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Contents

VOLUME 71 NO. 7 PAGES -116 JANUARY 2023 `100

VOLUME 71 NO. 7 PAGES -116 JANUARY 2023

JOU R NAL OF TH E I N STITUTE OF CHARTE R E D ACCOU NTANTS OF I N D IA

Startups-
Igniting Innovation, Creating Value

JANUARY 2023
IN THIS ISSUE...

STARTUP
734 Startups in India: The engines of innovation, the
ICAI - SET UP BY AN ACT OF PARLIAMENT
drivers of a revolution
- Aastha Grover and Radhika Kohli

737 Startups in India - Tax and Regulatory Insight

- CA. Eshank M Shah

746 Fundraising is an extreme Sport, Be Cautious!

- CA. Tarun Chaurasia

750 Working Capital Management for Startups

- CA. Deepak Gupta

753 The ABC of valuing startups

- CA. Vijaykumar Puri

VOICE 759 Corporate innovation through Startups

- CA. Ninad Karpe
715 Editorial
- Startups – Igniting Innovation, Creating Value
SPECIAL WRITE-UP
718 From the President
762 India – An Oasis in the desert!
- CA. Nilesh Shah

MEMBERS
721 Photographs TAXATION
725 Know Your Ethics 767 Overview of Section 194R
- CA. Sandeep Raghavan
728 Opinion - Classification of PPE under refurbishment,
depreciation thereon and its impairment

815 Classifieds INTERNATIONAL TAXATION

771 New Era of Taxation – GloBE Rules under Pillar 2
- CA. Sachin Goyal
UPDATES
777 Apposite of Article 3(2) of OECD model tax
816 Accountant’s Browser convention
- CA. Amit Rustagi
817 Legal Updates
- Legal Decisions 783 Digital Economy Taxation in India
- CA. Pushpendra Kumar Dixit
- Circulars and Notifications

4 THE CHARTERED ACCOUNTANT JANUARY 2023 www.icai.org

 717
Contents

VOLUME 71 NO. 7 PAGES -116 JANUARY 2023 `100 EDITOR-IN-CHIEF CA.(DR.) DEBASHIS MITRA
President
JOINT EDITOR CA. ANIKET SUNIL TALATI
Vice-President
MEMBERS CA. VISHAL DOSHI
CA. MANGESH PANDURANG KINARE
JOU R NAL OF TH E I N STITUTE OF CHARTE R E D ACCOU NTANTS OF I N D IA
CA. PRITI SAVLA
CA. RAJENDRA KUMAR P

GST

CA. SRIPRIYA KUMAR
CA. RANJEET KUMAR AGARWAL

789 Intricacies revolving around liquidated damages CA. ABHAY CHHAJED

CA. PRAKASH SHARMA
taxability under GST
CA. KEMISHA SONI
- CA. Shilpa Verma CA. HANS RAJ CHUGH
CA. (DR.) RAJ CHAWLA
794 Export of Carbon Credit : Procedural disconnect in CA. CHARANJOT SINGH NANDA
Refund Application CA. (DR.) SANJEEV KUMAR SINGHAL
- CA. Shruti Singhal DR. P. C. JAIN
CA. M. DEVARAJA REDDY
CA. VENKATESWARA RAO SUBRAMANIAM

VALUATION STANDARDS

CA. RAKESH HARIBHAI JAVIYA
CA. AMITAV KOTHARI

800 Valuation Implications of Control ASSISTANT SECRETARY KUNAL SHARMA

ICAI EDITORIAL SUPPORT DR. NEETU SINGH
- CA. Inderpreet Singh
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
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804 Understanding the Company beyond Balance Sheet SUBSCRIPTION RATES

Inland subscribers : `1,000 per annum
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Overseas : $170 per annum
(subscribers by air mail)

FINANCIAL REPORTING For Overseas Members/Subscribers

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811 Non-compliances observed in CA Students : ` 1,400 for 3.5 years

the Ind AS Financial Statements : ` 400 per annum

pertaining to Other Disclosure Other students & faculties : ` 600 per annum

- Financial Reporting Review Board CLASSIFIEDS:

Minimum ` 2,000/- for the first twenty five words or part thereof and
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Please contact: The Journal Section at ICAI Bhawan, Indraprastha Marg, New
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ICAI RESERVES THE RIGHT TO REJECT ADVERTISEMENTS.

793 ICAI Startup Samvad Printed and published by Jai Kumar Batra on behalf of
The Institute of Chartered Accountants of India (ICAI)
823 Virtual Certificate Course on Concurrent Audit of Editor – CA. (Dr.) Debashis Mitra
Banks Published at The Institute of Chartered Accountants of India, I. P. Marg, New
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The views and opinions expressed or implied in THE CHARTERED ACCOUNTANT
824 Campus for Newly Qualified Chartered are those of the authors and do not necessarily reflect those of ICAI. Unsolicited
Accountants (NQCAs), February – March, 2023 articles and transparencies are sent in at the owner’s risk and the publisher accepts
no liability for loss or damage. Material in this publication may not be reproduced,
whether in part or in whole, without the consent of ICAI.
DISCLAIMER: The ICAI is not in any way responsible for the result of any action
ICAI IN MEDIA taken on the basis of the advertisements published in the Journal. The members,
however, may bear in mind the provisions of the Code of Ethics while responding to
the advertisements.
825 Glimpses of Press Clippings published in
Total Circulation : 80,113
November - December 2022 Total No. of Pages: 116 including Covers
- Public Relations Committee of ICAI E-Journal circulation (Soft copy): 3,85,844

www.icai.org THE CHARTERED ACCOUNTANT JANUARY 2023 5