MK & Associates is a reputable firm of Chartered Accountants, with its headquarters situated in the vibrant city of Jaipur, Rajasthan. Founded…

MK & Associates is a reputable firm of Chartered Accountants, with its headquarters situated in the vibrant city of Jaipur, Rajasthan. Founded by CA. Mohit and CA. Kuldeep, the firm has established itself as a trusted entity in the field of accounting and financial consultancy within the region. Led by the expertise and vision of its partners, MK & Associates offers a comprehensive range of professional services tailored to meet the diverse needs of its clients. From auditing and taxation to financial advisory and compliance, the firm prides itself on delivering reliable solutions that drive business success. With a deep understanding of both local regulations and global market dynamics, MK & Associates serves a diverse clientele spanning across industries such as manufacturing, hospitality, retail, and more. Whether assisting startups in navigating regulatory frameworks or providing strategic insights to established enterprises, the firm's commitment to excellence remains unwavering. Beyond its professional endeavors, MK & Associates actively engages in initiatives aimed at contributing to the local community and promoting financial literacy. Through seminars, workshops, and pro bono services, the firm strives to empower individuals and businesses with the knowledge needed to make informed financial decisions. MK & Associates get their website developed as www.MKassociates.com from Adarsh Tech Ltd. The colour of their website was very bright and attractive to run on a “push” technology. Names of the partners of the firm and the major clients were also displayed on the website without any disclosure obligation from any regulator. In exchange of consideration of developing website by Adarsh Tech Ltd., CA. Mohit, accepted appointment as its tax auditor, for A.Y. 2025-26 and commenced the tax audit within four days of appointment since the client was in a hurry to file return of income before the due date. After commencing the audit, CA. Mohit realised his mistake of accepting this tax audit without sending any communication to the previous tax auditor. In order to rectify his mistake, before signing the tax audit report, he sent a registered post to the previous auditor and obtained the postal acknowledgement. Adarsh Tech Ltd. filed its income tax return for the A.Y. 2025-26 duly on September 30th, 2025. Income tax department processed the return and sent an intimation to Adarsh Tech Ltd. The return was selected for regular assessment for which the notice was served to the company within the time limit as well as the order was passed by the Assessing Officer (below the rank of Joint Commissioner). However, Adarsh Tech Ltd. was aggrieved by the amount of income assessed in the order passed under regular assessment. Jaipur Municipal Corporation (JMC) had invited online bids for development of online cloud system, for maintaining some vital statistics including registration of births and deaths, within the pre-defined period as per the contract. The work involved composite supply of goods and services wherein the supply of services was the principal supply. The value of goods (in form of computer hardwares) constituted 25% of the total value of composite supply. Mr. Arsh, Managing Director of Adarsh Tech Ltd., located and registered under GST in Jaipur, wanted to bid for the same. Mr. Arsh wanted investment advisory services from MK & Associates for investing the surplus funds of Adarsh Tech Ltd. for which purpose he had invited Mr. Mohit for a meeting. In the meeting, Mr. Mohit explained the benefits of investing in mutual fund schemes along with its drawbacks and also recommended investing in xscheme Purnarth floated by HMKD Plus Mutual Fund managed by his own friend. HMKD Plus Mutual Fund has published its half-yearly portfolio statement (Annexure 1) relating to their Purnarth Scheme on its official website as well as on the AMFI website, in compliance with the SEBI (Mutual Funds) Regulations. The statement provides detailed disclosures of the fund's investments in various equity instruments as of March 31, 2025. The total number of units of Scheme Purnarth are 12 lakhs. The Scheme Purnarth has accrued expenses of 1,50,000 and other liabilities of 3,00,000. Further, Mr. Mohit, in his busy schedule, took some time to attend one another meeting, this time arranged by manager of RFIN Bank, Mr. Ravi, who wanted Mr. Yash's firm to perform an audit of the blockchain-based system, the details of which provided by Mr. Ravi to Mr. Mohit, in the said meeting, are as follows: Bouyanc Bank, headquartered in Chicago, offers a broad range of financial services including asset management, commercial banking, investment banking, and treasury and securities services. RFIN Bank in partnership with Bouyanc Bank, provide a comprehensive range of banking services and products encompassing retail banking, corporate banking, international banking, and other financial services. RFIN Bank has been significant contributors to the digitalization of banking services in India. Under the pilot programme, the RFIN bank will open on-chain Nostro accounts with Bouyanc Bank branch in Gift City. The blockchain-based system is expected to facilitate instant, 24×7 settlement between the accounts held at the US bank. Essentially, it will create a private intra-correspondent banking network, redefining the traditional banking hours and enabling seamless money transfer. Mr. Ravi, the manager of RFIN Bank, gave an order to GM Stores Pvt. Ltd. (GMSPL) on 1st January, 2025 for 1,000 custom-made corporate gifts, to be provided to their prestigious corporate clients along with the information about the aforesaid blockchain-based system. On 3rd January, 2025 GMSPL purchased raw materials to be consumed in the production process for 6,50,000, including - 50,000 refundable purchase taxes. The purchase price was funded by raising a loan of 6,55,000 (including - 5,000 loan-raising fees). The loan is secured by the inventories. During January, 2025 GMSPL designed the corporate gifts for the customer bank. The total design costs amounted to 10,000, which included - 6,000 paid to an external designer and - 4,000 towards in-house labour expenses. During February, 2025, GMSPL's production team developed the manufacturing technique and made further modifications necessary to bring the inventories to the conditions specified in the agreement. During the testing phase, the company incurred various costs including - 21,000 on materials (net of 3,000 recovered from the sale of scrapped output),11,000 towards labour, and - 5,000 as depreciation on the plant used for carrying out the modifications. In February 2025, GMSPL incurred additional costs in the manufacturing of customized corporate gifts. These included - 55,000 for consumable stores, 65,000 towards labour, and - 15,000 as depreciation on the plant used in the production process. The customised corporate gifts were ready for supply on 1st March, 2025. No abnormal wastage occurred in the development and manufacture of the corporate gifts. HMKD Plus Mutual Fund Annexure 1 SCHEME NAME : HMKD Plus MF Purnarth Scheme PORTFOLIO STATEMENT (Extract) AS ON: 31-03-2025 Name of the Instrument / Issuer ISIN Rating / Industry No. of shares held Closing Rate (as on 31st March 2024) 1) EQUITY & EQUITY RELATED Listed / awaiting listing on Stock Exchanges Nepathya Ltd. INE040A01001 Diversified FMCG 25,000 20 D-Con Ltd. INE002A01099 Petroleum 35,000 300 Sarpan Ltd. INE090A01098 Consumer Durables 29,000 380 Care Health Ltd. INE321T01312 Household 40,000 500 Total 2) DEBT INSTRUMENTS Nil NA 3) MONEY MARKET INSTRUMENTS Nil NA *In compliance with the SEBI (Mutual Funds) Regulations