
business continues and the NRV is more than actual inventory cost. Under AS, inventory valued at cost
and as per ICDS, it is valued at NRV, leading to differential profit being subject to tax*. Besides, no specific
provision for allowing NRV as cost to successor of business
*Contrary to Supreme Court decision in case of Shakti Trading Co. (250 ITR 871) wherein it was held that if business
continues after dissolution, inventory to be valued at NRV or cost, whichever is less. To be seen whether SC rulings prevail
over ICDS
10. 10CA PARUL MITTAL CIRC | ICDS
ICDS III – Construction Contracts
• Applicable to construction contract of a contractor. Not applicable to real estate developers and BOT projects
• Revenue and costs from construction contracts to be recognized on basis of Percentage of Completion Method (‘POCM’)
on the reporting date
• Methods prescribed to determine stage of completion under POCM:
• Proportion of contract costs incurred till reporting date to estimated total contract costs;
• Surveys of work performed; and
• Completion of physical proportion of contract work
• Conditions to estimate percentage of completion in case of ‘fixed price contracts’ and ‘cost plus contracts’ not laid down
• Contract revenue recognized based on POCM where contract crosses 25 per cent of completion stage. In early stage
i.e. below 25 per cent of completion, only costs incurred are recognized
• As per para 6, ‘Retention money’* recognized for computing revenue. As per para 4, contract revenue to be recognized
on reasonable certainty of ultimate collection. Accordingly, retention money to be recognized on satisfaction of
performance criterion, i.e. reasonable certainty of ultimate collection
Key concerns/ points to ponder
• Retention money - As per various judicial precedents*, retention money not to be recognized till completion of work/
where there is no enforceable debt.
• Expected losses not recognized, resulting in timing differences. Several adverse judicial precedents**
*Delhi Bench ‘A’ in case of Angelique International Ltd. vs DCIT [ITA No. 4085/Del/2011]
**CIT vs Triveni Engineering & Industries Ltd. (49 DTR 253)[Del], CIT vs Advance Contstruction Co. (P) Ltd. (275 ITR 30)[Guj]
11. 11CA PARUL MITTAL CIRC | ICDS
ICDS III – Construction Contracts
• Transitional provision – Revised ICDS III applicable w.e.f. April 01, 2016. Not applicable to contracts
commenced but not completed on or before March 31, 2016.
• ICDS III silent on recognition of incentive payments and claims in revenue
• Expected losses – losses to be recognized on POCM basis. Anticipated losses not to be allowed, resulting
in timing difference
• Adjustment of incidental income – Contract cost to be reduced by incidental income (not being interest,
dividend or capital gains), not included in contract revenue
12. 12CA PARUL MITTAL
ICDS IV – Revenue Recognition
CIRC | ICDS
• Applicable on recognition of revenue from:
• Sale of goods;
• Rendering of services; and
• Interest, royalty and dividend
• Revenue recognized on POCM basis on the reporting date. ICDS IV does not apply on revenue dealt by other ICDS
• Sale of goods - Revenue recognized when property in goods and all risks and rewards of ownership are transferred
along with reasonable certainty of its ultimate collection of revenue
• Service transaction - As per the revised ICDS IV, following points should be applied for recognizing service revenue:
• Where services are provided by an indeterminate number of acts over a specific period of time, revenue may be
recognized on a straight line basis over that period
• Revenue from service transactions recognized by POSM method, in accordance with ICDS III
• Revenue from service contracts of not more than ninety days may be recognized on completion/ substantial
completion of contract
• Lack of clarity on transitional provisions – whether service contracts commenced by not completed before April
01, 2016 shall be recognized based on ongoing accounting principles or POCM?
