Prakash Sinha and Sachin Sinha, Partners Prakash Sachin & Co.

Prakash Sinha & Sachin Sinha | The Enterprise World

Prakash Sinha & Sachin Sinha

“Delivering Solutions – Professionally”

Mr. Prakash Sinha FCA and Mr. Sachin Sinha FCA founded Prakash Sachin & Co. in 2004. It is a reputed firm of Chartered Accountants with a perfect blend of experienced & young minds, an active and talented team with a robust network of Associates.

As of today, the firm has a team size consisting of five partners and more than 35 professionals working with it and the numbers are increasing day by day. The firm has Head Quarter in New Delhi and its offices are in Mumbai, Kolkata, & Jharkhand. The firm has also marked its presence overseas through its associates in different countries across USA Europe, Asia, and Latin America. 

What they offer

  • FEMA & RBI Related Advisory

The firm has a dedicated team to work on the foreign exchange regulation and FIPB approvals. Since India has a liberalized current account regime, the firm has expertise in the matter of foreign exchange transactions related to the Non-resident, Nonresident India (NRI) and PIO. The firm provides its services in the capital account transaction covering from FDI approval, ECB and other securities issue related transaction, incorporation of WOS, Joint Venture, share valuation and allotment, FCGPR and FLA filing, establishment of Liaison office, project office, Branch office, and any other exchange control matter.   

  • Income Tax

The organization engages in an exceptionally sophisticated, broad-based tax practice, touching many different economic sectors under the different situations of changeability, attribution, Capital Gain, incentives, deduction, and exemption. It practices in all Income Tax related issues including Assessment, Representation, Certification & Litigation related issues. The firm provides representation services before the different judicial forum. Further, the firm also provides its professional services in the matter related to search and seizure and its related assessment. The firm is actively involved in providing tax-related advice on acquisitions, mergers, demergers, absorption’s, slump sales, reorganization and restructuring of businesses. The firm advises on the exemption and incentive related issue under the various providers for the Industrial undertaking, infrastructure facility and for the units under the SEZ, EPZ, EOU, STPI and suggests the various compliance norms. The firm has a specialization in the taxation issue arising of offshore or onshore turnkey contracts in the power sector, Oil & Gas Sector & Infrastructure projects like Roads, Airport, Dam and port, etc.

  • International Tax & DTAA Matters

The firm provides the Services of advisory and litigation in Income Tax matters covering International Tax and tax relief under various DTAA (Double Tax Avoidance Agreement) which India has entered into with various countries. The firm practices on the cross border taxation issue arising from the Indian Income Tax Act and its covering Direct as well indirect transfers of securities, FTS & Royalty issue, movable & Immovable property-related issue, Business Connection issue, Permanent Establishment under DTAA, attribution, computation, exemption, and deductions. The firm practices on the triangular issue of taxation with a focus on independent personnel, professionals, Athletes, Artist, sportsmen and Government and Diplomatic consulate and UN and World Bank staffs. The firm handles the issue related to FIIS. The Partner of the firm is a member of the ITAT (Income Tax Appellate Tribunal) Bar Council and regularly appears in appeal matter before it. Apart from this the partners also appear before DRP, CIT (A), & AAR.

  • Transfer Pricing – Study Report and Litigation

The firm is engaged in the Transfer pricing audit and preparation of the transfer pricing study report covering the international transaction as well as Domestic Transaction. The partner of the firm appears before the Dispute Resolution Panel and Tribunal to represent the matter. The firm undertakes the assignment for the determination of the arm length pricing for both the tangible and intangible related matters covering intragroup services and shared services. The firm intends to represent the client in the APA (Advance Pricing Agreement) related matter covering both the unilateral and bilateral matters and appears before the competent authority appointed under DTAA.

  • Customs, Central Excise Service Tax & SEZ, Foreign Trade Practice Related Issue

The firm practices in the Central Excise matters, CENVAT Credit Rules, Customs matters and its regulation, Service Tax Matters and other matters of indirect tax. The firm has successfully handled various matters of product classification, valuation, and CENVAT credit. The firm guides its associates about the various exemption /incentives/abatement available vide different notification or circular to the different sectors/area and helps the client in defining their Business Policies and model towards efficient tax planning. It provides the services on the statuary matters related to the units in SEZ (Special Economic Zone), STPI (Software Technology Park), EHTP (Electronic Hardware Technology Park), EOU (Export oriented units) and DTA (Domestic Tariff Area).

