Devendra Saraf & Associates

Chartered Accountants

A firm of Chartered Accountants based in Mumbai, registered with the Institute of Chartered Accountants of India under Firm Registration No. 163794W.

Established

Practising firm of Chartered Accountants, Mumbai, Maharashtra, India.

Areas of Practice

Audit & Assurance · Direct & Indirect Tax · Corporate Finance · Transaction Support · Specialised Monitoring · Risk & Internal Audit.

Presence

Head office at Mumbai, with associate offices in the United Arab Emirates and Nepal.

Devendra Saraf & Associates is a firm of Chartered Accountants based in Mumbai, registered with the Institute of Chartered Accountants of India under Firm Registration Number 163794W. The firm was established by CA Devendra Saraf, FCA, who serves as the Proprietor.

The firm provides professional services in financial reporting, audit and assurance, direct and indirect taxation including tax litigation, corporate finance and transaction support. Engagements are conducted across sectors and jurisdictions, with associate arrangements in the United Arab Emirates and Nepal supporting cross-border requirements.

Firm registration · ICAI Firm Registration Number 163794W
Membership · Institute of Chartered Accountants of India
Office · Mumbai, Maharashtra, India
Constitution · Proprietorship

MUMBAI · INDIAProprietor

The Proprietor

CA Devendra Saraf

Proprietor · FCA · CPA Australia (ASA)

i.
Membership. Fellow Member of the Institute of Chartered Accountants of India (ICAI Membership No. 061271). Associate Member, CPA Australia.
ii.
Professional experience. Twenty-five years of experience in accounting, taxation, financial reporting, audit and corporate finance.
iii.
Prior corporate experience. Senior Vice President — Finance at HDFC Bank Limited; senior finance roles previously held at Tata Chemicals, Matix Fertilisers and Haldia Petrochemicals.
iv.
Indirect tax functions. Experience of managing pan-India indirect tax compliance and tax functions for entities with operations in the United Arab Emirates and Bahrain.
v.
Tax litigation experience. Experience of conducting direct and indirect tax matters before adjudicating authorities, the High Court and the Supreme Court of India.

ii. People

Senior consultants & team.

Names and qualifications of senior consultants and team members associated with the firm. Listings published with the consent of the individuals concerned.

Shikha Saraf

Lead — Specialised Monitoring Practice

FCA · Twelve years of professional experience across statutory audit, indirect taxation, finance-function support and specialised monitoring of lender accounts

Specialised monitoring of borrower accounts on behalf of lender consortia
Goods and Services Tax — return filing, reconciliation, audit and advisory
Statutory audit, bank audit, tax audit and limited reviews
Listed companies and Non-Banking Financial Companies
Risk assessment, internal control review and process evaluation
Direct and indirect tax compliance and assessment proceedings
Financial reporting under Indian Accounting Standards

Ekta Kothari Chhallani

Senior Consultant

FCA · Certified in Financial Reporting & Corporate Governance (IIM Ahmedabad) · 11 years of experience including 4 years in international assignments

Statutory audit and limited reviews
Group reporting and consolidation
Listed companies and multinational entities
Private equity and government entities
Tax audit and compliance

Anshu Lalwani

Senior Consultant

Member, ICAI (since 2011) · B.Com (NMIMS, Mumbai) · 7 years of experience including 5 years in risk-based internal audit

Risk-based internal audit and enterprise risk management
Corporate, operational, technology and regulatory audits
Internal controls design, process review, SOPs
Internal Financial Controls (IFC / ICFR) testing
Compliance for SME and mid-sized entities

iii. Team

Vijay Kumar Sonakam

Senior Consultant — Indirect Tax

Former Superintendent (Service Tax — Audit), Mumbai. Thirty-five years of experience in the Department of Central Excise, Service Tax, Customs and Narcotics.

EA-2000 audit and investigation
Adjudication and export-related matters
Statutory compliance under indirect tax laws
International trade and customs procedure

Kartik Soni

Associate Consultant — Tax & Legal

B.A., LL.B. (Hons.) · NMIMS School of Law · Internships completed at five law firms and consulting practices between 2023 and 2025.

Goods and Services Tax — show-cause notice replies and litigation
Direct tax — compliance and litigation support
M&A documentation — due diligence, SPAs and NDAs
Companies Act, 2013 and FEMA / RBI advisory
Research support for High Court and Supreme Court matters

iv. Areas of Practice

Areas of professional practice.

A description of the principal areas in which the firm undertakes professional engagements. The list is illustrative; engagements are accepted on a case-by-case basis.

Audit & assurance

Statutory audit, tax audit and limited reviews under the Companies Act, 2013, the Income-tax Act, 1961 and applicable regulatory frameworks.

Statutory audit of companies, including listed entities and NBFCs
Tax audit under Section 44AB of the Income-tax Act
Limited reviews and quarterly reporting support
Internal Financial Controls (IFC / ICFR) testing
Group reporting and consolidation procedures

Direct & indirect tax

Tax compliance, advisory and litigation support across direct and indirect tax laws, including representation before tax authorities, the High Court and the Supreme Court of India.

