Our Team

Our Team is built on the foundation of quality, trust, values, commitment and client satisfaction. We believe that a right combination of industry experience, work exposure, qualifications and technical expertise is essential in order to demonstrate team-work. Our Team is organised into a matrix of various service offerings coupled with client facing teams. 

FCA. Kavit Vijay

FCA Kavit Vijay

Kavit Vijay, partner in the firm has 15 year’s experience in Audit and Assurance. He heads Audit and Assurance division of firm. He is specialized in:

  • Audit and Assurance
  • Due Diligence
  • Internal Financial Control
  • Corporate tax advisory
  • Payroll Advisory
  • Entry Strategy
  • Business Valuation
  • Litigation support services

Kavit has great exposure in Audit and Assurance, ROC, New Business Set Up, Internal Control Systems Development, Cost Optimization Consultancy especially for SME, Proficiency in application of accounting standard and finalization of balance sheet complying with the accountings standard issued by ICAI. He has also successfully represented clients before tax authorities at various levels on Tax Litigation Matters under Income Tax.

He received his Bachelor’s degree in Commerce (Honors) from the University of Delhi and is currently fellow member of the Institute of Chartered Accountants of India. He is also certified for Valuation from ICAI.

Articles Authored by Kavit Vijay

Income tax on transfer of unquoted equity shares at less than Fair Market Value (FMV)

Income tax on transfer of unquoted equity shares at less than Fair Market Value (FMV)

Transfer of shares of listed entities is quite a simple and fair process as the price of shares are available on the stock exchange and shareholders have no option to transfer shares at value other than price available on stock exchange. However, what about the unquoted or unlisted equity shares. Whether shareholders can transfer such shares at any price or is there any mechanism specified for the same?

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Key takeaways from Interim Budget, 2024

Key takeaways from Interim Budget, 2024

During the year of the Central Election, Our present government has come up with an Interim Budget for FY 2024-25. All the financial schemes or Plans proposed in the Interim Budget are temporary until the final budget is presented by the new Government post elections.

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Deductions for purchases from MSE to be allowed on Payment basis| Amendment in Section 43B of Income Tax Act

Deductions for purchases from MSE to be allowed on Payment basis| Amendment in Section 43B of Income Tax Act

For the last many years the government has provided various benefits for MSME (Micro, Small and Medium Enterprises) to boost their business. A separate portal is provided for the entities to register themselves as MSME. MSMEs are encouraged through various benefits such as collateral free loans, subsidy on patent registration, Free ISO certification etc. To take data of dues outstanding to MSME, The Companies Act also introduced Form MSME-1 wherein every company is required to disclose funds outstanding to MSME for more than 45 Days.

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TDS Guidelines

Guidelines issued for TDS on payment by e-commerce operator

Finance Act, 2020 requires e-commerce operators to deduct TDS @ 1% on transactions made through e-commerce platforms. E-commerce operators are required to make such deduction at the time of credit of such amount to the account of e-commerce participant or at the time of payment, whichever is earlier.  The Central Board of Direct Taxes has earlier issued Guidelines for deduction of TDS under section 194-O(4) vide Circular no.17 of 2020 dated 29th September, 2020 and vide Circular No. 20 of 2021 dated 25th November, 2021. 

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Safe Harbour Rules

Amendment in Safe Harbour Rules under Income Tax Act

“Safe Harbour” means circumstances under which Income-tax authorities shall accept the transfer price declared by the assessee himself. Thus, ‘safe harbour rules’ specifies the various circumstances under which transfer price declared by the Assessee with respect to International transactions shall be accepted by Income tax authorities. Safe Harbour rule is given under Rule TD of Income Tax Rules, 1961.

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Domain Registration

Fees received for registration of domain name of customers can’t be considered as Royalty

The Appellant is engaged in providing domain name registration service, website design and web hosting. The Appellant charges a fee for facilitating domain name registration and a part of such fees is kept by the Appellant and a portion is shared with ICANN and the registry. Ld. The Assessing Officer considered such a fee as royalty and issued a demand order accordingly. View of Ld. AO is upheld by DRP and Tribunal. The Appellant contented that the domain name is not owned by the Appellant. Rather, the same is owned by the customer itself. The Appellant is only an intermediary and only renders registration services. The Appellant does not have any right in the property or trademark in the domain name. There is a difference between domain name registration and Trademark. The services offered by the Appellant are similar to those provided by other professionals to their respective clients who seek registration of a company’s name with the RoC or registration of patents and trademarks with the concerned registrars appointed under the relevant statute.

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