Himanshu Kumar

Things to keep in mind while filing ITR 1 AY 2020-21

The income tax department, on 2 June has released Income Tax Return(ITR) 1-SAHAJ with a few changes in the structure itself. First of all, we will look at the category of persons required to file ITR-1 SAHAJ. It is filed by an individual being a resident (other than not ordinarily resident) having total income upContinue reading “Things to keep in mind while filing ITR 1 AY 2020-21”

Investigation Procedure of Corporate Fraud

How many of you have ever heard of SFIO (Serious fraud investigation office) before? It is a committee setup by Government of India for the purpose of investigation of corporate frauds. It works under the department of Company affairs, Ministry of Corporate affairs. There is a task force constituted under a designated team leader forContinue reading “Investigation Procedure of Corporate Fraud”

Siphoning Out of Funds

Distinguishing exaggerated expenses or business losses from underlying techniques of siphoning out of funds There are also ways and means adopted by perpetrators of fraud for duping investors and equity partners or potential acquirers of business. Exaggerated incomes, sales, receipts, and /or deflated expenses are very possible. This is done with a view to improveContinue reading “Siphoning Out of Funds”

Foreign Trade Results: April 2020

RBI released the foreign trade data for the month of April 2020 in a press release dated 15 May 2020. As per the available data, India encountered a negative growth of (-)36.65% comparing to the same period of the previous year. The overall exports (Merchandise and services combined) are estimated to be $27.96B and ifContinue reading “Foreign Trade Results: April 2020”

Self-Reliant India: FM announcements of May 13

Finance Minister Nirmala Sitaraman on wednesday announced the first part of the huge 20 lakh crore economic relief package keeping focus on the MSMEs and Power distribution companies and providing liquidity in the system. Highlights of the press conference is noted down below Rs 3 lakh crore Emergency Working Capital Facility for Businesses, including MSMEsContinue reading “Self-Reliant India: FM announcements of May 13”

Masked Funds-Early Warning Bells, red flags and common fraud

There could be situations where funds are masked or hidden. This could be done for any reason such as concealing the correct fund position, or for keeping funds aside for future misuse or embezzlement. Such practices can also be applied to give an incorrect position takeover, mergers or other instances of recovery of defaulting borrowers.Continue reading “Masked Funds-Early Warning Bells, red flags and common fraud”

Fraud, Forensic Accounting and Forensic Audit

Any deception carried out for getting a wrongful benefit or advantage over another is a Fraud, in the broadest sense. When such deception is carried out largely for a commercial interest, a financial gain or financial or commercial profits, then it is business fraud. In other words, fraud is any kind of harm or damageContinue reading “Fraud, Forensic Accounting and Forensic Audit”

Company of Cash: Liquidity, the most threatening factor

The pandemic can be observed as a threat to the economy because of the changed economic scenario globally. That is why the near-term survival is the only agenda of the organizations amid the crisis. It is also critical how businesses will position themselves post lock-down (when things return to normal) in a market where everyContinue reading “Company of Cash: Liquidity, the most threatening factor”

Economics of Pandemic: An overview of COVID-19 impact

The 21 days lock-down has put the economic activities to a standstill directly effecting the Domestic as well as Global Demand levels. India’s GDP was facing difficulties even before COVID-19 outbreak, and amid Corona virus lock-down, the major contributor to the GDP- Private Consumption, Investment and External trades are the factors which are affected theContinue reading “Economics of Pandemic: An overview of COVID-19 impact”

The Budget 2020: Key Highlights

Budget for FY 2020-21 has been announced by Finance Minister Shri. Niramala SItaraman on Feb 1, 2020. FM called this budget as pro-middle class and pro-poor budget. Many proposal have been made particularly towards automation of economy and infrastructure and agriculture sector. Government is also taking steps to align the existing Income Tax laws withContinue reading “The Budget 2020: Key Highlights”