Prakash K Gupta & PRAKASH K PRAKASH

Delivering superior accounting solutions
Prakash K Gupta & PRAKASH K PRAKASH

Prakash K Gupta & PRAKASH K PRAKASH

delivering superior accounting solutions

5 min read

Prakash K Gupta & PRAKASH K PRAKASH: delivering superior accounting solutions

In India, the history of chartered accountancy started when the Companies Act, 1913 passed in pre-independent India prescribed numerous books to be maintained by a Company registered under that Act and also required the appointment of an officially authorized Auditor to audit these records.

After a few years, the Government of India passed the Chartered Accountants Act in 1949 and under section 3 of the said Act; ICAI is established as a body corporate with perpetual succession and a common seal.

Today, chartered accountancy is one of the most respected and prestigious professions in the country. There are many individuals in this field, who are working tirelessly, though few of them could have excelled in their careers and created their marks.

Prakash K Gupta is notable chartered accountant whose identity as a chartered accountant is acclaimed; Prakash is a renowned name, whom the country has come upon to regard as big-time achievers. He is a toast of the CA profession and is providing excellent leadership to PRAKASH K PRAKASH, a CA firm established by Prakash himself in the year of 1977 in New Delhi.

PRAKASH K PRAKASH was initially founded as Proprietorship concern, and later, it was converted into a Partnership firm. Present-date, the firm comprises 7 partners and has its branch at Noida.  It is an ISO Certified entity and enjoys the goodwill of national and international reputed firms listed in fortune 100 companies.

Introduction to the Brains behind the Brand

Prakash K Gupta is the Senior Partner and Founder of the PRAKASH K PRAKASH and spearheading the organization efficiently. He is basically from Bikaner, Rajasthan.  After graduation, he shifted to Delhi in the year of 1973 to become an IAS Officer. 

Due to some reason, he could not get admission in Delhi University, and then he joined a Chartered Accountancy and completed the same in the year of 1977 with All India Rank in its intermediate exam.

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The professional journey of Prakash started without any infrastructure and contacts except for the help of a manager at State Bank of India in New Delhi. It has been quite bumpy but, the index remained toward upward in spite of all sorts of professional obstacles and problems.

The zeal to become a known-face and name in the profession of Chartered Accountancy inspired Prakash to take the foundation of PRAKASH K PRAKASH.  Presently, the team of 30 expert professionals handles the entire gamut of services the firm has to offer under the outstanding guidance of  Prakash.

Prakash believes that with every failure he is getting the opportunity to learn and rectify the mistake responsible for the failure.

A Glance inside the firm and its services

PRAKASH K PRAKASH has been offering a broad spectrum of Professional Services in Delhi for over more than four decades. It leaves no stone unturned in order to provide the best possible solutions by considering the client's needs while maintaining the utmost integrity and transparency in every deal.

Every chartered accountant working in the team has specific skills and is trained in a way that assists clients in the best possible manner. The firm mainly resolves problems arisen on account of interpretation of the law under the Income Tax /Companies Act and FEMA.

PRAKASH K PRAKASH is a peer-reviewed firm for last more than 10 years now. By combining years of experience and expertise, the firm strictly adheres to standard operational norms and delivers the best possible solution.

The core areas of the services of the firm are under:-

  • To the Foreign National –

Comprehensive services like the incorporation of the company, business license, approval from  RBI/FEMA for those who intend to set up their business in India by way of setting up business module like the subsidiary company /Branch  Office/ Liaison Office, etc.

  • Services in the field of direct taxes – Income Tax  –  it includes not only the filing of  ITR but also consultancy, Scrutiny Assessment by Revenue Officers, Appellate matters before  CIT(A) /ITAT/High Court & Supreme Court, etc.

  • Comprehensive services under the Companies Act 2013/FEMA /Applicable Rules & Regulation of RBI – these services include right from the incorporation of Company /LLP /wholly owned Subsidiary Company in India and abroad, Shifting of registered office from one state to another state in India, buyback of shares, compounding of offenses by RBI, merger /demerger, obtaining license under Foreign Contribution Regulation Act (FCRA) for NGOs, etc.

  • Treasury Services – these services include maintenance of financial records of business houses including online receipts & disbursement of funds to their vendors with online maintenance of their escrow bank account.

  • Services to NRI – Remittance of money from India to their country of stay, the filing of their ITR and consultancy in the field of direct taxes particularly on long term capital gain being arisen on the sale of their inherited properties in India.

  • Statutory Audit under the Companies Act, 2013, Tax Audit under Income Tax Act 1961, Transfer Pricing Study, Reports and Certifications.

  • Regular compliances under GST /VAT and issue related to claim of refund of service tax paid by the business houses in the old regime and claim of GST refund in the regular course of business

Current Business Model

  • Business set up service for foreign nationals

  • Services related to Corporate Laws

  • Direct Tax and Compliances

  • Indirect Tax Support Services

  • Treasury Services to a Business House

  • Maintenance of accounts on  an advance virgin of software  including Cloud-based software – Quick-book, Tally ERP 9,  BUSSY

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Magsmen

Clientele

The firm maintains a long term relationship by rendering timely and transparent services with dedication. That has helped the firm to have clients on a wider range from diverse verticals.

List of few clients include:-

  • Association of Chartered Certified Accountants (ACCA) in the UK

  • Agarwal Packers & Movers Ltd.

  • Kangaro India Pvt. Ltd.

  • MStar Semiconductor Pvt. Ltd. Taiwan

  • Vision Inc., USA

  • Cityneon Holdings & Cityneon Creations JV, Singapore

  • Clyde Bergemann Germany

  • Natrip Implementation Society- Department of Heavy Industry.

  • iCAT Manesar

  • Mahagun India Pvt. Ltd.

  • Supermac Industries India Ltd., Delhi & Malaysia

  • Gaursons Group

  • Darya Shipmanagement Pvt. Ltd.

Future Plan

As on date, the firm has hired IT Consultant to prepare market plans and strategies for its services focusing particularly Europe, Canada, and Asian countries. It is planning to market its services to the successful consultant settled in these countries.

A note for the aspiring entrepreneurs

To work hard with the latest technology and be an honest professional

Favourite quote

Sitting in the third row of the class does not mean you are poor in the study.

Key Person

  • Suman Jain, FCA & CS.

  • Dhiraj Gupta, FCA, LLB & DISA

  • Sumit Raj – LLB FCS

  • Pankaj Kumar Singh ACA

  • Mansi Kedia – ACA

  • Vikas Mishra – ACA

  • Saubhagya Agarwal –Advocate

  • Abhishek Mohan Sinha – Advocate

  • Mini Varghese – Office Co-Ordinator

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