NEWS & EVENTS

UNION BUDGET HIGHLIGHTS 2015-16:

  • Proposal to reduce corporate tax from 30% to 25% over the next four years, starting from next financial year.
  • No change in rate of personal tax slabs. Surcharge increased to 12% in case income exceeds Rs.1 Crore. 3% Cess to continue.
  • Deduction for Contribution to Pension Fund- Limit increased to Rs. 1.50 lakh. Health insurance premium (80D) increased from Rs.15000 to Rs.25000 , for senior citizens it is increased from Rs.20000 to Rs.30000, Transport allowance increased from Rs.800 to 1600 per month. Additional deduction of Rs.25000/- for differently abled persons.
  • Non disclosure / Evasion of tax in relation to foreign assets to have punishment of rigorous Imprisonment upto 10 yrs , penalty 300% & noncompoundable offence. Non-filing of returns/filing of returns with inadequate disclosure – 7 yrs imprisonment. property raised from Rs.1.5 lakh to Rs.2 lakh.
  • Voluntary Disclosure Scheme expected in 3 months time for disclosure of foreign Assets
  • Additional investment allowance (15%) & Additional Depreciation (35%) for new units in AP& Telengana.
  • Rate of Income tax on Royalty & fees for technical services paid to non residents reduced to 10% from 25%.
  • Domestic Transfer pricing limit increased to Rs.20 Cr from 5 Cr.
  • As promised, GST to come into effect from 01.04.2016. Service Tax Rates Increased to 14% from 12.36% (No more Education Cess & SHE Cess).Time limit for taking CENVAT Credit on inputs and input services is being increased from six months to one year. Online Central Excise/Service Tax Registration within two working days.

 

About Us

Policy:

Provide world class specialized and proactive services to our clients irrespective of their field of work, size and location. Our trained and experienced team is equipped with a high degree of professional ethics and a personal approach to all our assignments. The analytical skills of our team of qualified and specialized experts combined with continuous training and progressive education enable us to empower our clients with value added services.

Mission:

Mission- We aim towards growing as a global firm through promoting and partnering the growth of our clients by providing top-notch services and solutions.

Our team:

Mohan.R.Mudakavi, B.Com, FCA, Senior Partner
He is a Commerce graduate and a fellow member of the Institute of Chartered Accountants of India since 1986 . He has the distinction of being one of the youngest persons to be qualified as a Chartered Accountant. Mohan carries with him over two decades of experience in practicing as a Chartered Accountant.  Prior to starting up his own practice through MVR and Co, Mohan had a strong and relevant experience with finance departments at leading government organizations like National Textile Corporation and Karnataka Soaps & Detergents. He has been practicing in the private sector as a Chartered Accountant and Tax Consultant since 1984. Mohan’s practice areas include conducting statutory audits and internal audits of small, medium and large scale companies, carrying out bank audits and audits of government institutions and providing services in accounting, tax and company law matters, assisting in higher level financial and managerial decision making and related corporate services.

Apart from being an established professional, Mohan is also an academician and has had associations as visiting faculty with leading commerce colleges across Karnataka. Added to this, Mohan has been invited by several Finance Groups and associations to deliver lectures current economic and financial issues having a bearing on the functioning and growth of various sectors of our economy.

H.S.Venkatesh Rao, B.Sc, FCA, AICWA, DISA(ICAI), Partner
Mr. Venkatesh Rao is a practicing Chartered Accountant with  experience of over two decades and specializes in Internal audits of limited companies and Government organizations, statutory audit of nationalized banks, insurance companies and other limited companies, tax audits of various firms and companies. His area of expertise also includes development and installation of Costing System, Systems Audit, Management Audit, Cost Control /Reduction  aspects, Revival of Sick Units, Stock Audit, Income tax,  Company Law, VAT and Service tax.
                   

T.S.V.Rajagopal, B.com, FCA, Partner
Mr.Rajagopal is a fellow member of the Institute of Chartered Accountants of India and he has the distinction of securing the 4th rank in Final C.A exams conducted by the institute. He has been practicing for more than 20 years post qualification and is experienced in handling statutory audits of nationalized bank branches and limited companies (both public and private including listed companies), internal audits of limited companies, tax audits of partnerships and limited companies, stock and revenue audits of banks.

K.S.Varadachar, B.com, FCA, Partner
He is a fellow member of the Institute of Chartered Accountants of India and has been handling company related audits and bank audits for more than 20yrs.

Madhusudan.R.Bidi, M.Com, LLM, Associate
He has been working with the firm as an associate for the past 22 years and specializes in handling all legal aspects related to finance connected with various industries as well as company law matters.