CA Aman Rajput

https://lnkd.in/gnVA2_NA Accounting for taxes and computation of taxes are different! #financialreporting #nfra #icai #acca #indas #ias12 #indas12 #ifrs

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𝙋𝙧𝙞𝙫𝙖𝙩𝙚 𝙀𝙦𝙪𝙞𝙩𝙮? 𝙔𝙚 𝙠𝙮𝙖 𝙝𝙤𝙩𝙖 𝙝𝙖𝙞? A CA industrial trainee working in the private equity (PE) department typically engages in a variety of tasks that are crucial to the investment and portfolio management process. Here’s an overview of the key responsibilities and tasks: ### 1. **Financial Analysis and Modeling:** - **Financial Modeling:** Building and maintaining complex financial models to forecast company performance. - **Valuation:** Performing valuations of potential investments using various methodologies (DCF, comparable company analysis, precedent transactions). ### 2. **Due Diligence:** - **Company Analysis:** Conducting detailed analysis of target companies, including financial statements, market position, and business model. - **Risk Assessment:** Identifying and evaluating risks associated with potential investments. - **Industry Research:** Conducting market and industry research to understand market trends, competitive landscape, and growth opportunities. ### 3. **Deal Execution:** - **Deal Structuring:** Assisting in structuring deals, including negotiating terms and conditions. - **Documentation:** Preparing investment memos, presentations, and other documentation for investment committees and stakeholders. - **Coordination:** Working with legal, tax, and other advisors to execute transactions. ### 4. **Portfolio Management:** - **Performance Monitoring:** Monitoring the financial and operational performance of portfolio companies. - **Reporting:** Preparing periodic reports on the performance of investments for internal and external stakeholders. - **Value Creation:** Supporting initiatives aimed at improving the value of portfolio companies, such as cost optimization and growth strategies. ### 5. **Client Interaction and Networking:** - **Client Meetings:** Participating in meetings with potential and existing clients to discuss investment opportunities and portfolio performance. - **Networking:** Building relationships with industry professionals, including investment bankers, consultants, and corporate executives. ### 6. **Administrative Tasks:** - **Data Management:** Maintaining databases of potential investment opportunities and portfolio companies. - **Compliance:** Ensuring all activities comply with regulatory and internal compliance requirements. ### Final Thought: Working as a CA industrial trainee in a private equity department provides a robust learning experience, exposing you to the intricacies of investment management, financial analysis, and strategic decision-making. This experience is invaluable for a career in finance, consulting, or corporate strategy. Those actually working in the department as an industrial trainee may confirm the above in the comments✅ Do hit a like & share the post with all Ca industrial trainee candidates who are in the search of private equity opportunities!

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ITR-U (Updated Income Tax Return) for F.Y. 2023-24: 1. What is ITR-U? ITR-U stands for Updated Income Tax Return. It allows taxpayers to update their income tax returns even after the original return has been filed or if they missed filing the return within the due date. It was introduced under Section 139(8A) of the Income Tax Act, 1961. 2. Who can file ITR-U? Any taxpayer who: a.Missed filing their original income tax return. b.Wants to correct errors or omissions in their previously filed returns. c.Intends to disclose additional income that was missed earlier. 3. When can ITR-U be filed? ITR-U can be filed within 24 months from the end of the relevant assessment year. For F.Y. 2023-24, this means the updated return can be filed until March 31, 2027. 4. What are the permissible reasons for filing ITR-U? Some common reasons include: a. Omission of income. b. Incorrect income details. c. Missed deductions or exemptions. d. Change in tax liability. e. Incorrect details in earlier returns. 5. What additional tax is payable for filing ITR-U? Taxpayers filing ITR-U are required to pay an additional tax as a penalty, depending on the timing of the filing: Within 12 months of the end of the assessment year: Additional tax = 25% of the tax and interest payable. After 12 months but before 24 months: Additional tax = 50% of the tax and interest payable. For F.Y. 2023-24, if the updated return is filed by March 31, 2026, the penalty will be 25%. If filed between April 1, 2026, and March 31, 2027, the penalty will be 50%. 6. What are the limitations of ITR-U? ITR-U cannot be filed in the following situations: a. To claim a refund or reduce tax liability. b. If the updated return results in a loss or increases the loss declared in the original return. c. If the assessment, reassessment, or revision for the same year is already completed. d. In cases involving search or survey proceedings. e. If prosecution proceedings are initiated under the Income Tax Act. 7. How is ITR-U filed? 1. Log in to the Income Tax e-Filing portal. 2. Select ITR-U under the “File Return” tab. 3. Provide the reasons for updating the return. 4. Calculate the additional tax liability and pay the tax due. 5. Submit the updated return. 8. Why is ITR-U important for taxpayers? ITR-U provides a second chance to comply with tax obligations by rectifying mistakes or omissions, thus avoiding severe penalties, interest, or legal consequences. It ensures better tax compliance and transparency.

