The Startup CA
@mehulshahca
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Startup Consultant | Chartered Accountant | Tax Litigation @itatorders | Travel Blogger | Coworking Space @ikoverk | @startupgrind Surat | mehul @raseshca .com
Surat
Joined April 2010
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After CA in 2009, when seniors suggested that I should join "Big4" for few years, then join own practice but I believed that I should start right away and make my next office with my own perception of an ideal office. It took 10 years but would like to share the vision (1/n)
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No travel agency will take you to this route but here's how we travelled Switzerland with 25+ cities in 11 Days including 4 Boat Cruises for total price of Rs. 90k for family of 2 Adults and 2 Kids using Swiss Travel System
A thread ( 1/n )
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Tips for travelling to Vietnam
A thread ( 1/n)
1. While in Hanoi, book Hotel Lotte
PS: Thank me later
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Off to Maldives!
Allow me to use Twitter as Instagram for 5 days!
#Maldives
#crossroadmarina
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I had a client with Rs. 5,01,000/- net income. I told him that if he allows me to increase my ITR fees expense from 1k to 5k, his tax will reduce from Rs. 13,208/- to Nil.
He readily accepted.
#Satire
Client is not able to understand why Rs. 5,01,000 requires tax payment of 13,208 and 4,99,000 require ZERO.
How to explain?
#incometax
#IncomeTaxRefund
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Businessman are happily paying Rs. 1.5 lakhs to an influencer for a 30 second reel but are hesitant to pay Rs. 25k for a 10 days audit assignment
Time for introspection
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My mother had to leave LLB incomplete before 36 years as I was born.
Today we all 3 in family completed LLB ( General 4th Sem) together.
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New business for everyone with cash in hand
Collect 5 lakhs in Rs. 2000 Notes
Give 4.50 lakhs in Rs. 500 Notes
Rs. 2000 Note is still a legal tender !
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1. Swiss Travel Pass gives you access to unlimited travel by Trains, Trams, Bus and Boats and selected Cogwheel railway too and entry to 500+ museums.
We bought 2 Adults 15 days Pass for 45k each and we get a Family Card for Free which gives free travel to children less than 16
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True Freindship is when normal people behind do not even giggle at your jokes but your friend would burst into laughter!
#Melodi
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ICAI President states that if any CA writes on social media that FM has taken bribe from Infosys for non-functional Income Tax portal, he shall be subject to disciplinary action
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Earlier ITR filing used to take 1 day and refund used to take 66 days.
Now
#FinanceMinistry
plans refunds in 1 Day but ITR filing takes 66 days.
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I DARE to say on public forum that the way the Institute has tackled the students issues will definitely impact my voting decision in the next ICAI election.
You just had to follow last exam instead of getting so "cheesy"
-Unconditional Opt out
-Extra attempt for Old course
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When I was pursuing CA, I did not even knew who were the CCMs.
I just wanted to write exam papers and get my CA degree.
Thats it.
#icaiexam
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My Mom is giving LLB exam with me and fellow students feel that she is still coming to drop me at the exam centre everyday.
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Tried to upload 1 TAR by Team of 40 people from 40 different PCs with MacOS and Windows OS with DSC of 5 different partners using 4 different browsers with 3 different ISPs
What more do I need to do ?
@FinMinIndia
@Infosys
#Extend_Due_Date_Immediately
#extend_due_date
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I am the only person Free in office right now at 11 PM
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Imagine whole school life, you were taught about your fundamental right to vote.
You are a first time voter now but cannot vote due to exams!
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Startup ka 50 Cr Valuation Batake Rs. 2000 ki CA Fees nahi pay Karna is not funny
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Suggested itinerary for
#Vietnam
with some hidden gems and unexplored places as per public demand!
A Thread🧵
#traveltips
#travelblogger
#Hanoi
#hochiminhcity
#Danang
#HoiAn
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Client : Please reduce the audit fees this year as turnover has slightly reduced.
Me : Writes DIN on their financial statements. See, I saved your 6 lakhs.
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Happy to share that 5 of our portfolio companies are selected for Shark Tank Season 2 😀
#SharkTankIndia
#startups
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If you mess with me on Twitter, I will take your PAN from your GSTN number and type wrong password three times to lock your account on the ITR filing due date.
