INDIA BUDGET 2012 - IN A NUTSHELL

1.0 DIRECT TAXES

„ Exemption limit for the general category of Individual taxpayers proposed to be enhanced from Rs. 1,80,000 to Rs. 2,00,000
thereby providing tax relief of Rs.2,000.
„ Upper limit of 20% tax slab proposed to be raised from Rs.8,00,000 to Rs.10,00,000.
„ No change in corporate tax rates.
„ Deduction upto Rs.10,000 on interest from savings bank accounts to individual tax payers.
„ Deduction upto Rs.5,000 for preventive health check ups.
„ Senior citizens not having income from business to be exempt from payment of advance tax.
„ Vodafone Effect: Finance Minister proposes major amendments with retrospective effect in section 2(14) to clarify that
‘property’ includes right to control and manage an Indian Company. Further, inserted Explanation to section 9 to clarify that
‘through’ would mean and include ‘by means of, in consequence of, by reason of.’
„ Double Taxation Avoidance Agreement (‘DTAA’) benefits not to be available to non-residents unless tax residency
certificates in prescribed form is furnished.
„ Advance Pricing Agreement (‘APA’) proposed to be introduced which can be valid for maximum 5 years.
„ Transfer Pricing provisions have been extended to domestic transactions exceeding Rs.5,00,00,000 between related
resident parties for computation of income under certain sections such as 40A, 80-IA, 10AA, 80A, etc.
„ Assessing Officer (‘AO’) is empowered to file appeal before the Income Tax Appellate Tribunal (‘ITAT’) against an order
passed in pursuance of directions of the Dispute Resolution Panel (‘DRP’).
„ The rate of withholding tax on interest payment on External Commercial Borrowings (‘ECBs’) to be reduced from 20% to 5%
for 3 years, for certain specified sectors.
„ To continue allowing repatriation of dividends from foreign subsidiaries of Indian companies at a lower tax rate of 15% upto
31 March 2013.
„ Deduction in respect of subscription to long-term infrastructure bonds as provided under section 80CCF shall not be
available from 1 April 2012.
„ Investment linked deduction of capital expenditure for certain businesses to be provided at the enhanced rate of 150%.
„ Weighted deduction of 150% provided for expenditure incurred for agri-extension services.
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„ Weighted deduction of 150% provided for expenditure incurred on skill development in manufacturing sector.
„ New sectors to be added for the purposes of investment linked deduction.
„ Income tax deduction allowed to retail investors for investing in equities under Rajiv Gandhi Equity Saving Scheme.
„ Weighted deduction of 200% for R&D expenditure in an in-house facility extended for a further period of 5 years beyond 31
March 2012.
„ The sunset date for setting up power sector undertakings extended by 1 year i.e. upto 31 March 2013, for claiming 100%
deduction of profits for 10 years.
„ Turnover limit for compulsory tax audit of account and presumptive taxation of Small and Medium Enterprises (‘SMEs’) to be
raised from Rs.60,00,000 to Rs.1,00,00,000.
„ Securities Transaction Tax (‘STT’) on cash delivery transactions reduced by 20% to 0.1% from 0.125%.
„ Exemption from Capital Gains tax on sale of residential property, if sale consideration is used for subscription in equity of a
manufacturing SMEs for purchase of new plant and machinery.
„ To extend the levy of Alternate Minimum Tax (‘AMT’) @18.50% to all persons, other than companies, claiming profit linked
deductions.
„ To introduce General Anti Avoidance Rule to counter aggressive tax avoidance.
„ A number of measures proposed to deter the generation and use of unaccounted money.
„ To increase the time limit for issue of notice for reopening an assessment to 16 years, where the income in relation to any
asset (including financial interest in any entity) located outside India, which is chargeable to tax, has escaped assessment.
„ The aggregate consideration received by a Company for issue of shares in excess of fair market value of the shares, shall
be chargeable to tax as ‘Income from Other Sources’ in the hands of the Company, subject to certain conditions.
„ TDS @1%introduced on transfer of immovable properties (other than agriculture land) if consideration exceeds Rs.
50,00,000 in case property is situated in a specified urban agglomeration or Rs. 20,00,000 in case property is situated in any
other area.
„ TCS @1% introduced on cash sale of Bullion and Jewellery when the sale value exceeds Rs. 200,000
„ Dividend Distribution Tax (‘DDT’) provisions amended to remove the cascading effect of the DDT.


2.0 INDIRECT TAXES

2.1 Goods and Services Tax (‘GST’)
The drafting of model GST legislation in concert with States is under progress. The GST network shall be set up as a National
Information Utility and is expected to become operational by August 2012.
2.2 Service Tax
„ The rate of Service Tax has been increased from 10% to 12%. Thus, the tax shall be levied @ 12.36% [tax @ 10% plus
Education Cess @ 2% and Secondary and Higher Education cess @ 1%]. Consequently, changes are also being made in
specific and compounding rates of tax for certain specified services.
„ It is proposed to tax all services except those in the negative list comprising of 17 heads. Consequently, certain exemptions
and abatements from service tax are proposed in certain sectors.
„ Steps are being taken to harmonise Central and Service Tax Regulations, one of them being a common simplified
registration form and 1 page common return for Central Excise and Service Tax. Similarly, a study team shall examine the
possibility of common tax code for Central Excise and Service Tax.
„ Provisions related to Revision Application Authority and Settlement Commission are proposed to be introduced in Service
Tax for dispute resolution.
„ The Place of Provision of Services Rules for determining the location of service shall be put in public domain for
stakeholders’ comments.
„ A new scheme is announced for simplification of Service Tax refunds.

2.3 Excise Duty
„ The standard rate of excise duty raised from 10% to 12%, merit rate raised from 5% to 6% and the lower merit raised rate
from 1% to 2% with few exemptions.
„ Excise duty of 1% levied on unbranded precious metal jewellery. It is indicated that the operations would be simplified and
measures would be taken to minimise impact on small artisans and goldsmiths. Branded silver jewellery has been exempted
from excise duty. Excise Duty on gold jewellery sold from Export Oriented Unit’s into Domestic Tariff Area is being increased
from 5% to 10%.
„ Excise duty on large cars proposed to be enhanced. Chassis for building of commercial vehicle bodies shall be charged
excise duty at an ad valorem rate instead of mixed rate.