• Dividend – revenue recognized from date of declaration of dividend
• Royalty – revenue recognized on the basis of terms of agreement unless some more appropriate basis is identified on
basis of substance of transaction
• Interest – revenue recognized on time basis not on due basis. Per revised ICDS IV, interest on refund of any tax, duty or
cess taxable on receipt basis
13. 13CA PARUL MITTAL
ICDS IV – Revenue Recognition
CIRC | ICDS
Example: In a project spanning 3 years with revenue of INR 600 each year will result in taxation of INR 200 in
each of 3 years under ICDS IV and taxation on INR 600 in 3rd year under MAT provisions, resulting in the
taxpayer paying tax on taxable income of INR 1,000 (200+200+600)
ICDS IV applicable to income assessable on both net basis and gross/ presumptive incomes with specific sections
under the Act. E.g.: interest, royalty and FTS for non-residents u/s 115A also being covered
Key concerns/ points to ponder
• Postponement of revenue recognition – postponement of revenue recognition due to uncertainty is restricted
to claims for price escalation and export incentives
• Interplay of ICDS IV and MAT provisions may lead to double taxation
• Interest income – time based recognition conflicting with legal precedents* which advocate taxation of interest
on maturity in case of time deposits
* SC in case of ED Sasson & Co. (26 ITR 27), Godhra Electricity Co. ltd. (225 ITR 746)
14. 14CA PARUL MITTAL
ICDS V – Tangible Fixed Assets
CIRC | ICDS
• Tangible fixed assets include:
• land, building, machinery, plant or furniture;
• Held for purpose of producing goods or providing services; and
• Not held for sale in ordinary course of business
• Actual cost – Fixed assets to be recorded at actual cost including purchase price, duties, taxes (excluding
those that are recoverable) and other directly attributable expenditure for making such asset ready for
its intended use. Cost component aligned with ‘actual cost’ concept under section 43(1) of the Act
• Non-monetary consideration - Fair market value of tangible fixed asset recorded as actual cost of asset
acquired in exchange of another asset, shares or securities. No scope for adopting fair market value of
asset given up
• Assets acquired for consolidated price – when several assets are acquired for a consolidated price, the
consideration shall be apportioned to individual assets on a fair basis
• Spares – though machinery spares should be charged to revenue on consumption basis, machinery
spares dedicated to tangible fixed asset and having irregular use should be capitalized. Stand by
equipment and servicing equipment to be capitalized.
15. 15CA PARUL MITTAL
ICDS V – Tangible Fixed Assets
CIRC | ICDS
• Expenditure on test runs – expenditure on start-up and commissioning of project including expenditure
incurred on test runs and experimental production should be capitalized.
• Expenditure incurred after commencement of commercial production – expenditure incurred after
plant has begun commercial production, shall be treated as revenue expenditure
To mitigate the lack of clarity on expenses between trial run and commercial production, CBDT has clarified
in its FAQs that post all expenses till the plant begins commercial production, shall be capitalized. This
clarification is contrary to judicial precedents viz. Delhi ITAT judgment in case of NTPC Ltd 357 ITR 253,
wherein it has been held that post trial run expenditure shall be allowed as revenue expenditure.
Key concerns/ points to ponder
• Actual cost concept promoted under ICDS V. Lack of clarity whether asset acquisition costs not forming part of
actual cost should be deducted from revenue rather than capitalizing
• In case of acquisition of fixed asset in exchange, no option of adopting fair value of the asset given up. Cost
concept entails recognition of cost given up
• When several assets purchased for a consolidated price, the consideration to be apportioned to individual
assets on a ‘fair basis’. ‘Fair basis’ is ambiguous and litigious
16. 16CA PARUL MITTAL CIRC | ICDS
ICDS VI – Effects of changes in foreign
currency rates
• ICDS VI does not apply to banks and other authorized dealers which offer derivative products to their
customers
• Provisions of ICDS VI subject to section 43A of Income Tax Act and Rule 115 of Income Tax Rules
• Monetary items – ‘Monetary items’ are money held and assets to be received or liabilities to be paid in
fixed or determinable amounts of money. E.g.: receivables, payables,. ICDS VI allows exchange difference
on monetary items to be transferred to revenue account (subject to section 43A of the Act pertaining to
foreign exchange difference on acquisition of imported asset).