#incometaxportal
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The earnings from Digital Signature is more than fees from filing Income tax returns
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Last Days of ITR filing season and I hate to file free ITRs. Its a huge opportunity cost for any CA.
I told this to my WIFE
#ITRFiling
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Well,
CA Se Door Raho -
CA Ko Nikal Do -
But this is how me as a CA as well as other CA/CS around me have added value to
#Startups
and
#Angel
#Investment
#SharkTankIndia
#startupindia
#SharkTank
( 1/n )
@namitathapar
@amangupta0303
@Ashneer_Grover
@peyushbansal
@vineetasng
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At 21, I was so confident about my CA exams that I proposed a girl on the very next day of last CA exam.
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If this tweet gets more than 500 likes, I shall write a thread on "How you can book a Swiss Land Package for 8 days within 1.2 lakhs pp"
#Switzerland
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Thank God, the new guidelines applies to using CA as prefix and not CA as suffix :)
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2. Day 1 -
We selected Lausanne as Base city for 3 days.
We went to Zermatt which is a beautiful Car Free city and you will find beautiful Chalets all around.
Additionally, you can either visit Matterhon ( Toblerone mountain) , or Gornergrat but I would recommend Gornergrat
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Hope to claim deduction benefits in this financial itself 😀
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We Professionals are ready and open for filing ITRs for AY 2021-22. Please release the Forms and utility by midnight. Any delay in Forms will be injustice to taxpayers.
@IncomeTaxIndia
@FinMinIndia
@Anurag_Office
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I respect both CA and CMA Institute
Infact, on same set of knowledge, ICAI gave me AIR 20, but CMA gave me AIR 2
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Teacher: How many letters are in the English alphabet?
My Kid: 23 without GST
26 with GST
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Nice analysis of the unaltered ownership pattern in the ITC demerger, aiding shareholders in comprehending the intricacies, good article by
@Equitywithrahul
@business_today
#Demerger
#Finance
Says ITC shareholders will be the ultimate economic beneficiary in this transaction, directly and indirectly
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She's 2 today and she said I will not cut cake without my Dad! And they slept before I could reach home from office at 10 45 pm 😞
The 1st photo is her and 2nd one is how her mother would react tomorrow morning !
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Since last few months, Vodafone network has suddenly improved in my house 😀
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Where the
@IncomeTaxIndia
Department and GST Offices also uses "Pirated" Microsoft Office, they want Accounting Software with Audit Trial.
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CA to accountant : All figures in accounting heads and AIS are different for Dividend, Rent and Interest. Some more and some less.
Accountant to CA : ( instead of correcting its mistake in data entry ) TAKE WHICHEVER FIGURE IS HIGHER FROM ACCOUNTS AND AIS
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Today on the sixth anniversary of my blog on demonetisation going viral across the world, I have to sadly state that this Govt failed me!
This is not DoubleEngine Sarkar but DoubleDholki Sarkar and most professionals would agree
#DEMONetisation
#Demonetization
#mca
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If
#caresults
site is made by
#Infosys
- many will receive admit cards instead of results
- marks will be in decimals and negative
- entire new subject will be added with 39 marks
- CA results will show CMA/CS results
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Recently, a Startup came to me for Company Formation and GST Registration. He offered me 1% stake in Startup as fees considering the challenging work.
This is ease of doing business.
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Because they come in general category and CA course does not have reservations
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PM says Work from Home
FM says we will cancel GST Registrations if you work from home
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Thank you all for showering your blessings! We partly shifted much earlier but today 100% team was shifted and so this thread for the expression of satisfaction and nostalgia of closing old office permanently!
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3. Day 2 -
We went to Gstaad which is resort town for celebrities and alongside cities of Zweisimmen and Saanen.
In 1995, Dilwale Dulhania Le Jayenge happened, the economy boomed.
Many scenes from DDLJ were shot here and you can easily find the Café "Early Beck"
Zweisimmen
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I was Pro Modi and Pro BJP, however I reserve my comments especially after recent Political Rallies, Kumbh Mela and Cricket Matches in Ahmedabad.