2.4 Customs

„ No change proposed in the peak rate of customs duty of 10% on non-agricultural goods.
„ The method of computation of Education Cess and Secondary and Higher Education Cess on imported goods is being
simplified. Currently, these cesses are first charged on the Countervailing Duty (‘CVD’) portion of customs duty and
thereafter on the aggregate of customs duties (excluding special CVD). The portion of cesses leviable on the CVD portion of
customs duty is being exempted so as to avoid computation of such cesses twice.
„ It is proposed to increase Basic Customs Duty (BCD) on imports of gold and other precious metals. BCD of 2% is being
imposed on cut and polished coloured gemstones.
„ Concession from BCD and special CVD being extended to certain items imported of manufacture for hybrid or electric
vehicles and battery packs for such vehicles. Basic customs duty proposed to be enhanced for certain categories of
completely built units of large cars/MUVs/SUVs.
„ Full exemption from import duty proposed on certain categories of specified equipment needed for road construction, tunnel
boring machines and parts required for their assembly.
„ The duty-free allowance under the Baggage Rules is being increased from Rs. 25,000 to Rs. 35,000 for adult passengers of
Indian origin and from Rs. 10,000 to Rs. 15,000 for children upto 10 years of age.


3.0 OTHERS

„ ECB to be allowed to part finance Rupee debt of existing power projects.
„ ECB is proposed to be permitted for working capital requirement of airline industry for a period 1 year, subject to a total
ceiling of US$ 1 billion.
„ The proposal to allow foreign airlines to participate upto 49% in the equity of an air transport undertaking is under active
consideration of the Government.
„ White Paper on Black Money to be laid in the current session of Parliament
„ No progress on FDI in aviation
„ Efforts are being made to arrive at a broad based consensus in consultation with the State Governments in respect of
decision to allow FDI in multi-brand retail upto 51%.
„ Various proposals to address the shortage of housing for low income groups in major cities and towns including allowing
ECB for low cost housing projects.

Business Gurus 1. Henry Ford Ford is known for his innovative success but he failed five times before he founded the FORD Company. 2. R. H. Macy Before the success of MACY, he failed in seven businesses and finally succeeded with his new store. 3. Soichiro Honda The billion-dollar business, that is Honda, started initially with a series of failures. He started making scooters of his own at home and spurred on by his neighbors, finally started his own business. 4. Bill Gates Gates didn't seem like a shoe-in for success after dropping out of Harvard and starting a failed first business with Microsoft co-founder Paul Allen called Traf-O-Data. 5. Harland David Sanders Sanders founded KFC and his famous secret chicken recipe was rejected 1,009 times before a restaurant accepted it. 6. Walt Disney Walt Disney had a bit of a rough start and he was fired by a newspaper editor because, 'he lacked imagination and had no good ideas'. He kept plugging along, however, and eventually found a recipe for success that worked. Scientists 7. Albert Einstein Einstein did not speak until he was four and did not read until he was seven, and his teachers and parents thought he was mentally handicapped, slow and anti-social. But he caught on pretty well in the end, winning the Nobel Prize and changing the face of modern physics. 8. Charles Darwin In his early years, Darwin gave up on having a medical career and considered as a lazy boy. Now, Darwin is well-known for his scientific studies. 9. Isaac Newton Newton was failed so many times in his school days and was sent off to Cambridge where he finally blossomed into the scholar we know today. 10. Thomas Edison Edison was fired for being unproductive In his early years. Even as an inventor, Edison made 1,000 unsuccessful attempts at inventing the light bulb. 11. Orville and Wilbur Wright After numerous attempts at creating flying machines, several years of hard work, and tons of failed prototypes, the brothers finally created a plane. Public Figures 12. Winston Churchill This Nobel Prize-winning, twice-elected Prime Minster of the United Kingdom struggled in school and failed the sixth grade. After many years of political failures, finally became the Prime Minister at the ripe old age of 62. 13. Abraham Lincoln After Lincoln was failed many times in business and defeated in numerous runs, he became a greatest leader. 14. Oprah Winfrey Oprah faced a rough and abusive childhood as well as numerous career setbacks in her life to become one of the most iconic faces on TV. Writers and Artists 15. Steven Spielberg Spielberg's name was rejected from the University of Southern California School of Theater, Film and Television three times. Thirty-five years after starting his degree, Spielberg returned to school in 2002 to finally complete his work and earn his BA. 16. J. K. Rowling Rowling may be rolling in a lot of Harry Potter dough today, but before she published the series of novels she was nearly penniless, severely depressed, divorced, trying to raise a child on her own while attending school and writing a novel. Athletes 17. Michael Jordan Most people wouldn't believe that a man often lauded as the best basketball player of all time was actually cut from his high school basketball team. 'I have failed over and over and over again in my life. And that is why I succeed.'

__._,_.___

General Anti-Avoidance Rules (GAAR)

 A new tax proposal by the government, called the general anti-avoidance rule, has spooked market sentiments and is likely to hurt foreign investments in equities. FIIs have net purchased about Rs 47,000 crore in Indian equities this year but buying has slowed this month.

Finance Minister Pranab Mukherjee told Parliament on Tuesday GAAR was aimed at tax evaders, but did not specify how it would be used in relation to participatory notes.

In an interview with NDTV Profit, Adrian Mowat of JP Morgan Securities told NDTV Profit that investors are very uncomfortable about GAAR in current form.

"No other country taxes wholesale investors like pension funds, mutual funds and insurance companies. It is only in India where FIIs are required to jump through these routes like Mauritius etc. Every other county understands it is in their interest to have long-term equity capital," Mowat added.

Here are five things about the General Anti-Avoidance Rule or GAAR.


1) What is GAAR: The General Anti-Avoidance Rule was introduced by Finance Minister Pranab Mukherjee in his Budget presented on March 16 for the year starting on 1 April with the objective to "counter aggressive tax avoidance schemes."