• MTM losses not allowed - Gains/ losses arising from foreign exchange contracts in nature of trading or
speculation purposes should be recognized on settlement since mark to market gains or losses are
unrealized in nature
• Non integral foreign operation – As per revised ICDS Notification 87 dated September 29, 2016, the
concept of integral and non-integral foreign operations has been removed
• Treatment of opening balance of FCTR on April 01, 2016 – the opening balance of FCTR may have
accumulated over several years and should not be taxable in entirety in FY 2016-17
17. 17CA PARUL MITTAL CIRC | ICDS
ICDS VII – Government Grants
What is a government grant
• Assistance from Govt. in cash or kind for past or future compliance with conditions
Recognition
• Reasonable certainty that grants be received and conditions would be complied
with. Government grants should not be postponed beyond actual receipt date
irrespective of compliance of agreed conditions
• Grant pertaining to depreciable fixed asset – Amount of grant would be deducted
from cost/ WDV of asset (consistent with Explanation 10 to section 43(1) of the Act)
• Other grants including promoter’s contribution – to be treated as income by
transferring to revenue account (to be recognized upfront where no conditions
attached. To be deferred during pendency of conditions attached to grants). No
concept of capital grant
• Non-monetary assets – provided at concessional rate, recognized at acquisition cost
18. 18CA PARUL MITTAL CIRC | ICDS
ICDS VII – Government Grants
• Refund of government grant
• Disclosure
Impact and CBDT clarification
• Receipt basis recognition would create MAT mismatch and deferred tax assets/ liabilities
• CBDT clarified that transitional provisions on recognition of grants already received prior to
April 01, 2016 but not recognized pending fulfillment of certain agreed conditions shall not
be considered
Non-depreciable -refund adjusted against unamortised deferred credit
-On exhausting deferred credit, to be charged to P&L
Depreciable asset -Increasing the actual cost of asset
-Depreciation on revised actual cost to be provided prospectively
Non-depreciable -nature and extend of government grant recognized as income
-nature and extent of government grant not recognised
Depreciable asset -nature & extent of GG recognized by deducting actual cost/ WDV
-nature & extent of GG not recognised by deducting actual cost/
WDV
19. 19CA PARUL MITTAL CIRC | ICDS
ICDS VIII – Securities
• ICDS VIII deals with securities held as stock in trade
• Valuation
• Initial recognition–Actual cost (comprising of purchase price, brokerage fee, tax etc.)
• Subsequent recognition–Lower of cost or net realizable value (‘NRV’). Comparison
of cost* or NRV should be done category wise (not for individual security).
• For aforesaid comparison, securities to be classified in following categories/
buckets:
• Shares;
• Debt securities;
• Convertible securities; and
• Others
• Unlisted/ thinly traded securities – actual cost initially recognized
• Acquisition by exchange –FMV of security so acquired shall be its actual cost
20. 20CA PARUL MITTAL CIRC | ICDS
ICDS VIII – Securities
Shares Cost NRV
Valuation as
per AS 13
Valuation as
per ICDS
Lower of cost
or NRV -
Individual
scrip wise
Lower of cost
or NRV -
Category wise
X Ltd. 100 40 40
Y Ltd. 200 140 140
P Ltd. 300 150 150
F Ltd. 400 250 250
M Ltd. 100 500 100
Total 1100 1080 680 1080
Impact: Category wise valuation results into accelerated taxation since
appreciation in the value of certain securities will be set off against diminution in
the value of other securities.
21. 21CA PARUL MITTAL CIRC | ICDS
ICDS VIII – Securities
• Interest bearing security – Reduction of pre-acquisition interest from actual cost of
security, in case of interest bearing securities, where such interest is accrued and
included in the price paid for such security.
Key concerns/ points to ponder
• Category wise valuation (bucket valuation approach) results in accelerated taxation
• In case of acquisition of security in exchange, FMV of acquired security is
recognized. Cost concept normally relates to cost given up
• Interplay of transitional provisions in case of unlisted/ thinly traded securities –
where such securities are valued at NRV (assuming NRV to be lower) as on March
31, 2016), it needs to be enhanced to the cost of valuation (assuming cost being
higher as on March 31, 2016), resulting in artificial gains and accelerated taxation in
FY 2016-17
*Where actual cost cannot be ascertained, cost to be determined on FIFO basis or
weighted average cost formula
22. 22CA PARUL MITTAL CIRC | ICDS
ICDS IX – Borrowing Costs
• Qualifying asset defined in para 2(b) to include:
• Tangible assets – land, plant etc.