  • Goods & Service Tax

The Goods and Service Tax is a new law that is expected to be implemented in India and it will subsume the existing law of Excise, Service Tax, Central Sales Tax and State VAT. As of now the firm practice in the matters related to Central Sales Tax and State VAT including the Excise and Service Tax and has kept itself associated with the proposed changes and its effect with advisory and planning. The firm provides advisory services, representation services, compliance services, and litigation related issues.

The firm undertakes appeal matters related to State VAT and CST before the Commissioner and Tax Tribunal level whereas it has a team of advocates who can take up the matter in the higher courts, in various cities in India where the firm does not have the physical presence. 

  • Corporate Matters

Corporate and Commercial Law practice is at the heart of the organization. With the New Companies Act becoming effective, rules being notified and the further amendment has also been notified, the law has become more dynamic and needs a dedicated team of professionals to attend the issues and moreover the compliance, disclosure, and reporting. The practice in the firm provides advice on various compliances required by the various committees including the audit committee, related party transaction, Board meeting, quorum, general meeting of the members, meeting of the creditors, voting issues, Independent director issues, management issue, accounts, and auditor related issue and various broad spectrum of matters, ranging from general corporate advice, corporate governance, company formations, contract law, and exchange control regulations.

As the compliance and disclosure are two important aspects of the New Companies Act, the firm provides professional services on this aspect as advises its associates on the related compliance and forms that are required to file with ROC.

  • Auditing & Assurances

The firm has diversified experience in auditing like Statutory Audit, Internal Audit, Stock Audit, Transaction Audits (TVA) of various Corporate & Non Corporate clients. The firm has been conducting the statutory audit as well as the internal audit of some reputed clients from the Manufacturing Industry, Construction Industry, Service Industry, and Institutions, etc. The clients’ list includes both corporate as well as non-corporate entities spread over in different product/services segment. In FMCG Sector the firm provides the services of internal audit/stock audit of manufacturers of Branded readymade garments, Health care products, pharmaceutical items, fresh food products, and leather items & its related footwear products. In addition, the firm is engaged in the internal audit of BSE/NSE listed Infrastructure construction companies and companies in the IT/ITES sector. 

  • Bank Audit

The firm is impaneled with RBI. The level assigned is level –II. The firm is the statuary Branch Auditor of State Bank of India since the last successive six years. Apart from the Statuary Audit, the firm is impaneled with Allahabad Bank, Oriental Bank of Commerce, Bank of Maharashtra and other Public Sector Banks for their Revenue, concurrent and stock audits.

In private sector Banks, the firm is the authorized credit monitoring agency appointed by ICICI banks, AXIS Bank and HDFC Bank which involves the continuously supervise the borrower’s accounts on behalf of these banks in terms of Units inspection, stock verification, ROC search, etc. and other assignments as provided by the Bank.

Professional Experience

Prakash Kumar Sinha (FCA) 

  • He has post qualification experience of about 18 years.
  • Master in the Taxation advisory and litigation services, Business Advisory Services, Management Consultancy services covering the whole Corporate & Commercial matters and regulatory issues.
  • Expertise in the FEMA, Corporate law matter, Taxation matter including the International Tax and Transfer pricing matters
  • Holds certificates from ICA about Int. Taxation and transfer pricing.
  • He Was a member of the Research Study Group constituted by the Northern India Regional council of ICA.
  • Diploma in Information System Audit (DISA).
  • Completed the course of IFA (International Fiscal Association) Delhi Chapter about International Taxation and Transfer Pricing.
  • He is LLB and advising the client in various legal and regulatory matters successfully.

Sachin Sinha (FCA) 

  • Experienced in Taxation, Auditing and Management Consultancy.
  • Expertise in the direct Tax, Corporate, Secretarial, and Commercial issues.
  • Certified by Institute of Chartered Accountants of India about International Taxation and Transfer Pricing.
  • Completed the course of International Fiscal Association, Delhi Chapter about International Taxation and Transfer Pricing

According to them, every entrepreneur should know his following responsibilities.

  • Entrepreneur promotes capital formation by mobilizing the idle saving of the people.
  • They create immediate and large-scale employment by establishing small- scale enterprises. Thus, they reduce the unemployment problem in the country i.e., the root cause of all socio-economic problems.
  • They promote balanced regional development by establishing small scale enterprises in rural, remote and less developed regions.
  • Last but not least, they encourage and promote the country’s export business i.e., an important ingredient to economic development.

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