2) What are its implications: It empowers officials to deny the tax benefits on transactions or arrangements which do not have any commercial substance or consideration other than achieving tax benefit. It contains a provision allowing the government to retroactively tax overseas deals involving local assets (like Vodafone). It could also be used by the government to target participatory notes (P-Notes).

3) Will P-Notes be targetted: Investments into Indian stock markets through participatory notes might slow after the introduction of GAAR. According to data from market regulator SEBI, P-notes issuance reached Rs 1.83 trillion at the end of February, about 16.4% of total assets under the foreign investor inflow scheme. P-Notes are instruments used by investors or hedge funds that are not registered with the SEBI to invest in Indian securities and they offer the buyer anonymity. The tax would be imposed on the registered financial firm buying the security on behalf of the client, meaning the brokerage would then pass on the taxes to the end investor.

Brokerage firm Macquarie has said that stocks bought through participatory notes could be subject to short-term capital gains tax of 42% and long-term capital gains tax of 21% as a result of the new taxation proposals. CLSA, another brokerage firm, has stopped selling P-notes.

"To avoid tax altogether under GAAR, an investor may now have to prove the P-note was not set up specifically to avoid paying taxes or to prove that the deal has "commercial substance," Edelweiss said.

4) What happens to the Mauritius route: GAAR could give powers to the tax department to deny double taxation treaty benefits to foreign funds based out of tax-havens like Mauritius. India has a Double Taxation Avoidance Agreement with Mauritius. Overseas portfolio investors, routing their investments via countries like Mauritius, currently do not pay any tax on short-term capital gains. 

"If the bill is passed as it is, then from 1st April 2012, FIIs domiciled in such treaty locations may have to prove that they have created this structure for genuine business purposes and not just for avoidance of tax," Domestic brokerage IIFL said in a note.

5) What do investors say: This is what Adrian Mowat of JP Morgan Securities told NDTV Profit. The proposed law gives the legal right to the government to go after anyone and it added ambiguity over the taxation. Indian equities will see selling by foreign investors & less money will be coming into India consequently. Investors are very uncomfortable about GAAR in current form. FIIs run global portfolios & some invest just 1% in India. After this they might say its not worth the hassle. The move is bad for Indian economy, bad for Indian corporate, bad for Indian capital markets. 

GOOD FIRMS IN MUMBAI:

1.    PRICEWATERHOUSECOOPERS (PwC)

2^nd and 3^rd Floor,

252 Veer Savarkar Marg, Near Mayor’s Bungalow
Shivaji Park, Dadar
Mumbai 400 028
Telephone: [91] (22) 5669 1000
 [91] (22) 5669 1500
Note: PwC is the Biggest Audit firm among the Big 4 firms. PwC has been in India for the past 126 years. It set up office in 1880.

www.pwcglobal.com/in/

2.   KPMG

KPMG House
Kamala Mills Compound
448, Senapati Bapat Marg
Lower Parel
Mumbai - 400 013

Phone: +91 (22) 2491 3030 / 2491 3131

www.in.kpmg.com

3.   DELOITTE HASKINS & SELLS

12, Dr. Annie Besant Road
Opp. Shivsagar Estate, Near Nehru Planetarium
Worli
Mumbai 400 018

Phone Number: + 91 22 5667 9000

Contact Us: indiainfo@deloitte.com

www.deloitte.com

         

Mastek-DC Offshore Development Co. Pvt. Ltd.

Fairmont, Level 2
High Street
Hiranandani Business Park
Powai

Mumbai 400 076

Phone Number: + 91 22 5644 5000

Reputed Indian CA firms such as Choksey&Choksey and S.B. Billimoria have merged with Deloitte.

4.   ERNST & YOUNG PVT. LTD.

18th Floor, Express Towers
Nariman Point
Mumbai- 400 021, India
Tel. : +91 22 2282 5000
Fax : +91 22 2282 6000

www.ey.com

5.   Bansi Mehta

Near Central Liabrary, 2^nd Floor, 11-13 Bootawala Building, Churchgate

          Mr. Amit Desai 22661255

6.   AMBIT RSM

Ambit-RSM House

Next to HDFC Bank House,

Senapati Bapat Marg,

Empire Mills Compound,

Lower Parel.

Tel: (91 22) 3982 1819

Email: geninfomumbai@rsmin.com

Note: RSM Advisory Services (www.rsmin.com) is a leading professional consulting group in India that provides Tax & Business advisory services, Transaction support services, Transfer pricing, Indirect taxes and Attest services. RSM is an Accountancy firm of Indian origin which has gone International.

7.   A.F. FERGUSON & CO

Allahabad Bank Building, 1^st Floor,

Near BSE, Tel – 22663313

Mr R Divekar

Maker Towers 'E', 4th Floor
Cuffe Parade
Mumbai 400 005

Tel : 91-22-2218 6412
Fax : 91-22-2218 6567
E-mail: affmum@vsnl.com

http://www.afferguson.com/

Note: AF Ferguson is one of the leading firms of Chartered Accountants and Management Consultants in India. We have a long history of providing high quality and specialized services in most areas of management consultancy.

We provide a range of specialist management consultancy services in various functions and sectors, drawing on resources from a large domestic and international network. With consulting experience of over 30 years in India, we are a pioneer and leader in several consultancy products and services.

8.   THE HARIBHAKTI GROUP

Head Offices :              

Haribhakti & Co.

42, Free Press House,
215 Nariman Point,
Mumbai 400 021, India.

Tel: (022) 22871099,56391101-04

Email: crg@haribhaktigroup.com

Branch Offices :

Bombay Mutual Chambers,
19/21, Ambalal Doshi Marg,
Fort,
Mumbai 400 001

Contact Person: Mr. D. B. Shah (Group Head – Global Taxation)
                     Mr. Bhupendra Bangari (Group Head - Management Services)

Tel: (022) 22626345, 56391106-07

Email: crg@haribhaktigroup.com

Notes: The Group came into being in August 1951 as a tax and statutory audit firm. It has since expanded to cover a wide array of audit and financial advisory services, and it is currently among the most reputed and ranked among the top 10 firms, in the country.

Formed strategic alliance in 1982 with Moores Rowland, one of the top 10 professional services firm in the world.