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How to Write Answers for CA Inter Audit Case Studies: A Step-by-Step Guide: In CA Inter Audit, answering case studies is crucial, as it tests both theoretical knowledge and practical application. Here’s a concise way to structure your answers: 1. Understand the Case: Read carefully: Identify key facts, issues, and what’s being asked. Analyze: Focus on the audit procedure, risks, and applicable SAs. 2. Use a Structured Format: Introduction: Briefly introduce the scenario. Mention any specific facts or background relevant to the audit. Audit Issues: Identify and list the key audit issues. For example, “Risk of material misstatement due to inadequate internal controls.” Relevant Standards: Refer to applicable Standards on Auditing (SAs) (e.g., SA 230 for documentation, SA 315 for risk assessment). Audit Procedures: Describe specific procedures you would apply to address the issues, e.g., “Performing test of controls,” or “Using substantive procedures for inventory verification.” Conclusion/Recommendation: Conclude with the actions to be taken or a brief audit opinion. E.g., “Based on the audit evidence, the financial statements present a true and fair view.” 3. Keep it Concise and Clear: Stick to the essentials—avoid over-explaining. Be direct and structured. Use bullet points for clarity and highlight important terms. Example Answer: Case Study: Company ABC has a history of cash flow issues and has not implemented adequate internal controls over receivables, increasing the risk of misstatements in their financial statements. Answer Structure: Introduction: Company ABC is facing issues with internal controls, particularly over receivables, which could lead to material misstatements. Audit Issues: Risk of misstatement in accounts receivable. Lack of proper controls in the cash flow management process. Relevant Standards: SA 315: Identifying and assessing the risks of material misstatement. SA 330: Responses to assessed risks. Audit Procedures: Test of controls over receivables by reviewing aging reports and payment history. Substantive procedures such as confirming balances with customers. Conclusion: Based on the audit evidence, the internal controls need strengthening. I recommend implementing tighter cash flow monitoring and receivables control mechanisms.

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How To Score High Marks In IBS ❓ Tip 2 : Identify Relevant Concepts 1️⃣ Identify the key concepts from various subjects in the CA Final syllabus that are relevant to the case study. 2️⃣ These may include FR, AFM, DT, IDT, Audit, Law etc. Stay tuned for more valuable tips from CA, CPA Vinod Kumar Agarwal Sir! 📞 Call: 9667671155 | 📱 Whatsapp: 9766921860 | 🌐 www.vknow.in | 📧 [email protected] #Integratedbusinesssolutions #CAFinalExam #CAVinodKumarAgarwal #IBSTips #StudyTips

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🔍 Choosing the Right Coaching for CA Intermediate: My Experience 📚 When deciding on CA Intermediate coaching, I faced a crucial choice: go for a comprehensive coaching institute or select individual teachers for each subject. I chose the latter approach, and here’s why: 1. Cost-Effective: Individual classes were more affordable compared to bundled coaching fees. 2. Recommendations: Guidance from friends and mentors suggested this method. Here's a breakdown of the classes I took: - Paper-1 Advanced Accounting: Abhishek Zaware – Highly practical with industry insights, making you ready for articleship. - Paper-2 Corporate & Other Laws: Shubham Singhal – Friendly and a great mentor with effective tricks for the subject. - Paper-3 Taxation: Income Tax: CA Vijay Sarda (Fast Track) – His charts and summaries were invaluable for quick revision. Paired with Bhanwar Borana's revision lectures.   Indirect Taxation: Neeraj Arora – Fun and engaging classes with comprehensive notes. - Paper-4 Cost & Management Accounting: CA Nitin Guru 💰🆖🟩 – Exam-oriented teaching with excellent doubt-solving. - Paper-5 Auditing & Ethics: Neeraj Arora – Masterful explanations and in-depth coverage. - Paper-6 Financial Management & Strategic Management: FM: Abhishek Zaware – Practical-oriented approach to finance. SM: Neeraj Arora – Clear explanations, and I pared it with additional revision classes from another teacher. In summary, I personally believe Neeraj Arora, Nitin Guru, and Shubham Singhal excel in exam-oriented teaching, while Abhishek Zaware and Vijay Sarda are fantastic for practical insights. One tip: For online classes, actively engage during live sessions to resolve doubts effectively. Hope this helps those preparing for CA Intermediate! 💪📈 #CAIntermediate #Education #Finance #Coaching #icai

