About Us

Founded on an aspiration to change and think out of the box

SPZ & Associates was established by a cluster of Chartered Accountants who wanted to practise differently — combining professional disciplines instead of treating every business issue in isolation.

Philosophy

Delivering innovative & creative business solutions

An aspiration to change, to think differently, and to become a leader in a competitive global market — expressed through the way we structure work rather than through claims.

Complex business problems require connected thinking — across tax, audit, trade, incentives, risk, process and technology.

Our Approach

From understanding the AS-IS to operating the TO-BE

A five-step process built around execution — we do not stop at recommendations.

Understand

Understand the organisation, its objectives, current processes and challenges.

Analyse

Analyse the current / AS-IS process, compliance requirements, risks and opportunities.

Design

Develop practical recommendations and the desired TO-BE process.

Implement

Support implementation and execution rather than stopping at recommendations.

Improve

Review outcomes, identify further improvements and help the organisation move forward.

Our Team

A cluster of Chartered Accountants across disciplines

Indirect tax and trade, direct tax, audit and assurance, risk advisory, process improvement and automation — represented within one practice.

CA Darshan Shah

Ex-EY Director — Indirect Taxation

Decade+ of professional experience

Darshan is an accomplished tax professional with over a decade of experience across leading professional services firms, including EY, BDO and Shah Khandelwal Jain & Associates. He previously served as Director – Indirect Tax at EY, advising prominent Indian and multinational businesses on complex tax and commercial matters. His core expertise spans Tax Structuring, Funding & Financing, Mergers & Acquisitions, and Real Estate Advisory, with significant exposure to the Manufacturing, IT and Real Estate sectors. Darshan specialises in designing tax-efficient transaction structures, evaluating funding arrangements, supporting M&A transactions and providing strategic advice on real estate investments. His approach combines technical tax expertise with a strong understanding of commercial considerations, enabling clients to manage regulatory exposure while enhancing overall tax efficiency. He also represents clients before tax authorities and appellate forums and actively participates in professional forums and industry seminars, contributing his insights on evolving indirect tax and regulatory developments.

darshan.shah@spza.in

+91 98235 68258

Tax Structuring
M&A
Funding & Financing
Real Estate Advisory

CA Shubham Lohiya

Advisor — Indirect Taxes, Customs & Government Incentives

9+ years of professional experience | Ex-Ernst & Young

Shubham is a Chartered Accountant with over 9 years of experience in Indirect Taxation, Customs, Foreign Trade Policy (FTP) and Government Incentives. Prior to co-founding the firm, he was associated with Ernst & Young (EY), advising businesses across sectors on complex tax, regulatory and government liaison matters. His core areas of expertise include Indirect Tax Advisory, Customs & FTP, Government Incentives and Policy Advisory, with a strong focus on the tourism, hospitality, manufacturing and infrastructure sectors. He advises clients on incentives available under Maharashtra Tourism Policy, Maharashtra Industrial Policy and other central and state government incentive frameworks, from eligibility assessment and structuring through implementation and claims. Shubham also has significant experience in representing clients before government and regulatory authorities, including matters concerning large and Mega Projects. He assists businesses in navigating complex policy and regulatory matters, addressing eligibility and implementation issues, and engaging with authorities to facilitate effective resolution. His experience also includes industry representations aimed at addressing practical challenges and improving the implementation of government policies.

shubham.lohiya@spza.in

+91 75076 02525

Indirect Tax
Customs & FTP
Government Incentives
Policy Advisory

CA Piyush Zanzari

Advisor — Indirect Taxation, Government Incentives & Tax Technology

9+ years of professional experience | Ex-Ernst & Young

Piyush is a Chartered Accountant with over 9 years of experience in Indirect Taxation, Government Incentives, Internal Audit, Process Review and Tax Technology. Prior to co-founding the firm, he was associated with Ernst & Young (EY), advising businesses across hospitality, manufacturing, real estate and renewable energy. His expertise includes GST and Indirect Tax Advisory, Internal Audit, Process Review & Implementation, Tax Technology and Government Incentive Consulting. He has worked extensively with hospitality, tourism and large-scale projects on Maharashtra Tourism Policy, Maharashtra Industrial Policy and other central and state incentive frameworks, supporting clients through project structuring, eligibility assessment, compliance and implementation. Piyush also has significant experience in process improvement and technology-led tax solutions, helping businesses strengthen controls, streamline tax processes and improve compliance through effective use of technology. He regularly represents clients before departmental and regulatory authorities, including in matters relating to large and Mega Projects, combining technical expertise with practical execution capabilities.

piyush.zanzari@spza.in

+91 96237 74490

Indirect Tax
Government Incentives
Tax Technology
Process Review

CA Prakalp Sarda

Advisor — Project Finance & Government Incentives

8+ years of professional experience

Prakalp is a Chartered Accountant with over 8 years of experience in Project Finance, Government Incentives and Regulatory Advisory. He specialises in assisting businesses and developers in evaluating funding requirements, structuring projects and navigating government incentive frameworks across sectors. His expertise includes Project Finance, Subsidy Advisory, Policy Implementation and Regulatory Liaison, with extensive experience working with government departments, municipal corporations and local authorities across Maharashtra. He advises clients on projects covered under the Maharashtra Tourism Policy, Maharashtra Industrial Policy and other state and central incentive frameworks, supporting them through eligibility assessment, documentation, approvals and implementation. Prakalp has also been actively involved in representations before government and local authorities, particularly for large-scale projects, assisting clients in navigating complex approval processes and resolving regulatory and implementation-related matters. His approach combines financial understanding with practical knowledge of government procedures, enabling effective execution of complex projects from planning through implementation.

prakalp.sarda@spza.in

+91 80073 05463

Project Finance
Subsidy Advisory
Policy Implementation
Regulatory Liaison

CA Akash Rathod

Advisor — Project Finance & Government Incentives

9+ years of professional experience

Akash is a Fellow Chartered Accountant with over 9 years of experience in Taxation, Business Advisory, Project Finance and Government Incentives. He has previously been associated with SNK & Co. Chartered Accountants, PwC India and Engie Solaire, gaining experience across taxation, statutory audits, project finance and business advisory. His expertise includes Project Finance, Feasibility Studies, Detailed Project Reports, Loan Syndication and Government Incentive Advisory, with experience in assisting businesses in accessing fiscal and non-fiscal incentives under various central and state government frameworks. He also has significant experience in direct and indirect tax assessments and litigation, representing clients before tax authorities and appellate forums up to the Tribunal level. Akash works closely with renewable energy businesses on strategic advisory relating to energy transition and sustainability. He also advises industrial clients on MIDC land identification and procurement and regularly assists industry associations in making representations before MIDC and government authorities on matters affecting businesses and industrial development.

akash.rathod@spza.in

+91 81492 49749

Project Finance
Government Incentives
Loan Syndication
Tax Litigation

Let’s Take It Forward

Let’s take it forward

Have a tax, audit, trade, incentive, process or business advisory requirement? Let’s discuss how we can help.

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