9.   BMR & Associates -: 31F Contractor Bldg; 41 R Kamani Marg, Belard Estate, Churchgate

10.        DALAL & SHAH

City Office

East & West Insurance Building,
2nd Floor,
49-55, Bombay Samachar Marg,
Fort, Mumbai - 400 023. India.
Tel : + 91 - 22 - 22665251.
Fax : + 91 - 22 - 22661503.              

             Surburban Office

The Regency", Office No. 11,
National Library Road,
Bandra (West),
Mumbai - 400 050. India.
Tel : + 91 - 22 - 26513540.
Fax : + 91 - 22 – 26513539

http://www.dalalandshah.com

Notes:

The name of the firm "DALAL & SHAH" originated from the names of the two founder partners who established the firm in the year 1923.

• The firm operates, from two locations in Mumbai (Bombay), India.
  
  The city office at 'Fort' is located in the heart of the business area of Mumbai (Bombay), India and is strategically located near the Bombay Stock Exchange - the premier bureau for trading in securities.
  
  The suburban office at 'Bandra' is located strategically mid-way between the business hub and the industrial areas of the suburbs and the National Stock Exchange - the premier bureau for electronic trading in securities.
  
  The firm has an associate firm in the capital city of the state of Gujarat, at Ahmedabad, operating under the name and style of " Dalal & Shah" at Office 712, Atma House, Opposite Old Reserve Bank of India, Ashram Road, Ahmedabad 380 009.
  
  The firm has its own offices at Pune, Delhi and Bangalore, all being headed by senior and experienced staff and strategically poised to render professional services to a large and diversified client base, in and around both locations.

The Mumbai (Bombay) firm has 8 working partners, all of whom are professional Chartered Accountants, holding a certificate of practice issued by the Institute of Chartered Accountants of India.                                                                                                    

11.  N. A. SHAH ASSOCIATES
Chartered Accountants
Corporate Office : 64 & 65-C, Mittal Tower,
Nariman Point, Mumbai - 400 021 India
Phone : +91-22-56324425 - 29 Fax : +91-22-56324430
Email : nashah@nashah.com

www.nashah.com

Note: This firm is also a member of JHI like R.M. Ajgaonkar.

12.        NM Raiji

3^rd Floor, Bombay Mutual Building, Sir PM Road, Tel No. 22615057/22658986

13.        GM Kapadia

36-B, Tamrind House, Fort, Mumbai – 1. 22653996/22655362

This is for taxation.

14.        R S Lodha -: Hammam Street, 2^nd Floor, Near BSE, Fort, Tel – 22691551

15.        Mahajan & Aibara

1, Chawla House, 62, Wodehouse Road, Colaba, Mumbai – 5. 22182843

16.        SHARP & TANNAN
Ravindra Annexe
194, Churchgate Reclamation,
Dinshaw Vachha Road,
Mumbai 400 020
Phone: (91) (22) 56338343 to 8347; Fax: (91) (22) 56338352

http://www.sharp-tannan.com/

17.        SHARP & TANNAN ASSOCIATES
87, Nariman Bhavan, 227, Nariman Point,
Mumbai 400 021
Phone: (91) (22) 2202 2224, 2202 8857; Fax: (91) (22) 2202 3856

Note: Sharp & Tannan Group (S + T) was founded in 1934 with the establishment of its office in the Financial Capital of India in Mumbai (Bombay). Thereafter, S + T has expanded geographically with offices in:

• New Delhi in the year 1968;
• 2nd Office in Mumbai (Bombay) for its Management Services Arm, Sharp & Tannan Associates, in the year 1976;
• Chennai (Madras) in South India, in the year 1986;
• Pune, the industrial city close to Mumbai (Bombay), in the year 1988;
• Bangalore, the Software Capital of India, in the year 1990;
• Baroda, in Western India, in the year 1994;
• Panjim, the State Capital of Goa, in the year 2000;
• Hyderabad, the State Capital of Andhra Pradesh, in the year 2003;

18.        SURESH SURANA & ASSOCIATES

310, Ahura Centre,

82, Mahakali Caves Road,

Andheri (E),

Mumbai - 400 093

www.ss-associates.com

Notes: SSA offers a wide range of specialised, multi-disciplinary professional services that meet the immediate as well as the long-term business needs of clients. We, at SSA focus on providing value-added services aimed at creating a strong competitive advantage for our clients in a rapidly changing market place. In this endeavour, we are greatly helped by our access to the international business practices and knowledge database and the ability to leverage on the international professional expertise, resources and strength of our International network. SSA is the Indian member of RSM International (http://www.rsmi.com), the 6^th largest international organization of accountants and business advisors with annual billings exceeding US$2 billion across the organization and offices in more than 70 countries. The core member firms of RSM International are RSM McGladrey & Pullen (USA), RSM Robson Rhodes (UK), RSM Haarmann, Hemmelrath & Partner (Germany) and RSM Bird Cameron (Australia).

Our multi-disciplinary team of professionals comprising of Chartered Accountants, MBAs, Engineers, Company Secretaries, IT Consultants and Cost Accountants, is well equipped with the requisite business and technical skills, experience and knowledge base to deliver customized solutions to our clients.

19.        GRANT THORNTON (INDIA)

313, Ahura Centre
82 Mahakali Caves Road
Andheri (East)
Mumbai 400 093
Tel:  + 91 22 5695 4861
Email:  MUMBAI@gt-india.com

www.gt-india.com

Grant Thornton is one of the 6 global accountancy organisations with member firms in over 100 countries, employing over 22,000 personnel and operating out of over 500 offices globally with combined global revenues exceeding US$ 2.4 billion.

The Grant Thornton India practice was established in 1935 in New Delhi and is one of the oldest and most reputed accountancy firms in India. The firm is also the leading accountancy, taxation and corporate finance advisory firm advising business owners and entrepreneurs with international ambitions. Grant Thornton India employs over 250 qualified personnel out of its regional head offices in New Delhi, Mumbai and Bangalore.

