Taxation

Taxation

 

Direct / Indirect Tax, GSTImplementation of control systems
Project Finance ServicesManagement Consultancy Service
Financial advisory serviceAdaption to changes according to new statues (GST, RERA, etc)
Internal Audit ServiceRBI & FEMA related compliance service
Information Systems Audit ServiceAppellate Services
ERP Implementation ServiceGovernment, Risk and Compliance Service
Due Diligence Service for Mergers and AcquisitionsTransaction Advisory Service to a Company
Sustainable Development Advisory ServicesValuation (company, share)

DIRECT TAX:-Every business transaction and investment are driven by tax implication. Tax being a decisive factor, requires accurate interpretation and legal conclusion that provides maximum benefits to the clients within the legal framework.

No more just an annual budgetary feature, Indian Tax Laws are more prone to changes than ever. We keep ourselves abreast with all such changes made in Direct Tax Laws, so as to provide quality services to our clients. Due to our comprehensive study and understanding of the subject, local as well as of international transactions, we are able to provide pragmatic solutions to our clientele.

We also specialize in Income Tax proceedings under following sections —

  • Section 143(3) relating to scrutiny assessments 
  • Section 148 and 147 pertaining to reopening of assessments
  • Section 132 pertaining to Search and Seizure and assessments u/s 153A & 153C of the Act
  • Section 6 pertaining to Residential Status of the assessee
  • Section 56 pertaining to Taxability of Gifts, deemed gifts/under valuations
  • Section 263 regarding Revision of orders prejudicial to revenue
  • Section 92 relating to Transfer Pricing
  • Section 2(22)(e) relating to deemed dividend
  • Provisions relating to DTAA and concept of residence

Few Notable Cases –

  1. Sh. Darshan Pal Grewal V/s DCIT  (ITAT Amritsar) in which it was held that that illegality in the penalty notice u/s 271(1)© relating to not specifying specific charge cannot be saved even by recourse to s. 292BB.
  2. Smt. Manju Mittal V/s DCIT, Sh. Arun Narula V/s  DCIT, Sh. Gurmeet Singh V/s DCIT (ITAT Amritsar) pointing that no addition could be made if no incriminating material found during the course of search u/s 132 of Income Tax, 1961. 
  3. M/s Khaira Majja Co-Operative Agricultural Multipurpose Society Ltd. v/s ACIT, ITAT Amritsar in which it was held that interest income earned from commercial bank deposits by co-operative agriculture societies is assessable as profits and gains of business in the hands of the assessee.
  4. Sh. Satish Kumar v/s ITO, ITAT Amritsar in which it was held that bank account or bank passbook of an assessee cannot be held as the ‘books of account. Hence, no addition in respect of cash deposit made in the said account could be validly made under s. 68.
  5. Sh.Sameer Mittal v/s DCIT, ITAT Amritsar in which it was held that trade advances which are in the nature of commercial transactions would not fall within the ambit of s. 2(22)(e).

INDIRECT TAX:-  LexLit adopts a comprehensive approach for implementation and compliances related to the GST, wherein a team of professionals from tax and business advisory closely work together to offer seamless services to our clients/business partners inter-alia including-

  • Assessing the potential impact of GST on existing business functions.
  • Representation Assistance in respect of specific problems faced by the Company/industry.
  • Implementation Assistance and assistance on transition-related provisions.
  • Post Implementation Assistance in framing systems and GST Compliant procedures.
  • Monthly validation of transactions before uploading to the GSTIN.
  • Periodic Statutory Compliances such as Annual Audit and Returns.
  • Deputation of Skilled Resources

Tax Reporting & Strategy:- The rapidly changing tax landscape is shifting the focus of senior management onto how tax in managed in their business and how the tax strategy aligns with the commercial goals of their organisation.

Taxation compliance reviews:- Our tax compliance professionals assess your compliance with our ‘tax health check’, which covers all tax aspects: corporate, personal income, value-added tax, specific business tax, stamp duty, land tax, customs and excise tax, GST and petroleum income tax. Our approach is a high-level, issues-driven desktop review that focusses on your key risk areas to identify solutions and opportunities.

Corporate income tax return services:- Our service provides the following benefits:

  • You will be reasonably assured that you’re complying with the Revenue Code and regulations.
  • You can reduce tax exposures and understand your tax status.
  • You can rest assured that your tax returns are appropriate and your tax treatments are correct.
  • You’ll know whether you have any major non-compliance issues so you can fix them before they create major issues for your business.

Tax accounting services:- Our global network of tax accounting specialists provides you with expert services tailored to your needs and situation. These services cover:

  • Tax provision support
  • Deferred tax accounting
  • How to benefit from the Financial Accounting Standard Board’s Interpretation 48: ‘Accounting for Uncertainty in Income Taxes’
  • Tax accounting consultation
  • Tax accounting training and advice

Tax Strategy & Operations:- Tax reporting can be a complicated task, especially when there are many business functions tied to tax information. Tax reporting flows from one business function to another, leading to complications. We can work with you to:

  • Assess tax risk areas in order to identify tax issues and strategies for tax risk management.
  • Understand the flow of information used for tax reporting requirements to improve efficiency.
  • Implement controls of tax reporting processes to ensure you’re complying with regulatory requirements.

Tax Structuring:- Tax Structuring services include a range of solutions designed to reduce direct and indirect tax costs through the use of efficient structuring techniques and trading arrangements. We assist with:

  • International Tax Planning
  • Tax-efficient group reorganisation
  • Value chain transformation
  • Group tax-planning programmes
  • Finance and treasury

Through our integrated offerings we can help you:

  • align tax/fiscal and operational, models
  • attain sustainable structural tax improvements, increase shareholder value and cash flow
  • achieve a rationalised manufacturing capacity and optimised physical distribution network
  • establish potential synergies within your supply chain and operating structure
  • align profits with restructured business processes, and
  • obtain the flexibility to accommodate future business changes.

Tax Dispute Resolution:- Our aim is to help you efficiently manage and favourably resolve tax audit and disputes. our team can provide support in all the phases.

  • Pre Audit Prevention Phase
  • Conduct a mock audit.
  • Develop a Strategic Plan for tax audit and disputes.
  • Audit Phase
  • Participate in and/ or conduct meetings with the Revenue Officers.
  • Review and/or prepare correspondence and related documents
  • Develop a detailed work plan in response to the issue and impediments raised by the Revenue Officers.
  • Post audit settlement/ resolution phase
  • Assist you with the tax appeal and litigation processes.
  • Assist you with mutual agreement proceedings.