• Intangible assets - know-how, patents, copyrights, commercial rights etc.
• Inventory – that requires period of 12 months or more time period for being in saleable condition
• Exchange difference – not to be included as part of borrowing cost
• Time of commencement of capitalization of borrowing cost:
• For specified borrowing – from date on which funds are borrowed
• For general borrowing – from the date on which funds are utilized
• Valuation of borrowing cost:
• For specific borrowing – actual borrowing cost incurred during the period on borrowed funds
• For general borrowing – specified formula
• No suspension of capitalization of borrowing cost, even if active development of asset is interrupted
• Cessation of capitalization:
• Inventory – when all activities necessary for preparing the inventory for sale are complete
• Other qualifying asset – when asset is first put to use;
23. ICDS X – Provisions, Contingent Liabilities
and Contingent Assets
23CA PARUL MITTAL
Recognition of provision
• Present obligation as a result of past event;
• Reasonably certain that outflow of resources embodying economic benefits to settle obligation;
• Reliable estimate can be made for amount of obligation
Contingent Liabilities/ assets
• Contingent liabilities and contingent assets not to be recognized
• When it becomes reasonably certain that inflow of economic benefit will arise, asset and related
income are recognized in the year in which change occurs
Recognition of reimbursement for provisions
• When it is reasonably certain that reimbursement will be received
Retirement benefits
• CBDT clarified that post retirement benefits like medical benefits covered by AS-15 are not covered
Key features:
• Test of probability (more likely than not) replaced with reasonable certainty
• Onerous executory contracts not excluded
• Provision for depreciation/ doubtful debt not covered
• Provision for impairment of asset not covered
CIRC | ICDS
24. ICDS X – Provisions, Contingent Liabilities
and Contingent Assets
24CA PARUL MITTAL
Provision for warranty allowed as expenditure in following cases:
• Rotork Controls India P. Ltd. (2009) 314 ITR 62 (SC)
• Provision to qualify for recognition, there must be a present obligation arising from past events,
settlement of which is expected to result in an outflow of resources and in respect of which a reliable
estimate of amount of obligation is possible
• Himalaya Machinery (P) Ltd. Vs DCIT 334 ITR 64
• CIT vs Luk India P. Ltd. 52 DTR 117
• Siemens Public Communication Networks Limited vs CIT
• CIT vs Indian Transformers Limited 270 ITR 259
Key issues:
• Whether insurance claims/ compensation against insurance claim is contingent asset
• Prohibition of discounting of provision amount (Contrary to IND AS 37)
• No clarity on restructuring provisions. Act should be referred
CIRC | ICDS
25. Section 269ST
25CA PARUL MITTAL CIRC | SFT Reporting
With effect from April 01, 2017, a person receiving cash exceeding 2 lacs otherwise than by an
account payee cheque/ bank draft or through electronic clearing system of a bank, either:
• In aggregate from a person in a day;
• In respect of a single transaction; or
• In respect of transactions relating to one event or occasion from a person
• Shall be subject to penalty of an equivalent amount (Section 271 DA)
Following items are excluded:
- Withdrawal of cash from bank, co-operative society or post office savings bank*
- Government, any banking company, post office saving bank or a co-operative bank
- Transactions in nature referred in section 269SS
* Clarification provided in CBDT Press Release dated April 05, 2017
26. Section 269ST - Illustration
26CA PARUL MITTAL CIRC | SFT Reporting
- Dealer to specify every cash receipt against the sale Bill No. and date against
which the cash is accepted
Illustration:
Mr A made following sales to Mr. B: Recovery Details:
If the cash receipts at Sr. Nos. 1 and 2 above are appropriated towards Bill No. 1, the cash receipts at Sr.
Nos. 1 and 2 will attract penalty as per S. 269ST(1)(b)
On the other hand, if the cash receipt at Sr. No. 1 is appropriated towards Bill No. 15 and cash receipt at Sr.