Income-tax — compliance, assessments, appeals
Goods and Services Tax — compliance, reconciliations, advisory
Reply to show-cause notices and assessment proceedings
Representation in writ and appellate matters
Drafting and briefing for senior counsel engagements

Corporate finance & reporting

Financial reporting, internal control review and finance-function support, including the migration of financial systems to ERP environments.

Financial reporting under Indian Accounting Standards (Ind AS)
Group consolidation under AS 21 / Ind AS 110
ERP transition and finance-function review
Process review and SOP documentation
Internal control design and review

Transaction support

Professional support for mergers, acquisitions and corporate transactions, including financial due diligence and tax-related transaction advisory.

Buy-side and sell-side financial due diligence
Tax due diligence and transaction structuring memoranda
Review of share purchase and ancillary documentation
Post-completion accounting and integration assistance
Cross-border transaction support via associate arrangements

Specialised monitoring

Engagement-based monitoring of borrower accounts on behalf of lender consortia, in accordance with the framework prescribed by the Reserve Bank of India and the Indian Banks’ Association.

Concurrent and periodic monitoring of cash flows and end-use of funds
Tracking of borrower compliance with sanction terms and covenants
Quarterly and ad-hoc reporting to lender consortia
Trigger-based escalation and red-flag analysis
Assistance to lenders in stressed-asset reviews

Risk & internal audit

Risk-based internal audit, internal financial controls and enterprise risk-management support for listed and unlisted entities.

Risk-based internal audit planning and execution
Internal Financial Controls (IFC / ICFR) testing under the Companies Act, 2013
Standard operating procedure design and review
Compliance reviews and management reporting
Audit committee support and reporting

v. Geographic Presence

Office in Mumbai. Associates in two further jurisdictions.

The firm’s principal office is in Mumbai, with associate arrangements in the United Arab Emirates and Nepal for cross-border professional engagements.

Principal Office

India

Mumbai, Maharashtra. Principal office of the firm; engagements undertaken across sectors within India.

ii.

Associate Arrangement

United Arab Emirates

Associate arrangement supporting professional engagements in the United Arab Emirates and the wider Gulf region.

iii.

Associate Arrangement

Nepal

Associate arrangement supporting cross-border professional engagements in Nepal.

vi. Careers

Careers with the firm.

The firm welcomes applications from Chartered Accountants, article assistants and finance professionals. Candidates may share their curriculum vitae for review.

How to apply

Please email your CV with a brief covering note mentioning current role, years of experience, present location and expected role.

E:devendra@fcpdevendrasaraf.com

Suggested subject line

Application for Career Opportunity – [Name] – [Role]

Accepted format: PDF / Word CV

vii. Resources

Resources — regulatory authorities & reference sources.

A curated directory of the principal Government authorities, regulatory bodies and primary reference sources relevant to taxation, corporate law, financial regulation and professional practice in India. Each entry links to the main portal of the authority concerned, where the relevant statutes, rules, notifications, circulars, orders and judgments are published. The firm is the maintainer of this index only; the websites and the materials hosted on them are the property of the respective issuing authorities.

Statutory references should be read with all applicable amendments and together with related rules, notifications, circulars and judicial pronouncements in force on the relevant date.

Goods & Services Tax

CBIC · GST Council · GSTN

Income Tax & TDS

CBDT · e-Filing · TRACES

Companies & Insolvency

MCA · NCLT · IBBI

Customs & Foreign Trade

CBIC · ICEGATE · DGFT

Securities & Capital Markets

SEBI · Exchanges · Depositories

Banking & Financial Regulation

RBI · IRDAI · PFRDA · NABARD

Statutes & Legislative Sources

Bare Acts · Rules · Gazette

Judiciary & Case Law

Supreme Court · High Courts · GSTAT · CESTAT

Professional Bodies

ICAI · ICSI · NACIN

State GST Departments

Selected jurisdictions

Notice on use of these resourcesThe links above point to the main portals of Government and regulatory authorities and to publicly available primary sources of law. The firm has assembled this index purely as an aid to navigation and makes no warranty as to the continued availability or accuracy of the linked content, which is owned and maintained by the respective issuing authorities. Users are advised to verify the currency of any statutory reference at the date of reliance and to read each provision together with all related amendments, notifications, circulars and judicial pronouncements then in force. Nothing in this list constitutes professional advice; readers seeking advice on any specific matter should approach the firm directly through the contact information set out below.

viii. Contact

Contact information.

Direct contact details of the firm. Communication through this website does not, by itself, create a professional relationship between the firm and the visitor.

Office

Devendra Saraf & Associates

Chartered Accountants

Thakur Village, Kandivali (East)

Mumbai 400 101, Maharashtra, India

Direct

T:+91 98 000 46477

E:devendra@fcpdevendrasaraf.com

LinkedIn:linkedin.com/in/devendra-saraf