
UDIN: The tool to plug bank frauds through forged documents
By Milan Mody, Bhavin Kapadia and Nidhi Parekh
Originality and authenticity are the key elements when people rely and trust documents which have been certified by an expert.
Posted on 19th Jan 2019

Can father legally recover money spent on child’s education? Here’s what the Bombay HC said in this case
By Sandeep Shah
A case of cheating filed by a father against his son for failure to pay back Rs 29 lakh has apparently disturbed the Hon’ble Judges of the Bombay High Court.
Posted on 15th Jan 2019

Article Opportunity_SEBI relaxes listing of startups
By Sandeep Shah, Amrita Bhatnagar and Vaibhav Gandhi
With the objective of ease of doing business, Government of India has taken various measures to promote startups.
Posted on 4th Jan 2019

Article on NFRA - Who audits the auditor?
By Milan Mody and Sandesh Rajapkar
The spate of major corporate scandals, including the likes of Enron, WorldCom, Tyco International, Adelphia, and Peregrine Systems in the USA gave rise to the Sarbanes Oxley Act, 2002 (SOX).
Posted on 4th Jan 2019

Around 200 auditors resigned in 2018 but how many followed the procedure?
By Milan Mody and Samir Parmar
In 2018, around 200 auditors have resigned and in Mumbai region alone, the numbers range around 60.
Posted on 31th Dec 2018

UPI app user loses Rs 6.8 lakh from his SBI account; Was it fraud? What legal experts said
By Sandeep Shah
UPI app users beware! In a recent case of fraud, a Noida-based UPI (Unified Payments Interface) app user has reportedly lost Rs 6.8 lakh from his SBI savings account.
Posted on 28th Dec 2018

Real Estate Funding Crisis
By Sandeep Shah
Reserve Bank of India (RBI) for more than two decades has treated real estate as a sensitive industry.
Posted on 13th Dec 2018

ETCFO Insight: Tax on LLP conversion, conditioned
By Ashok Shah and Hitesh Jain
Conversion of company into Limited Liability Partnership (LLP) results in ‘transfer’, hence liable for tax, in the absence of fulfilling condition of section 47(xiiib) of IT Act rules Income tax Appellate Tribunal (ITAT).
Posted on 7th Dec 2018

Will I be taxed if I don't withdraw EPF amount after retirement?
By Ashok Shah
If you keep the money in the EPF after retirement, you will need to disclose the interest in your income tax return and pay tax accordingly.
I have accumulated a large amount in my EPF account.
Posted on 19th Nov 2018

Got unsolicited credit card? Bank can’t force you to pay for its misuse
By Sandeep Shah
If any bank has issued you an unsolicited card, without your consent, then you are not liable to pay for any loss suffered by the bank arising out of misuse of such card.
Posted on 15th Nov 2018

Investing in art? Make sure your papers are in order to avoid tax problems
By Tinesh Bhasin
The paperwork must show how the artwork was procured and that valuation was correct when it was bought; art collectors also need to insulate their beneficiaries from tax troubles in the future.
Posted on 12th Nov 2018

How can I save tax on gains made on selling a shop
By Ashok Shah
One can also choose to invest the capital gains within six months from the date of sale of the property in the bonds of certain specified companies.
I recently sold my shop and made capital gains of Rs 33 lakh. How can I save tax on these gains?
Posted on 12th Nov 2018

Check warranty of gadgets you buy
By Sandeep Shah
Festivals like Diwali and Christmas have both become associated with shopping mania. Discounts and deal are tied around them. Right from smartphones to iron and grinders to cars, there seems is a promotional offer for everything, both online as well as offline.
Posted on 6th Nov 2018

Issues and challenges revolving around GST audit & annual return and precautions for compliances
By Sandeep Shah
GST Audit is applicable to every registered person whose aggregate turnover in a financial year exceeds Rs. 2 Crores which has to be computed for company on PAN India basis and not individually for each State.
Posted on 22th Oct 2018

Can I claim medical expenses for my wife as deduction under Income Tax Act?
By Ashok Shah
My 71-year-old wife is diabetic. She has a medi-claim policy but it does not cover OPD expenses. She has to go for medical check-ups 5-6 times a year and each check-up costs around Rs 7,000. Can I claim these expenses for tax deduction?
Posted on 22th Oct 2018

Legal considerations for acquisition, sale and leasing of land
By Sandeep Shah
Land by definition is fixed in supply and also perfectly scarce. Moreover, each parcel of land is perfectly unique in itself and cannot be replicated.
Posted on 13th Oct 2018

How is long-term capital gain from Nabard bonds taxed?
By Ashok Shah
Being a super senior citizen, you are liable to pay income tax only if your taxable income exceeds Rs 5 lakh.
Posted on 8th Oct 2018

Impact of e-commerce trend on Indian real estate
By Sandeep Shah
E-commerce trend is both an opportunity and threat. Depending on which side of the coin you are, it will either benefit you or you will be victim of the new sunrise Industry. The E-commerce industry is witnessing never ending inflow of funds inspite of the fact that they continue to incur losses much beyond their net worth.
Posted on 7th Oct 2018