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🌟 Why the First 2 Months of Your CA IPCC Journey Are Crucial 🌟 The beginning of your CA IPCC journey can set the tone for your entire preparation. Unfortunately, many students underestimate this phase and end up struggling later. Here’s why those first 2 months are so important: 1. Time Management is Key Many students move to metro cities for coaching, which comes with distractions and the added responsibility of managing everything on their own. Without proper time management, studies take a backseat, and stress takes over. 2. The ‘Ho Jayega’ Mindset from CA Foundation The casual approach of “It’ll happen, we’ll see later” doesn’t work in IPCC. The syllabus is vast and requires disciplined planning and consistent effort from the start. 3. No Planning for Classes Some students start without a clear plan of which classes to take and when. This leads to confusion, delays, and incomplete preparation. 4. The Result? -You might end up giving only one group instead of both. -The focus shifts from learning to shortcuts like “If I cover 70%, can I pass?” 💡 How to Avoid This: 1. Create a detailed study plan before starting. 2. Choose your coaching wisely and plan your classes strategically. 3. Maintain a balance between coaching and self study. 4. Stay disciplined—small efforts every day lead to big results. The first two months are not just about starting, they are about setting the foundation for your success. Don’t let distractions or poor planning hold you back! What are your thoughts? How did you plan your CA IPCC journey? Let me know below! 👇 #ca #ipcc #cafoundation #results #icai #accountancy #audit

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🚨 IRS Seeks Feedback on Draft Instructions for Form 6765: Credit for Increasing Research Activities 🚨 The IRS has released draft instructions for Form 6765 (Credit for Increasing Research Activities) and is inviting feedback from taxpayers, tax professionals, and other stakeholders. This is a key opportunity to contribute to shaping clearer and more effective guidance for this essential tax credit. Key Highlights: 📄 What’s New? 🔹 Section E: Requesting additional business information. 🔹 Section F: Summarizing qualified research expenses (QREs). 🔹 Section G: New reporting for business component details. 🔍 Focus Areas for Feedback: 🔸 Section G reporting for controlled groups. 🔸 ASC 730 Directive compliance. 🔸 Business component detail reporting. 🔸 Statistical sampling methodologies. Optional for 2024; Mandatory for 2025 -For Tax Year 2024 (Processing Year 2025): Section G will be optional. -Starting Tax Year 2025 (Processing Year 2026): Section G becomes mandatory, with optional reporting for: 🌟 Qualified Small Businesses (QSBs) claiming reduced payroll tax credits. 🌟 Taxpayers with QREs ≤ $1.5 million and gross receipts ≤ $50 million. How to Provide Feedback: 📧 Email: [email protected] 📝 Subject: “Instructions for Form 6765” 📅 Deadline: June 30, 2025 Timeline: 🗓️ Final Form 6765 and Instructions for Tax Year 2024 will be published by January 2025. Why This Matters: Annually, thousands of taxpayers claim the research credit, involving hundreds of millions of dollars. The revised Form 6765 aims to: ✔️ Enhance tax reporting consistency. ✔️ Provide better information for tax administration. ✔️ Improve resource efficiency for both taxpayers and the IRS. Your input is vital to ensure the instructions are clear, comprehensive, and practical. Let’s work together to make tax compliance smoother for everyone! 📢 Spread the word to your network! Encourage others to review and contribute to the draft instructions. #IRS #Form6765 #ResearchCredit #TaxCompliance #Feedback

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🚀 Recently Watched "JamnaPAAR": A Must-Watch Web Series for CA aspirants 🧑‍🎓and CA’s. 🎬 6 Key Takeaways: ➡️ The Power of a CA’s Signature: The series underscores the critical importance of a CA’s signature and the severe consequences of its misuse. Always exercise caution and diligence. ➡️ Due Diligence: Never sign any document without thoroughly reading it first, regardless of the level of trust you have in the person asking. ➡️ Vulnerability to Exploitation: The series illustrates how gullible CAs can become targets for authorities while the real culprits evade responsibility. ➡️ Family First: Prioritize your family above all else. They are your true support system during challenging times. ➡️ Soft Skills Matter: Developing soft skills is essential for success in the corporate world. Focus on communication, and teamwork. ➡️ Embrace Your Roots: Never be ashamed of your family background or community. Be proud and grateful for your journey. ➡️ Gratitude: Always express gratitude for what you have. A thankful heart fosters positivity and resilience. Highly recommend "JamnaPAAR" for its invaluable lessons and compelling narrative. 📺✨ https://lnkd.in/gM2KsfzT It's completely free to watch on Amazon miniTV, and this series is powered by LinkedIn

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What separates a Top-Earning CA from an Average one? 🤔 Want to know the secret? Swipe to find out! ➡ #thinkingbridge #charteredaccountant #networking #specialisation #salry #topearningca #averageca #icai #castudents #finance #icaistudents #icai #skills #job #audit