Grant Thornton India specialises in reporting on international standards and in working on cross- border transactions, whether for the purpose of a cross border capital raising, for advising on cross border mergers & acquisitions, or for advising on international tax and transfer pricing. Grant Thornton India recruits the best talent in the industry and works with the Indian companies who have global ambitions- from medium sized companies to some of the largest Indian ones- all having one thing in common- the owners of the business are involved in managing the business, whether it is first generation entrepreneurs or subsequent generations of the founding family. Grant Thornton India has extensive experience in Technology, Healthcare, Real estate, Auto and Manufacturing industries.

Through our global leadership position of advising owner- managed companies, we have developed a keen understanding of the issues that face owner-managed businesses. We have set out these issues into our proprietary 12 factor framework- issues including succession planning, retirement planning, bringing family members into the business, retaining and rewarding non family members etc. Our people are trained to ensure they understand issues beyond accountancy or taxation- issues that the Owner- manager faces and are able to provide value added advice to our clients.

We also understand that Owner- managers expect both close personal attention and cost- effectiveness - close Partner attention and value for money services are factors why most of our clients have worked with us over several decades.

20.       TODARWAL & TODARWAL
112, Maker Bhavan No.3
21, New Marine Lines
Mumbai 400 020, INDIA.

Sunil L. Todarwal
Mobile: 98210 30167    

Arun L. Todarwal
Mobile: 98210 30166

www.todarwal.com

Note: The firm of Todarwals was started by late L. C. Todarwal in 1952. Today, under the name of Todarwal & Todarwal, It is a firm of Chartered Accountants practising in Mumbai (Bombay), with associated firms in 20 cities all over India. The firm is now managed by Sunil and Arun Todarwal, who are partners and have vast experience in all aspects of the profession of Chartered Accountancy.

The partners are knowledgeable in several specialised fields. Taxation, Company Law matters, International Finance and Taxation, Foreign Exchange matters, Joint Ventures, Management Consultancy, Documentation Systems, Accounting Services, Statutory Audits, Tax Audits and Internal Audits - including Management Audits, Operational Audits, etc. The office is situated in a prime business locality of Mumbai (Bombay). And it is equipped with facilities like state-of-the-art software, computers, scanners, e-mail, etc. The firm consists of several professional staff members who give prompt and efficient service to their prestigious clients which include manufacturing, trading, finance and service corporations. It does professional work for listed and private corporations, non-residents, foreign companies and banks. Todarwal & Todarwal has geared up for globalisation and liberalisation by forming an alliance with the International Association of Practising Accountants (IAPA). IAPA comprises of practising accountants worldwide. These firms are located in over 300 cities and business centres around the world. The IAPA is, thereby, represented in the important industrial segments of North America, Europe, the Far East and Australasia. Todarwal & Todarwal is an international associate member of the UK 200 group. The UK 200 group is a national association of Chartered Accountant firms throughout United Kingdom. Building trust and confidence with professional excellence is the hallmark of the firm, which has earned it a reputable name in the profession.

Through hard work and efficient service, the company has achieved a lot. A survey done by a popular business publication - "Business Today", has judged Todarwal & Todarwal among the top 150 audit firms in India. It is also on the panel of auditors with the Official Liquidator, High Court - Mumbai (Bombay), as well as the Reserve Bank of India. Looking back, one can see that the company had potential from the beginning, and has risen to great heights.

21.        ENGINEER & MEHTA (Chartered Accountants)
Atlas, Khatau House,
Ground Floor, 7/C,
Moghul Lane,
Mahim (West),
Mumbai - 400 016,
India
Tel : +91-22-24454525 / 24461834 / 24449472
Fax : +91-22-24461834 / 24449472
Email : info@enmglobal.com

http://www.enmglobal.com/

Note:  E&M is a full service accountancy firm headquartered in Mumbai (Bombay), the financial capital of India. E&M services an impressive roster of clients that are leading companies (see Clients - Companies) in their own fields and recognized names nationally and internationally. The clients operate in a broad cross-section of industries. (see Clients - Industries). E&M provides a wide spectrum of services to both national and international clients. It has service offerings both for established business and new business. (see Domestic Services). E&M's niche is its highly specialized services for international companies with interest in India. It offers to its international clients a turn-key single-window cost-effective package of all services that it may need. Long years of servicing international clientele gives E&M appreciation of their special requirement and a demonstrated capability for successful, risk-free execution. (see International Services)
E&M's execution capabilities have a wide geographical reach both internationally and domestically. E&M can execute assignments in over 50 Indian cities and in 66 countries through 256 offices. (see Locations). E&M has been rendering outsourced services to various organisations since the 1980's. (see Outsourcing).

22.       Chaturvedi & Shah

7^th Floor, 710 Tulsiani Chambers, Next to Dalamal Towers, Marine Lines

Mr. Yashwant -: 30616100

23.       Rajiv & Rajesh

B/34D, 2^nd Floor, Phoenix Mill Compound, Near Big Bazar,

Lower Parel (West), Mumbai – 13 Nr, Nitish 9867219375

24.       K.S. AIYAR & CO.

Head Office
4th Floor, Janmabhoomi Bhavan,
24-26, Janmabhoomi Marg,
Fort, Mumbai - 400 001.
INDIA.
Tel.: 91-22-2202-8262,
91-22-2202-8252 (General)
Fax: 91-22-2202-8229
Email: mail@ksaiyar.com

http://www.ksaiyar.com/

Note: K. S. Aiyar & Co, Chartered Accountants, (KSA) is a leading accounting firm rendering comprehensive professional services which include Independent Audit & Assurance, US GAAP Restatement, Foreign Exchange and Regulatory Consulting, Restructuring and Valuations, Accounting and Corporate Support, Personnel Recruitment, Legal and Secretarial Support and Management Consulting and Tax Consultancy, Tax Audit and Advice o­n Indirect Taxes. KSA was established in Calicut in 1897 and Mumbai in 1900 and is the oldest Indian Accounting Firm in the country. KSA was founded by late Kalyan Subramania Aiyar, a pioneer in commercial education and the auditing profession in India. KSA was among the first few Indian audit firms eligible as early as 1905 for training apprentices for examinations in London of the Society of Incorporated Accountants and Auditors, London. KSA has its Head Office at Mumbai (Bombay), the country's commercial capital, with practice offices at Chennai (Madras), Kolkata (Calcutta), Goa, Bhubaneswar, Bangalore & Coimbatore and permanent local representa-tives in Delhi and Ahmedabad.

