With a vision to create a value based organization which generates value for all its stakeholders, namely, partners, clients, government, staff and society, Dr. CA. Mayur B. Nayak PhD., B.com, FCA., founded the M. B. Nayak & Co., a firm of Chartered Accountants practicing for the past 33 years. Dr. Nayak is an author, poet, speaker, motivational trainer, counsellor, runner, and a spiritual healer. He has done Doctorate in the field of International Taxation with GAAR and Transfer Pricing as special focus areas. Clearing B.Com. in First Class from Mumbai University, he is a Rank Holder in C.A. final examination as well.
Becoming a CA was his college days dream as he wanted to be a professional who can serve both the Nation and Clients. Besides he also wanted to have a respectful earning and a good standard of living. “I think CA Profession has given me much more than what I had desired,” says Dr. CA. Mayur B. Nayak.
Here’s more about his firm.
Tell us about your firm and its services.
Established in August 1987, M. B. Nayak & Co. renders a range of services to its clients in three different verticals, each headed by competent professionals:
- Consulting Practice
Under this vertical the Firm renders consultancy services in the field of International Taxation, Foreign Exchange Management Act (FEMA), Cross Border Structuring/Investments and Transfer Pricing, to Indian Companies, Multi National Enterprises (MNEs) and high net worth individuals. - Audit and Assurance Practice
The firm provides services in respect of Statutory Audit under the Companies Act, Bombay Public Trust Act, etc., Transfer Pricing Audit, and Tax Audit. The firm also undertakes Internal Audit, FEMA Audit, Due Diligence Audit and implementation and/or documentation of the process and Risk Control Matrix as mandated under the Companies Act, 2013 regarding Internal Financial Control System of a company. - Financial Services & Business Advisory
The firm is engaged in the Financial Analysis for leading banks in India for over 20 years. Other areas serviced by this vertical include “Project Financing and Venture Capital Funding”. The firm also undertakes consultancy in respect of business restructuring as well as turn around strategies.
How do you utilize technology to help facilitate the services. What software do you implement/recommend.
In our profession, service to client is very crucial. Client is always expecting some value addition from our part. Therefore, it is very important for us to satisfy the client in terms of providing services.
With the technological changes, we can arrange the meeting with client on virtual platform. With the applications like Google Meet, Microsoft teams etc. we can meet with the client virtually and provide our services. We can save a lot of time and energy as we need not visit to client office. We use multiple software such as Genius, Winman as well utility of the Income-tax Department. Each one has its own advantage and disadvantage. As such we do not recommend any particular software.
How do you help companies/people align their financial growth goals while keeping up with taxes? How do you help them plan and track their growth?
We always encourage our clients to focus on toplines and cash flows. Taxes are paid on profits. My clients do not haggle paying taxes, as see the benefits of being compliant and honest tax payers. Instead of wasting their time and energy on litigative or aggressive tax planning, they focus attention on their businesses and make more money and derive satisfaction.
My clients have always appreciated our conservative approach. We firmly believe that any business model which is not profitable post taxes is not good. We do advise and encourage clients to take advantage of all legitimate tax incentives offered by the Government to remain competitive.
We believe that if the mental energy is used in the right direction for right purposes it leads to exponential growth.
Tax returns/tax systems have gone digital. What are your views regarding it. How easy or complex has the whole system become as compared to a decade ago?
Tax returns and systems are more simplified as compared to that a decade ago. Tax returns can now be filed with more ease and convenience by sitting in any part of the world. We still remember that, a decade ago, we used to prepare the tax returns by filling up the forms manually, attaching all the supporting documents and stand in a long queue in the income tax department till late hours to file the returns. Moreover, we had to chase the client to get the signature on the returns before filing it.
Now with Digital signature and OTP system it can be filed more quickly and we need not chase to the clients. Further, the returns are processed in very less time and refunds are issued to the assessees. Previously, we had to visit the income tax departments to follow up for the refund for the client which was very time consuming. Overall, with the digitization, the complex system has become easy and assessee friendly.
The current and the following tax seasons are different due to the pandemic. What are your suggestions to companies/individuals on how to be prepared?
We are faced with unprecedented challenge of the Pandemic, and therefore our response also has to be unique and unprecedented. Working from Home is a new normal. Digitization of documents is a must. Audits are also done remotely. Documents are verified remotely. Use of technology is playing and will further play an important role in days to come.
New methods for staff supervision and efficiency measurement will evolve. Luckily, Indian Government is two steps ahead in implementing E-filing, E-Assessment/ Appeals and now Faceless Assessments etc. Individuals need to acquire the new skill sets of being computer/technology savvy and companies need to hire skilled employees who can deliver the job without being physically supervised.
Please share your ideas/plans for the near future.
The year 2020 has been an unusual year with several challenges. Pandemic Covid has shattered many businesses and changed the outlook towards life and work. Survival in 2020 is the key to success. Thanks to technology, people have come closer despite physical distancing. Digitization of economy and life are new normal for everyone.
Services of accountancy, audit and taxation are becoming sophisticated. Structures based on tax avoidance will no longer hold good. Businesses need to reconcile to pay their taxes honestly and on time. The dividing line between tax avoidance and tax evasion is getting blurred. Any structure perfectly legal in form will not be accepted unless there is an underlying substance. Compliances are on a rise, which will put further pressure on the profession. Availability of skilled staff will continue to be a challenge. The accounting firms need to invest more in staff training, especially in technical areas and soft skills up-gradation, infrastructure, and practice management software to remain competitive and relevant so as to increase the service standards eventually. For this, they will have to increase their fees substantially. The firms also need to factor in rising expectations from government, banks and financial institutions, clients and various other stakeholders. Appropriate safeguards will have to be built in to withstand risks which are part and parcel of any professional endeavor.
We are committed to make Indian Multinationals valid and effective players on the world stage.
A Multi-faceted Personality
Dr. CA. Mayur B. Nayak held the office of President of the Bombay Chartered Accountants’ Society (BCAS) for the year 2010-11. He was Chairman of the Human Resources Committee for four years. Presently, he is Chairman of the International Taxation Committee. He is a Trustee of the BCAS Foundation.
He has authored a monograph on “Permanent Establishment” published by the Chamber of Tax Consultants (CTC), Mumbai. He has co-authored a book titled “Mauritius- International Business and Tax Strategies” published in 2002, a publication entitled “Tax and Treaty Guide” published by BCAS and another publication entitled “Comprehensive Handbook on Non-Resident Taxation & FEMA”.
He contributes to the monthly column “FEMA Update” in the “Income Tax Review” published by CITC.He has jointly contributed to the branch report on “Source and Residence: New Configuration of their Principles” on behalf of India Branch, discussed at the 2005 Buenos Aires Congress of the International Fiscal Association and published in the CAHIER.
He has presented papers, led group discussions and delivered talks at various professional forums including BCAS, CTC, IFA, FIT, ICAI, Chambers of Commerce, as well as public sector banks and contributed articles to various professional journals and newspapers.
He is an accredited trainer in “Spiritual Healing”; conducting regular courses on “Parashakti Chikitsa” with the blessings of Dr. Harish Joshi and Shri Shri Maha Avatar Babaji. He is Chairman of the MABAP Foundation. He is Chairman of the MILT Charitable Trust, Bombay. He has served as a trainer at the Chinmaya Mission, conducting workshops on the module of “Emotional Transformation” for the benefit of fellow humans.
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