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• The NFRA fined M/s Venkatesh & Co ₹2 crore for professional misconduct in the 2019-20 Coffee Day Enterprises audit. • Auditors Dasaraty V and Desikan G were banned for 10 and 5 years, respectively. • Dasaraty was also fined ₹10 lakh, and Desikan ₹5 lakh. • The penalties stemmed from a Sebi report revealing a ₹3,535 crore fund diversion from Coffee Day subsidiaries to Mysore Amalgamated Coffee Estate Limited. • The auditors failed to report the fraud and protect public interest. • The order will take effect after 30 days. • In August, NFRA fined KPMG affiliate M/s BSR & Associates LLP ₹10 crore and debarred two auditors for lapses in the 2018-19 Coffee Day audit.

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Don’t hurry when success depends on Accuracy! 🏃‍♀️🕰️ Small tips for CA Inter Sept 24 Accounts Paper: 💡 Solve atleast 2 Questions from practical chapters with proper format- 1 easy (to get the confidence) and 1 difficult (for concept clarity) 💡 Revise all the Accounting Standards (AS) one by one and write atleast one answer of each AS. 💡 Scribble the MTPs and RTP of the current attempt (and make sure you solve the complete question if you don’t understand any question from MTP/RTP) 💡 Keep your Hall ticket, Stationery (with extra Pens/pencils), Bottle ready for the exams. 💡 Just stay calm and believe in yourself!! Dusre subjects ka sochna hi nahi hai!!! All the besttt to each and everyone of you!! ♥️👍👍 - CA Amrita Maniyar

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🔔 #Examleaves #CAfinalist #untoldstory -----------------------------------Are you agree?-------------------------------- #This is not some made-up story from my side; this is real. I just don’t want to mention anyone's name/firm. As we know, the exams for CA finalists are approaching, but one of the biggest challenges is getting exam leaves approved from the firm as per Rule 106 (1)(i). When trainees approach their relevant manager or partner to get exam leave approved, they are often demotivated and sent back with comments like, 'You should be grateful that we even hired you.' Unfortunately, in some firms, associates even go as far as to abuse the trainees. In certain firms, when students start passing exams, they are demotivated with remarks like, 'They don’t know anything apart from studying.' However, if the same student gets involved in any activities #outside of #training, firm personnel are quick to open ICAP’s relevant laws and threaten to email ICAP or issue a show cause notice. We request ICAP to address these issues and help find a resolution. If firms expect trainees to strictly follow ICAP rules, then we request that firms also follow some minimum standards. #Disclaimer: I’m not talking about the firms which following these rules / #YousufAdil, nor am I adding a disclaimer out of fear of my firm. Alhamdulillah, we receive exam leave on time. If anyone doubts this, I can provide evidence as well." #ICAP #ExamLeaves #CharteredAccountancy #ProfessionalDevelopment #TraineeSupport #FutureCA #CAfinalist #firms #members #connection #everyone #Instituteofcharteredaccountantofpakistan #CA #ca #followers #ethics #associate

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From watching interviews of rankers to giving one myself... How times have changed🤩 I want to sincerely thank Neeraj Arora sir and Edu91 team 🙏 for taking the time to interview me. In this video, I have shared strategies to prepare for CA Final which helped me to score 68 marks in audit and AIR 37. A quick summary: 1. During classes, stay away from distractions and do revision simultaneously. 2. Ensure written practice through solving questions and mock tests 3. In study leaves, make a day-wise planner of topics to be covered 4. Prepare your material for the last 1.5 days. Do watch the video to know more. Link: https://lnkd.in/gvkEMHFR #ca #icai #interview #edu91

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ICAI - ASB has come out with the *Financial Statements format* for: (a) Non-Corporate Entities (Proprietorships, Partnerships, etc.); (b) Limited Liability Partnerships (LLPs); and (c) Not-for-profit Organisations (Trusts, etc.) The related publications and Excel formats links are as under: *1. Non-Corporate entities* • Guidance Note on Financial Statements of Non-Corporate Entities - https://lnkd.in/ge-yxHMz • Excel file containing Illustrative Formats - icai.org/post.html?post… *2. Limited Liability Partnerships* • Guidance Note on Financial Statements of Limited Liability Partnerships - https://lnkd.in/gvSBDXw2 • Excel file containing Illustrative Formats – icai.org/post.html?post… *3. Not-for-profit Organisations* • Technical Guide on Accounting for NPO – icai.org/post.html?post… • Excel file containing Illustrative Formats - https://lnkd.in/gJnUkWdH Please ensure that financial statements are prepared as per these formats to ensure compliance with the applicable framework, accounting standards, etc.

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