(for more information: http://www.ksaiyar.com/aboutus.php)

25.       BATLIBOI & PUROHIT

2nd floor, National Insurance Building,
204, Dadabhoy Navroji Road,
Fort, Mumbai – 400 001.
Telephone No. 2207 7941 / 42 Telefax: 2207 4260

E-mail:- info@batliboipurohit.com

http://www.batliboipurohit.com/

Note: Batliboi and Purohit is well reputed Chartered Accountants firm established as back in 1907 by no less than Shri J.R.Batliboi who was a leading Chartered Accountant in his time. He was the author of Standard Publications on accounting and auditing which were recognized and prescribed as text books by Universities all over India. We are a strong team of 7 partners & 100 professionals consisting of Chartered Accountants, Audit Manager, Audit Officers who are well experienced in audit of banks, financial institutions public and private sector undertakings. We have also other experienced and semi qualified staff capable of handling the matters of taxation and consultancy.

GM BORKAR & CO.

Head Office                   

Mr. Girish Borkar
B-14 Valmiki Apartments,
Sundernagar, Kalina,
Santacruz(E), Mumbai - 400098.
Tel : 91-22-2667 1102
Telefax: 91-22 2667 1024
Cell : 098212 23480, 022 3434 0275
Email Id. : girish@gmborkarco.com

www.gmborkarco.com

Note: G.M. Borkar & Co. was established in 1987 with the aim of providing value added professional services in various fields. We represent the Body of Knowledge and Experience in the Field of Business Process Outsourcing, Financial Consultancy, Statutory Audit, Internal Audit and Tax Management. We believe in upholding the highest standards of business ethics with a dedicated commitment to total quality. We have built up a networked team of dedicated professionals in each field of the services that we offer. We take great pride in the confidence and respect that we have earned from our clients and strive to improve everyday.                

KAMDAR, DESAI AND PATEL
Chartered Accountants (primarily servicing NRIs)

Email:         info@kdpaccountants.com

http://www.kdpaccountants.com/

Tel:    91. 22. 24125897/ 24164785

Address:

Ground Floor, Neelkanth niwas,
169/C Dr. Ambedkar road,
Dadar T. T.,
Mumbai- 400014.
Note: We are a firm of Chartered Accountants set up in 1955 (one of the earliest Indian CA firms) based at Mumbai, India. We primarily service Non resident Indians (existing, returning, new) who have financial interests viz. business, investment, property, bank accounts, inheritance in India. Our team of highly skilled and motivated professionals includes Chartered Accountants (Indian CPA), Management graduates, Cost Accountants, Lawyers and Company secretaries who have worked for top consulting firms and have extensively travelled outside India. Over the years, we have gained in-depth experience in providing multitude of services, ranging from tax planning to a representative office.

Our professional approach blended with personal touch has earned us enormous confidence of all our clients, which is reflected in an enduring business relationship that we enjoy with them as also in the consistent growth in portfolio of our services.

KHIMJI KUNVERJI & CO. (Registered)

Suite 52, Bombay Mutual Building, Sir P. M. Road

Fort, Mumbai 400 001. 

Telephone: + 91 22 22662550/ 22662011/ 22661270

Fax: + 91 22 22664045

E-mail: ketan@khimjikunverji.com

                Khimji Kunverji & Co. is in practice since 1936, having over 69 years of experience in the areas of Auditing; Taxation; Corporate & Personal Services; Business & Management Consulting Services; Due diligence; Valuations; Inspections; Investigations, etc. The firm is a member of HLB International, a worldwide organization of Accounting firms and Business Advisors, which is the 13^th largest Accounting Group. http://www.hlbi.com/

R.M. AJGAONKAR & CO.

“MANDAR”, JUHU TARA ROAD
OPP. BHARAT PETROLEUM PETROL PUMP
JUHU, MUMBAI – 400 049
India

Tel: 91-22-26605684
E-mail: rajaram@bom5.vsnl.net.in

Contact partner: Rajaram Ajgaonkar

Note: The firm is a member of JHI which is the leading international association for independent business advisors, financial consulting and accountancy firms. JHI exists to support the development of its member firms, by facilitating communication, exchange, networking and resource sharing worldwide. Its members benefit from global networking while maintaining total practice independence.

JHI is an association created by the merger of two premier international networks of accounting, consulting and business advisory firms: Associated Conference of Practicing Accountants International and Jeffreys Henry International. With over 50 years’ experience of developing its member firms worldwide, the merger of these like-minded, progressive associations has increased the global reach of the organisation and offers unparalleled opportunities for member support and development.

JHI is one of the largest associations of its kind, with 150 member firms in over 55 countries worldwide. Its members offer a broad range of accounting, auditing and management consultancy services, and develop their business capacity through the association’s global network. JHI’s worldwide coverage enables its members to access support and cost effective business solutions, no matter where in the world their business takes them.

JHI’s members enjoy a range of benefits and services, including regional and international conferences, technical workshops, special interest group symposia, network resources and a unique internal communications system, designed to facilitate fast and effective information exchange.

SINGRODIA GOYAL & CO.
Chartered Accountants   

Address ( H / O ) :         

Ashirwad Building, 2nd Floor,
S.N. Road, Above Bank of Maharashtra,
Near Andheri Station, Andheri (East),
Mumbai 400069 .

Telephone: 91-22-6831645 / 6838220 / 6840378
Email: info@singrodiagoyal.com

http://www.singrodiagoyal.com/experience.htm

SINGHVI, DEV AND UNNI (BANGALORE)

Associate office in Mumbai:

M P Chitale & Co
Hamam House
Ambala Doshi Marg
Fort
400001

Uday M Chitale
Ph : 91-22 265 1186 /265 3916/266 6234
Fax: 91-22 - 2655334

SRIDHAR & SANTHANAM

Mumbai :  No. 406,Madhava Building,

4th Floor, Bandra Kurla Complex,
Bandra (E), Mumbai 400051
Phone: 26591730

Mobile: 9819013263

Email : mumbai@pkfindia.in

http://www.sandsca.com/

Note: Welcome to Sridhar & Santhanam, Chartered Accountants. We are based in Chennai, with branch offices in Bangalore and Mumbai. Established in 1978, we are in the profession for about 27 years. 