No. 2 is appropriated towards Bill No. 1, then there will be no contravention of section 269ST
Date Bill No. Bill amount
20.04.17 1 3,00,000
22.04.17 15 1,50,000
Total 4,50,000
Date Receipt Mode of receipt
24.04.17 1,50,000 Cash
25.04.17 90,000 Cash
26.04.17 1,00,000 Cheque
27.04.17 1,10,000 Cheque
Total 4,50,000
27. Statement of Financial Transactions (SFT)
27CA PARUL MITTAL CIRC | SFT Reporting
Rule 114E of Income Tax requires taxpayer liable for tax audit u/s 44AB to file a statement of
Financial Transactions in Form 61A, in case of receipt of cash payment exceeding INR two lacs
on sale of goods or services of any nature (previously called AIR – Annual Information Return)
w.e.f. April 01, 2016
Period and due date
Online return in Form No. 61A containing details of eligible financial transactions needs to be
furnished with digital signature on or before the 31st May, immediately following the financial
year in which the transaction is registered or recorded.
Penalty for non-furnishing of prescribed Financial Transactions:
S No. Section Default Penalty
1 271FA Non furnishing of financial transaction INR 100 per day of default
2 271FA Non furnishing of FT on receiving notice
from AO
INR 500 per day of default
3 271FAA Furnishing of inaccurate information INR 50,000
28. SFT Reporting – Procedure & Issues
28CA PARUL MITTAL CIRC | SFT Reporting
Every reporting person mentioned in column (3) of the table under sub-rule (2) of rule 114E
should obtain a registration number from IT Department for the purpose of filing Statement of
Financial Transactions [SFT] in Form No. 61A
CBDT vide Notification No. 13 of 2016, dt. 30.12.16 explained the procedure for Registration
and generation of ITD registered Entity Identification Number [ITDREIN])
Intrinsic features:
*Reporting in Form 61A ( for transaction No.11 mentioned in Rule 114E(2) - Receipt of cash
payment exceeding two lakh rupees for sale, by any person, of goods or services of any
nature) - applies only to 44AB audit cases
The norms of aggregation contained in sub-rule 3 of Rule 114E have been amended vide
CBDT's Notification No. 91/2016, dated 6th October, 2016; clearly indicating that the said
transactions do not require aggregation and the reporting requirement under Statement of
Financial Transactions [SFT] for this purpose is on receipt of cash payment exceeding Rupees
Two Lakh for sale of goods or services PER TRANSACTION.
[CBDT press release dated 22.12.16]
29. SFT Reporting – Issues
29CA PARUL MITTAL CIRC | SFT Reporting
Issue:
The sales transactions involving receipt of cash of exactly Rs. Two lakhs will go
unreported in Form 61A under Rule 114E, which are, in fact, liable to be booked
under S. 269ST, read with section 271DA of the Act
Section/ Rule Default
Section
269ST
receipt of money of Two Lakh rupees or more
Rule 114E receipt of cash exceeding Two Lakh rupees
30. CA Parul Mittal
30
Mobile:
+91 9811205855
Email:
parul@pmittal.in
Office Address:
A-211, Defence Colony,
New Delhi – 110024
D-10, 2nd Floor, South
Extension, Part 2,
New Delhi - 110049
Parul Mittal is a practicing Chartered Accountant, sole proprietorship, Parul
Mittal & Associates. She formed the firm in year 2015.
Parul’s experience spans over 12 years, specializing in tax and regulatory
advisory with Big4 firms, Ernst & Young and Price Waterhouse Coopers.
During her stint with Big4 firms, she worked extensively with domestic and
multinational corporations, and handled various kinds of assignments ranging
from advisory on accounting and taxation matters to ongoing compliance
under direct, international tax, transfer pricing and exchange control. Parul has
assisted clients in establishing new business ventures, and assisted them on
various initial compliances and entity formation procedures.
Parul holds a Bachelors degree in Commerce from University of Delhi and is a
qualified Chartered Accountant.
CIRC | ICDS & SFT Reporting