Latest news with #KarimLakhani
Time of India
09-07-2025
- Business
- Time of India
Non-corporate entities: Standard format for financial statements to enhance transparency
Ahmedabad: A guidance note issued by the Institute of Chartered Accountants of India (ICAI) outlines a new standard format for financial statements for the audit of non-corporate entities, effective from April 1, 2024. This change mandates that all non-corporate entities provide comparative details with the previous year, except for those preparing their first financial statements after incorporation. The new format will impact sole proprietorship firms, Hindu Undivided Families (HUF), partnership firms, Associations of Persons (AOP), trusts, and individuals whose returns require auditing. However, there is concern that many assessees may struggle to provide all the necessary details within the stipulated time this year. All business or professional entities, other than companies incorporated under the Companies Act and Limited Liability Partnerships incorporated under the Limited Liability Partnership Act, are considered non-corporate entities. Societies registered under any law are also included, according to chartered accountants. CA Aniket Talati, former chairman of ICAI, said, "The guidance note aims to enhance consistency, transparency, and comparability in financial reporting among non-corporate entities. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Các chỉ số toàn cầu đang biến động — Đã đến lúc giao dịch! IC Markets Tìm hiểu thêm Undo The guidance note is applicable to all non-corporate entities unless a specific format is prescribed by relevant law, regulation or authority." You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad "For the financial year 2024-25, the financial statement for the audit will be prepared according to new standards, and entities will be required to provide these details to their chartered accountant. Businesses no longer run only in the company form. There are businesses and enterprises that run on partnership, LLP or proprietorship models. There was a need for standardisation, so banks and financial institutions can get information in a standard format. If assessees do not provide the required details, CAs will draw attention in the audit that the guidance note is not complied with," he said. Karim Lakhani, a chartered accountant, said, "The standardisation will bring major changes in audit practices and increase transparency. However, it seems that many assessees will find it difficult to provide all the required information, especially in comparison with the previous year. Sep 30 is the deadline for audits, and this year, the regular return filing date has been extended to Sep 15. So, CAs will find it difficult to prepare financial statements in much less time. "
Yahoo
25-06-2025
- Business
- Yahoo
Reimagining AI to Discover the Art of the Possible in Wealth Management
EDISON, N.J., June 25, 2025 /PRNewswire/ -- Mike Tropeano, CFA, AIF – Senior Vice President, Fi-Tek We have moved past the hype and are arriving at the point where Artificial Intelligence (AI) will have a significant impact on how we do our jobs. Sitting on the sidelines is no longer an option. Celent reported that 62% of wealth managers in the US are either in production, piloting, experimenting, or exploring use cases with generative AI. Engagement is not limited to large firms, with 50% of organizations between $1B–$20B doing something related to AI. Still have doubts? Data from IoT Analytics and BCG found that in the final quarter of 2024, mentions of AI agents on earnings calls increased more than 330% year over year. Progress is not without challenges. Questions about the accuracy of the results, cost of the solution, nervousness about the privacy of data, and the lack of clear regulations on the use of AI technology have held some back from diving deeper into AI. This shouldn't stop you from understanding what AI is and how it can impact your organization. Harvard Business School professor Karim Lakhani summed it up well:"AI won't replace humans, but humans with AI will replace humans without AI."Not learning more about what the future holds and developing a strategy only puts you further behind. How Can AI Transform and Become Impactful? Addressing the challenges and clearly defining your value proposition will show how AI can help you improve client engagement and become more efficient in the front, middle, and back offices. We know that leveraging data is the key to delivering actionable and strategic insights for use within your organization. Your firm possesses massive amounts of data, which delivers no value when it is at rest. What are some of the use cases where you can put your data to work? Transforming Client Engagement Through Hyper-Personalization Improving the client experience requires a fundamental change from reacting to anticipating a client's needs. Orion's Investors Survey found that the top two ways an advisor can enhance the client experience is through communication and personalized services. Both can be achieved by improving the way you use the data that you have within your ecosystem. We need to anticipate the client's need and bring them to where they want to go. It comes down to improving how we make them feel like a segment of one. More specifically, organizations can increase scale by using generative AI solutions to support the automation of some client