PONEET GUPTA & CO.
A/103, Rajeshree Accord,
Telly Gully Cross Lane,
Andheri (East), Mumbai 400 059.
Tel : 022 - 26831186 / 26838861
email : mail@poneetgupta.com

Websites for CA’s

http://dir.indiamart.com/indianservices/s_accnt.html

http://www.bcasonline.org/ (Bombay Charted Accountant’s society)

http://caclubindia.com/

http://www.cainindia.org/

www.big4.com

http://www.job4ca.com/

http://www.caindia.2trom.com/

www.caalley.com

P.D. SARAF & CO.

1103, Arcadia,

195 Nariman Point,
NCPA Marg, Mumbai - 400021. 

Telephone: 91-22-2285 5251

pdsmail@pdsarafco.com

www.pfsarafco.com

Notes: P.D.Saraf & Co., the partnership firm of Chartered Accountants, was established in Mumbai in 1963 by Mr. P.D.Saraf who had then recently qualified from the Institute of Chartered Accountants of India. The Firm was promoted with the major object of providing Auditing, Taxation and Company Law Matters Services. There was always a strong point in him as he had the ability to get inside the clients requirements, identify their needs, face their predicaments and challenges, feel their frustrations and solve their problems. As a result the trust and confidence was developed amongst the clients and the client base rapidly increased.

In order to cope up with the rapid expansion, the need was felt of having an associate partner who can handle the related matters effectively and efficiently. Accordingly in the year 1972, Mr. N.L. Maheshwari joined hands to bring into existence a thorough professional and service oriented partnership firm. Then there was no looking back and within a short span of time the firm made its mark in the professional circles for quality of its services and a positive attitude in offering clients one point access to a wide spectrum of services.

With the growth of the clientele, the firm increased its partners whenever the need aroused. As a result the firm has expanded and currently has 8 Partners and more than 20 staffs strengthening the workforce of the firm. Also the firm is on the lookout for opening branches all over India.

Over the last four decades of successful practise, the firm has built up considerable expertise in this service oriented industry. It has grown into an organization that symbolizes the mark of utmost goodwill and trust. Our aim is to always deliver more value for the clients and are committed to giving services on various issues and equipping them with the related necessary knowledge.   

JAYWANT, DESAI & CO.

G 8, Guru Krupa Hsg. Society,
Opp. Plaza Theatre, N.C. Kelkar Rd.,
Dadar (W), Mumbai - 400 028.
TEL.: 91(22)-24318722/24309832.
E-MAIL: firm@jayawantdesai.com

http://www.jayawantdesai.com/

Note: The firm Messrs Jayawant, Desai & co. came into existence in 1987 as a Chartered Accountant firm in Mumbai(India). Since then, the firm has come a long way gaining substantial work experience in various financial fields. On the official panels of approved Auditors maintained by RBI & IDBI, Mumbai. and; On the official panels of approved Auditors maintained by Registrar of Co- operative Societies, Maharashtra - for audit of organizations registered under the Co- operative Societies legislation.

M.M. SINGHVI & CO.

3/405,Navjivan Society,
Lamington Road, Mumbai-400008
Tel.:- 23090169 / 23086366
http://www.mmsco-ca.com/

          GHALLA & BHANSALI

'DEVANSH', 133, D. S. P. Road,
Near Ranjit Studios,
Dadar (E), Mumbai - 400 014.
Tel: 91 22 - 2414 70 00 / 2415 70 00

http://www.ghalla-bhansali.com/about.asp

Note: The foundation of M/s. Ghalla and Bhansali , Chartered Accountants was laid in 1955. Late Mr. Devchand Rawji Ghalla and Late Mr. Niranjan Hargovandas Bhansali were the pioneers of this organization, which was engaged in the practice of Audit and Taxation. Quality, Character and Integrity are the virtues imbibed in the firm by its pioneers, which is portrayed in each member of the organization.

The final test of a leader is to leave behind him in other men, the conviction and the will to carry on.

The men who have carried this conviction are today the proud partners and leaders of the firm, which explored into diversified services and areas that the profession offered. Each person who joined in, brought with him a new opportunity, a new direction, a new goal….be it NRI taxation , FEMA Consultancy, Indirect taxes , Corporate Audits, Specialized Audit and Management Consultancy services, Consultancy in Allied Laws….because Ghalla and Bhansali, always strives to anticipate its clients' needs.

This personalized service hub today caters to the versatile needs of diversified clients engaged in various areas and businesses especially in the fields of manufacturing , publishing and wholesaling of books and stationery , manufacturing and exporting of ready-made garments , manufacturing and retailing of jewellery, event management, manufacturing and trading of industrial goods/chemicals , non-resident insurance training company ,expatriates, traders , service-providers like doctors, authors, etc.

It has a strength of nearly 55 people, including 7 experienced and enterprising partners, 3 young and enthusiastic Chartered Accountants, about 14 zealous, vibrant ,aspiring Chartered Accountants , and other hardworking administrative and other staff ………
….a perfect blend of age , experience , youth and vigour …… who all meticulously work towards a Mission …

AJAY SETHI & ASSOCIATES

138A, First Floor
Shaheed Bhagat Singh Colony
JB Nagar, Andheri (East) Mumbai - 400059
Phone: 91-22-2831 4596

http://www.asa1991.com

Notes: The firm Ajay Sethi & Associates (‘ASA’) has experienced significant growth since inception in 1991. It now has full-fledged offices in New Delhi, Mumbai and Bangalore. Presently, the firm is managed by seven partners who are ably supported

by a team of principals and managers. A single-minded purpose and goal is accorded to each member through ASA’s clearly laid down vision statement and service philosophy.

Over the years, the firm has gained in-depth experience in providing a multitude of services to a number of multi-national corporates as well as several reputed Indian companies. The executive team of the firm today provides real world solutions to complex business issues by laying stress on meeting time-bound schedules and continuously upgrading technical skills.