Insolvency and Bankruptcy Code: Has IBC been effective in safeguarding the rights of buyers?
By Sandeep Shah
IBC can only hasten the resolution process but can never take away the pain of all those who are impacted due to the builder’s insolvency or inability to meet the commitments.
Posted on 30th Sep 2018

Indian Accounting Standard (Ind AS) 115, Revenue from Contracts with Customers
By CA Sandeep Shah and CA Milan Mody
India had the unique opportunity to early adopt Ind AS 115 as compared to rest of world.Nonetheless, entities will have to once again undergo the process of unlearning and relearning
Posted on August 2018

How to claim tax benefits on home loan if house property is jointly owned with spouse?
By Gopal Bohra
If a piece of property is jointly owned with one’s spouse, a question arises that can both husband and wife claim the tax benefit equally and in which case?
Posted on 21th Aug 2018

How will the capital gains made on the sale of a flat be taxed?
By Ashok Shah
To compute long-term capital gain, one will have to reduce the indexed cost of acquisition from the selling price.
Query: I am about to sell a flat for Rs 60 lakh. What will be my capital gains tax liability? How can I save tax?
Posted on 20th Aug 2018

Government move to curb Ponzi schemes: What you need to know
By Sandeep Shah
In the realm of the real world, high return and guaranteed return don’t go hand in hand. As an answer to Ponzi schemes, the government has recently tabled the Banning of Unregulated Deposit Schemes Bill, 2018.
Posted on 17th Aug 2018

10 things you need to know about filing your Income Tax Returns
By Praveenkumar Darak and Rashi Gupta
The taxpayer who could not file their income tax returns for the financial year 2017-18 by July 31, 2018, can feel relaxed as the Central Board of Direct Taxes has extended the last date for filing income tax return from July 31, 2018, to August 31, 2018.
Posted on 10th August 2018

Keep a tab on your private PF, know how to get errors fixed
By Sandeep Shah
Employees’ Provident Fund (EPF) is a saving tool that we all like not only because it gives guaranteed tax-free returns but also because we know that our employer adds an equal amount to the PF kitty every month.
Posted on 7th August 2018

Small entrepreneur/business owner? Here’s the best way to file your income tax return
By Pooja Karani and Gopal Bohra
Running a business and maintaining regular books of accounts is a tedious task for small/new entrepreneurs. To relieve such entrepreneurs from the maintenance of regular books of account and to focus on their business, the Income Tax Act provides certain relaxations for maintenance of books of accounts.
Posted on 2nd August 2018

Big relief! New GST return forms reduce hassles for small taxpayers
By Parag Mehta
To avoid strain on the GST Network, the return-filing dates would now be staggered based on the turnover of the taxpayer.
Posted on 1st August 2018

Proposed returns process to simplify GST regime, bring relief to taxpayers
By Parag Mehta
Assessees will have to continuously upload invoices and keep track of matching purchase receipts with those of sales to claim input tax credit.
Posted on 31th July 2018

CBDT expands scope of tax audit process
By Gopal Bohra
Revisions in the forms have come at a time when tax professionals are busy with filing returns by July 31, making it more onerous for them, an expert says.
Posted on 26th July 2018

Income tax filing reckoner: Here's how your capital gains will be taxed this year
By Gopal Bohra and Mansi Desai
Here some tips for you on how to compute your capital gains for the purpose of filing tax return.
Posted on 24th July 2018

Has your employer not given your Form 16? Here’s how you can still file your tax return
By Rushabh Vora and Mansi Almeida
With the due dates to file for income tax return assessments for the year 2018-19 round the corner, taxpayers are gearing up to comply with the deadline.
Posted on 23th July 2018

I took a home loan to purchase a flat. This flat is registered in my parents’ and my name. Will the rent proceeds from this property be considered as my income or divided into three parts for income tax purposes?
By Ashok shah
Query: Will switching from equity to debt schemes of the same fund house have some tax implication?
Posted on 23th July 2018

11 Days Left To File Your Income Tax Return And Avoid Penalty
By Chirag Chordia
The Income Tax Department has been using different mediums to remind assessees to file their income tax return (ITR) for Assessment Year 2018-19 by the due date. From social media platforms to website to emails, the taxman is urging assessees to finish the income tax return filing process before the due date.
Posted on 20th July 2018

Income Tax Return filing: 10 tax filing mistakes that can land you in trouble
By Gopal Bohra
In a rush to file their income tax return on time, some taxpayers end up making some mistakes. Here’s a list of 10 common tax-filing mistakes which can land you in trouble.
Posted on 18th July 2018

Govt Hopes To Reduce Tax Disputes With New Policy Measures
By Gopal Bohra
The government on Wednesday announced a series of measures that would give a huge relief to taxpayers who have tax disputes with the Government.
Posted on 12th July 2018

MCA notifies Beneficial Ownership Rules: Drastic changes, are you ready?
By Ashok Shah and Amrita Bhatnagar
Companies (Amendment) Act 2017 has replaced the provision relating to Significant Beneficial Owners by amending section 90 of the Companies Act.
Posted on 10th July 2018