communications, leveraging virtual assistants to synthesize large data sets, and deploying predictive analytics through advisor dashboards to deliver the next best action. Machine learning is another way to personalize online engagement, including the delivery of custom insights. Driving Scale Almost all firms are under pressure to become more efficient to address shrinking margins, an aging workforce, and key talent risk. We need to think about how we can improve the effectiveness of traditional automation tools, including expanding the capabilities to address tasks that have been traditionally manual. Optical Character Recognition (OCR) has been in place for many years. Improvements in accuracy have allowed it to become a bigger part of mainstream technology. Combining OCR with Robotics Process Automation (RPA) or using OCR to feed a transactional API provides the beginnings of an intelligent automation solution. Improving Your Control Framework It is a constant battle to stay one step ahead of the fraudsters. As soon as a gap is closed, they find another vulnerability. Organizations are looking for AI-based solutions to develop a stronger control framework and quickly detect anomalies that could be fraudulent transactions. We rely on humans or rules-based engines to detect irregularities. This only works when datasets are manageable, predictable, or we know what to detect. Schemes to defraud investors are becoming more complex. Deploying multifactor models and predictive analytics can assist in understanding patterns of behavior and provide insights into a potential fraudulent transaction or the detection of a bad actor. What Do You Need to Consider? Transforming through emerging technology can be stressful. Simplifying your goal makes the first step easier. Consider starting with defining your organizational value statement for utilizing AI. Focus on the objective versus the outcome as the first step in developing a strategy. As you move forward, leverage a role-based design rather than taking a task-based approach to quantifying what you want to achieve. Work to identify your targeted use cases, prioritizing higher impact, lower effort. This will support the delivery of a more efficient operating model and allow for similar tasks to be solved together. After you establish the foundation, the work continues. Assess the Regulatory Environment and Internal Compliance Requirements At this point, organizations should have a policy defining appropriate uses for AI. This may be as simple as: the use of AI is strictly forbidden, is limited to certain functions, and/or requires a set of disclosures. More specifically, you need to define your plan to supervise the use of AI across your organization. When you deploy an AI-based solution, there needs to be a plan to identify and mitigate associated risks such as accuracy or bias. Understand that this document will be fluid as the regulatory environment matures. While we do not have a fully defined regulatory framework, there are existing laws, regulations, and guidance that are applicable. Regulations exist for the protection of personally identifiable information (PII), your duty as a fiduciary, and what needs to be disclosed when using third-party information. Regardless of how the task is accomplished, the regulatory guidance stays the same. As solutions are deployed, you will want to consider how to use that tool and still ensure compliance with applicable regulatory requirements. Get Your Data in Order The ability to analyze large data sets is core to the value of artificial intelligence. Success depends on ensuring that the data used is accurate and available. It seems simple; however, many organizations struggle to identify a gold copy for some information and, if they have one, the accuracy can come into question. Data governance is a process that is consistently discussed, however, few implement. Gaps in quality and quantity can lead to hallucinations or misinterpretations. You will also need to clearly define what data is needed. Bigger is not always better. Narrowing the scope to only the important data elements not only makes the integration easier, it also limits what could be exposed should a bad actor gain access to your information. Understand Your Partner's Plan to Integrate AI Lack of resources and subject matter expertise are two of the top reasons why most organizations fail to adopt emerging technologies. Regardless of size, many firms need to rely on partners to help deploy innovative solutions. AI is maturing at a rapid pace. Innovative firms have both a strategy and results they can point to on how they are using AI to improve their products. Interested in finding out more? Reach out to the Fi-Tek team. Media ContactsArpita ChatterjeeDirector of Marketing and Strategic Alliance, Fi-Tek732-632-8167AChatterjee@ View original content to download multimedia: SOURCE Fi-Tek LLC
Time of India
02-06-2025
- Business
- Time of India
Details must to claim exemptions, deductions in new ITR