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Called all my 6 articles who are to appear for CA Final exams as I do 7 days before every exams.
Me: I think exams will be postponed.
Articles : "Apshakun" mat bolo Sir. We are preparing for this from last 7 months.
Now I know that I am influenced by my articles a lot!
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Used my CA perseverance and got Rs. 32800/- of my shopping reimbursed against 2 days delay in Check-in Baggage in Flight.
Next time, you dont find your luggage on belt, shop till you drop!
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Every offiice has that one last minute dependable!
Who makes changes in Partners Remuneration at 11 55 PM
Exports Financials using another PC
Try to find CAs DSC only to discover that same CA DSC is used by another team
Files TAR to discover that for approval, client DSC
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CA course has six months of quarantine and can be re-infected number of times.
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Shout out to all newly qualified CAs who wants to explore in non-conventional domains
At our 3rd
@ikoverk
, we intent to act as launchpad for CAs who wish to experiment in practice or entrepreneurship by offering plug and play infra Free for a month!
#icairesults
#ICAI
#icaiexam
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Breakfast -
Me: Mam, do you have vegetarian options?
Waitress: Sir, would you like to have Jain or Regular ?
#Maldives
#Transformation
#GujjuTravellers
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I am a CA. I work 16 hours a day.
I tweet, eat or sleep only during the times the bug-gy
#incometaxnewportal
shows Loading icon.
#Extend_Due_Dates_Immediately
#Extension_
दो_भीख_नहीं
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1. ITR
#IncomeTaxPortal
is working fine in 2023 compared to disastrous working in 2022, 2021, 2020 and 2019.
2. 2024 is election year
#Coincidence
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We as CAs charged lesser audit fees, and hence Govt feels that we are not performing our duty in true spirits.
What are we even doing in office for 12-14 hours a day ?
Need of the hour for
@theicai
to come with Mandatory Minimum Fees and also give a befitting reply to this.
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Social Websites like Facebook and Twitter consider it a crime to be shut down even for few minutes.
Here the Govt website is shut down from 10 days.
@IncomeTaxIndia
@nsitharamanoffc
Businesses are shut due to Foreign remittance dependence on Form 15CA.
And it is all normal.
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I do audits of 3 Gyms and I analysed that the profit of any gym comes from membership fees paid by members who then stop coming to gym!
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One Kid became 6 years amidst TDS, GST, Audit and ITR filing due dates and extensions.
But learnt to say "No" to few clients to get some time for second one!
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Why so much negativity around CA exams? The Logic is simple. Online exams are not possible atleast for Nov. Now the Role of
@theicai
is to conduct exam for students who want to give n give an option to opt out who does not. Rules may have to be made for overall safety.
#icaiexams
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All Corporates should transfer their reserves and surplus to the BJP Government
If MCA of Govt would not have given them name approval, the reserves would not have accumulated in the first place
#CharteredAccountant
#FMSpeech
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Using my CA services, you can save tax of Rs. 1 Crore
Here is only ONE but sure shot way to do that.
Pay me consultation fees of Rs. 3 Cr and claim as deduction.
#taxplanning
#TaxInfluencer
Using Credit cards can potentially save you ₹10,00,000+ 📈
Here are 10 ways to save and make money using credit cards 👇
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Its time to topple this Finance Ministry or else our future generations will very badly suffer
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I used to bring CA Ranks with the sole expectation that her father would read the Newspaper next day
#caresult
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India is full of opportunities.
Today if someone knows how to file ITR seemlessly on
#incometaxportal
, he can get 6 Cr clients.
Thanks
@Infosys
and
@nsitharamanoffc
for this opportunity.
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ITC Frauds are happening solely because
@FinMinIndia
could not implement GSTR 1,2,3 as contemplated in the original GST Act. Period.
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Makhan Bhog is the only Pure Vegeterian restaurant in whole of Vietnam
Mr. Nagesh made all efforts to serve us Jain options too
Lets make him famous!
#Hochiminh
#hanoi
#vietnam
#vietnamese
#Danang
#hoian
#vacationmode
#Diwali
#jain
#vegeterian
#india
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I did not fail CA exam.
Its just that other students cleared the exams.