What is Income Tax Clearance Certificate? For whom is it a must?
By Ashok Shah
There are a few transactions where obtaining an Income-Tax Clearance Certificate is currently required under the Income-Tax Act.
Earlier, many transactions required obtaining an Income-Tax Clearance Certificate.
Posted on 6th July 2018

GST completes 1 year! 10 stocks that are likely to gain the most
By Ashok Shah
The Goods and Services Tax (GST) has completed one year on July 1. It will be a year since the introduction was heralded as India’s greatest tax reform to free Indians from multiple taxes, setting the base for a unified common market.
Posted on 2nd July 2018

Counting Their Losses
By Ashesh Shah
The newly minted Insolvency and Bankruptcy Code, 2016 (IBC) has put banks in a spot. The bankruptcy process is forcing them to book massive losses. Take a look. Promoters of Mumbai-based Shirdi Industries, a manufacturer of decorative laminates for the furniture industry, left just 26 cents for a dollar on the table for bankers as part of the IBC resolution.
Posted on 1st July 2018

Evading bank’s WhatsApp message can be a costly financial mistake; all you need to know
By Ashok Shah
If you are one of those who tend to ignore any message or notice sent through email or electronic means like WhatsApp, then think again. Here’s what happened in this case.
Posted on 18th June 2018

NPA recovery: ‘Banks’ internal processes not in sync with external environment’
By Ashesh Shah
Internal processes in banks have still not caught up with the changes in the external environment relating to the recovery of non-performing loans, said Ashesh Shah, Managing Director, Trans-Continental Capital Advisors Pvt Ltd.
Posted on 12th June 2018

"HomeMoney SBI Debit Card Case: Can banks deny payment even if ATM pin is shared with spouse? Here’s what legal experts say"
By Sandeep Shah
A consumer court has recently ruled in favour of the SBI in a case in which the bank said that husband can’t use wife’s debit card, even if he is using it with the consent of his wife.
Posted on 11th June 2018

Everything you need to know about structuring investments for your startup
By Ashok Shah and Amrita Bhatnagar
One of the biggest challenges for a start-up entrepreneur is arranging the funds necessary to launch and grow businesses. The major challenge is the availability of bank finance in absence of security.
Posted on 11th June 2018

Guidelines to sustain a family business
By Ashok Shah and Diana Mathias
“For better or for worse, our company is a reflection of my thinking, my character and my values” – Rupert Murdoch

Times Property supplement
By Mr. Sandeep Shah
It is important to keep in mind the legal requirements for the purchase of your home. This Akshaya Tritiya, ensure you check all the legal boxes and move forward as a home-owner.

Investing To Save Income Tax? Link It To Your Goals And Not Your Tax
By Mr. Ashok Shah & Mr. Aniket Shet
In today’s time, the common man has become more prudent and wise when it comes to investments, says Ashok Shah of N.A. Shah Associates.

HNWIs Bidding Adieu to India - Under Tax Scanner
By Mr. Ashok Shah and Ms. Mansi Almeida
Recent times have witnessed increasing trend of individuals, primarily High Net Worth Individuals (‘HNWIs’), migrating from India with or without surrendering their Indian citizenship.

Victory for Co-operative Societies - Supreme Court approves the principle of mutuality
By Mr. Ashok Shah & Mr. Praveen Darak
The Supreme Court has upheld the principle of mutuality, which states that a person cannot make profit from himself.

Booster to small enterprises" in Expert column of Realty Plus
By Mr. Bhavin Kapadia
Small enterprises are the strong pillars of our country which significantly contributes to our economy’s Vikas and Rojgar.

GST Collection figures
By Mr. Parag Mehta
Reacting on GST Collection figures Mr.Parag Mehta, Partner, N.A Shah Associates LLP, said, “GST Collections for February 2018 stands at Rs. 85,174 crores. Reacting on GST Collection figures Mr.Parag Mehta, Partner, N.A Shah Associates LLP, said, “GST Collections for February 2018 stands at Rs. 85,174 crores.

The Financial Express, on the article Country By country Reporting
By Mr. Gopal Bohra & Mr. Rushabh Shah
Keeping in mind to adopt the global best practices in the area of transfer pricing (TP), India has, over the past few years.

Revisiting Anti-Fraud Compliance Programs : Lesson from the Nirav Modi Scam
Mr. Prashant Daftary and Mr. Kalpesh Panchal
Nirav Modi and Gitanjali Gems scam has been one of the most writtern about topic in the recent days.

I-T dept warning to salaried taxpayers: Hoodwinking the taxman is difficult
If your case is picked up for random scrutiny, any of the tricks that you or your financial advisor may have used to avoid tax will be easily detected.
Cases of salaried employees making false declarations to claim tax deductions and under-reporting their income have become quite common in recent times.

Peril of paying unaccounted cash for buying your dream home may land you in jail!
By Ashok Shah
Maharashtra Real Estate and Regulatory Authority (RERA), in a recent case, directed a builder to refund cash component over delay in possession to a buyer.