Ahmedabad: Taxpayers, especially those under the old regime, will need to provide comprehensive information while claiming exemptions and deductions in their income tax return (ITR) for the assessment year 2025-26. The ITR utility is now available, and tax experts have stated that submitting detailed information has become compulsory. This includes insurance company names, policy numbers, housing loan particulars, actual house rent allowance (HRA), and rent payments. Additional requirements include information on landlords for HRA claims, registration numbers of political parties for donation deductions, and other relevant details. For medical treatment deductions, specific ailment details are now required. Tax experts indicate that this unprecedented requirement for detailed information aims to prevent fraudulent deduction claims. International tax expert Mukesh Patel said, "This year, the income tax department made it mandatory to disclose various details for all the exemptions and deductions, especially under the old regime. The department aims to stop fake deduction claims. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Banheiro escorregadio? Barra de apoio vira febre no Brasil Evite quedas e escorregões Saiba Mais Undo Based on the details submitted in the ITR by the taxpayers, the department will cross-check such deductions." With the ITR filing deadline extended to Sep 15, taxpayers must collect all necessary documentation. Chartered accountant Karim Lakhani said, "For claiming HRA exemption, the taxpayers will have to give details of the place of work, actual HRA received, actual rent paid, apart from landlord details. For claiming a deduction for insurance premiums under section 80C, the taxpayer is required to submit the policy number or receipt number. Similarly, for the deduction for PPF account, the taxpayer will have to mention the account number in the return. Also, for claiming a deduction for health insurance, the name of the insurance company and policy number must be submitted." Tax authorities have noticed numerous instances of false deduction claims due to minimal documentation requirements. According to experts, taxpayers should gather all the required information for filing ITR so they can claim various deductions and exemptions easily. Box: Additional details to be provided For HRA exemption: The taxpayer will be required to provide details about the actual HRA received and the house rent paid Under Section 80C: The taxpayer must provide the document or receipt number of the insurance policy and the PPF account number Under Section 80D: The name of the health insurance company and the policy number must be provided For home loan interest deduction: The taxpayer will need to give details of the lender, loan particulars, and the outstanding amount Treatment of diseases: To claim a deduction for the treatment of a specific disease, details of the disease will have to be provided
Independent Singapore
01-05-2025
- Business
- Independent Singapore
Rise of the robot colleague: Why workers are choosing AI over each other
Freepik/ (for illustration purposes only) INTERNATIONAL: Today's workplaces have significantly changed — more and more workers are turning to artificial intelligence (AI) for ideas and emotional support instead of their human officemates, and this trend has rewritten the rules of workplace culture. According to Microsoft's latest Work Trend Index report , published by HRD Asia , an increasing number of professionals see AI as a collaborative partner and not a mechanical tool, a 'different kind of team member.' AI becomes the ultimate brainstorm buddy Approximately half (46%) of employees now see AI as a dependable and consistent 'thought partner' — a source of productive ideas, a brainstorm buddy, that can spur creativity, challenge their cognitive abilities, and test their perceptions. Instead of only banking on human colleagues, countless workers have opted for AI for its exceptional gains. Employees said they turn to AI because it's at all times accessible (42%), provides rapid responses and superior results (30%), and delivers a continuous stream of novel concepts (28%). More than these advantages, AI doesn't get tired as it has unlimited capacity (23%). In short, AI is prepared and equipped to work at any time of the day. Dodging drama: Why some avoid human help For many workers, the move towards AI is not merely about acquiring competence or achieving productivity — it is also about dodging the uneasiness of working with colleagues, especially those who have attitude problems. Respondents to the survey mentioned anxiety over judgment (17%), personal tensions (16%), and highly demanding colleagues (15%) as motives why they chose AI. A minor group (8%) even said they try to sidestep alliances or teamwork tasks because co-workers tend to claim too much credit for things they didn't even exert effort on. 'It's a mindset shift,' said Conor Grennan, chief AI architect at NYU Stern School of Business. 'We've been trained to see technology as a tool, but AI is something different — it's like a new teammate.' From HR to IR: The next evolution in the workplace As AI becomes a vital player in everyday work, businesses are starting to reconsider how teams should work. The report proposes that all workers will have to build capabilities around communicating well with AI, such as creating improved prompts, filtering AI-produced replies, and detecting flawed reasoning. Specialists even forecast the development and rise of a completely new division to accomplish this trend. 'Just as HR and IT became foundational functions, we'll likely see the rise of Intelligence Resources departments,' said Harvard's Karim Lakhani. These divisions will aid in overseeing how humans and AI intermingle and collaborate, eventually becoming a key driver of competitive advantage in AI-first establishments.