"रुपया कमजोर नहीं हो रहा, इसे ऐसे देखा जाना चाहिए कि डॉलर मज़बूत हो रहा है"
◆ अमेरिका में वित्त मंत्री
@nsitharaman
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While mandatorily rounding off the figures in company financials, we have to ensure that the audit fees does not become Zero.
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The Promoters' Cabin is built on the theme of "Possibilities"
The Art work depicts all possibilities of winning in a Tic Tac Toe game meaning therein that when you come here, all the possibilities for winning a "Tax Litigation" is taken care of.
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Warning : Parents happy with one child may watch this at their own risk
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Startup Idea : Create an Ed Tech platform where commerce graduates can learn to file ITR, GST returns and TDS returns in 6 months with "guaranteed work assignments" on course completion instead of going through the rigorous CA course for 4 years+
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How to pay Zero tax for business receipts of Rs 50 Lakhs
A thread for business ppl 🧵
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3 Young Entrepreneurs came to me in whose Startups, Foreign investors were ready to fund $1 billion at inception
But
@MCA21India
did not allow to form a single LLP in March 22 due to faulty portal and ultimately Investors flew away
Many such heart breaking stories
@narendramodi
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My only fear is they might want to match Income Tax website with GST and MCA
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Everyone in this country needs us and we need to value this but also value ourselves.
One hour of time value should atleast be $50
#HalfCA
#ITRfilling
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Why is there no reservations in Cricket team or IPL or Olympics ?
Because you know that your flawed caste based system will be exposed to the world and world will laugh at you.
#TeamIndia
#Reservation
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I purchased property for Rs. 20 lakhs and purchase deed filed in the Paper book.
AO states that in interest of NATURAL JUSTICE, I will allow Rs. 5 lakhs in lumpsum as indexed cost
Wah! Faceless
@IncomeTaxIndia
Really ; Justice at doorstep!
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Staying motivated during exams for a CA Final student is of utmost important as your mind is most sensitive at those times.
It will pinch hard if a non-CA friend or neighbour exclaims to CA Final student -
"Are Tu Vote Karne nahi gaya , Selfish - Desh-Drohi "
#icaiexams
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In every MLM scheme, you need a Product to be marketed where the early participants gains whereas the last entrants lose money and are struck
In case of
#Mamaearthipo
, the "shampoo" is not the Product but the "Founders" are the Product.
Lets understand the Game!
A thread(1/n)
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Had the first Virtual hearing in Faceless Assessment today. Very good VC Software. No technical glitches. And very co-operative AO who listened very patiently and asked the right queries. Showed that he was well versed with all the earlier submissions filed.Kudos!
@IncomeTaxIndia
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🚨 Beware of Data Colonialism! 🌐 Developed countries are exploiting our personal data without consent, leaving us vulnerable and powerless. It's time to speak up against this unjust practice and demand our data sovereignty!
#World_Coin_Trap
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I would not want someone in power who cannot respect the designation and position of PM of one of the greatest democracy of the country.
I strongly object this post. Its content as well as the image of PM both gives highest level of discomfort to me as a citizen of India.
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1.
@IncomeTaxIndia
System should allot 25-40 Tax audit to each CA randomly within that city based on experience
2. Fees slab should be defined based on turnover and FULL GROSS FEES paid to CAs for Tax audit should be available as TDS credit in 26AS or under GST credit as ITC
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Team : Sir, we are in shortage of staff for vouching for audits
Me : Hum Prabandh Karte Hai Na
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Over 50% of India’s UPI payments are of less than ₹200 in value. And now for these small value payments, one can use
#PaytmUPILite
. Lightning-fast payments, no PIN, no failure. Most importantly, keeps your bank statements clean, with only a single entry for when you add money.
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Pehle Outstanding Debtors ki tension thi!
Ab Outstanding Creditors ki Jyada tension hoti hai!
#43B
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Yes,
@theicai
should give Opt out option if cases are not going to decline any sooner and conduct alternate exams in Aug/Sep.
Representation should be made to Govt for priority in vaccination for CA Students also because they are required to go for bank concurrent audits etc
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Client calls and asks me to open office at night as Income Tax Dept says that now is a good Muharat to file ITR
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