B. D. JOKHAKAR & CO.
8, Ambalal Doshi Marg,
Fort, Mumbai 400 001.

(opposite the Bombay Stock Exchange located in Raja Bahadur Mansion.)
T: +91-22-2265 4882/1731
 Email: bdj@bdjokhakar.com

http://www.bdjokhakar.com/

Notes: The firm was founded by late Mr. B. D. Jokhakar in 1932 at a time when the, profession of accountancy and audit was in its infancy in India. The firm is located in the prime business district of Mumbai, India. Besides Statutory Audit and Taxation, the firm’s practice has grown steadily in the areas of Internal Audit, Management Audit, FERA, FEMA, Taxation of Non Residents, Management Consultancy and Corporate Advisory services. The growth in the activities has been achieved without any mergers or acquisitions of other accountancy firms and is mainly due to the quality of professional service attuned to the client’s need. With a view to acquire Global Vision and provide international quality services to it's clients, the firm was associated as a member of ACPA International Inc. U.S.A., a worldwide network of 80 independent accounting firms in 36 countries, committed to quality standards, growth for its members and dedicated to personal services nationally and internationally.

FORD, RHODES, PARKS & CO.

Mr. S. B. PRABHU

3^rd Floor, Bank of Baroda Building,

Mumbai Samachar Marg,

Mumbai – 400023

Tel: 91 - 022 – 22852079

frp_mumbai@hotmail.com

www.fordrhodesparks.com

Note:

Ford, Rhodes, Parks & Co, a firm of Chartered Accountants, was incorporated in India in the year 1919 in Association with Ford, Rhodes, Williams & Co of United Kingdom and has been rendering Professional Services in India for over 84 years till now. The Firm was associated with Robson Rhodes of United Kingdom (Successor Firm to Ford, Rhodes, Williams & Co) and until 1996 was also a member of RSM International, a worldwide group of accountants.

Since its inception, the Firm has been carrying out Professional Services related to Audit, Taxation, Corporate and Allied Laws and Management Consultancy to Indian Corporate houses, Multinational Corporations, its branches and subsidaries operating in India. However, a large number of Firms' Clients at present are Indian Business entities. The firm has represented many Multinational firms of Accountants and is conversant with International Accounting requirements. At present, the firm has a staff strength of over 100 personnel including qualified professionals of high calibre in their offices spread over India.

The Firm has its Head Office at Mumbai and Branch Offices at Bangalore, Chennai, Kolkata and New Delhi manned by qualified Accountants. To cater to the Global trend in fast changing International business environment, the Firm launched a Management Consultancy Division with its Main office at Mumbai efficiently run by specialised professionals in various fields relating to Global Business.

DATTA GUPTA AND ASSOCIATES

Flat # A / 001,
Silver Palace, (Inside Akal Co-op. Hsg. Society, J.B.Nagar, Andheri ( East )
Mumbai, India.
Pin 400059.

http://www.dattagupta.com

Notes: Datta Gupta & Associates is an independent and highly motivated Indian Chartered Accountancy firm & business development advisor. Our team offers a range of accounting, tax, financial, IT related, legal and other business services. From accounting and auditing, through business management to retirement and succession planning, we have the expertise to help clients maintain and build on their success. Our network of consultants ensures value additions to our clients, to place them in an ideal situation.

MOORE STEPHENS

RAY & RAY

Anil Karnik - kanil@mtnl.net.in

Arvind Yennemadi, A. K. Thakur

G-2, Ramakrishna,

11, Happy Home Society,

Nehru Road, Vile Parle (East),

Mumbai – 400 057,

Telephone: (022) 2614 6080/2615/0621

E-mail: rnrmum@mtnl.net.in, raynray@mtnl.net.in

Important: Ray & Ray is the Indian arm of Moore Stephens International. Moore Stephens International is regarded as one of the world's major accounting and consulting networks consisting of 316 independent firms with 539 representative offices and over 15,400 people across 93 countries. http://www.moorestephens.com

NAIR & CO (this is not an articles firm but it’s a good place if you want to work here after completing your CA.)
C-109 & 110, Floral Deck Plaza
Central MIDC Road
Andheri (East)
Mumbai, 400 093
India

Tel: (91) 22 2826 2223 / 2830 0209

http://www.nair-co.com

Notes: Nair & Co is an Indian CA firm of UK origin. enables companies to operate globally without risk. For pre-IPO companies, we setup and support the international corporate structure. Larger, established companies use us to solve problems often caused by explosive growth. We have had $500M/year companies turn over to us all responsibility for support of their international sales organizations. International sales executives are not burdened with administrative tasks. CFOs are not haunted by regulatory and tax mistakes that can divert significant attention away from strategy. This has been our only business since 1994. All our clients are companies which are already international or planning to go international. We are a 200 person operation with operational centres in Bristol-UK, Mumbai-India, Beijing-China and Bonita Springs-USA. We operate in 43 countries.

SKILLS EMPLOYERS WOULD LIKE TO SEE IN THEIR EMPLOYEES:

ECONOMIC TIMES:

1. People/ Social Skills
2. Strategic thinking
3. Leadership
4. Experience
5. Entrepreneurship
6. Finance Skills
7. International awareness
8. Academic success
9. Multilingual
10. Marketing Skills
11. I.T./ Computer Skills
12. E – Business

BUSINESSWORLD MAGAZINE:

1. Ability to work in a team
2. Analytical and problem solving skills
3. Communication and other soft skills
4. Creativity and resourcefulness
5. Leadership Potential
6. General Management Skills
7. Entrepreneurial Skills

OUTLOOK MAGAZINE:

1. Ability to work in a team
2. Effectiveness in application of knowledge
3. Leadership skills
4. Hardworking or ability to slog
5. Sincerity/ sense of responsibility
6. Out – of – the – box thinking/ Creativity
7. Proactive attitude
8. Analytical skills
9. Presentation skills/ Communication skills
10. Decision – making ability/ Risk – taking

MBA – THE RIGHT FOOT FORWARD:

1. Logical and analytical skills
2. Cross – functional perspective and exposure
3. Interpersonal skills
4. Technology Savvy
5. Creative and innovative
6. Focus on results
7. Willingness to learn and try new things
8. Ability to work in a team
9. Adaptability to situations
10. Emotional Intelligence
11. Well informed on latest concepts/ trends