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Direct Tax

Compliance to the numerous government laws requires in-depth knowledge of various tax laws. In this ever-changing scenario where tax laws are amended every now and then, services of an expert have become the need of the hour.
Even a minor lapse can cost the organization huge amount of money. We at Lakhani & Lakhani provide the required specialized services and formulate effective strategies
which enable the organization to comply with the rules of the land.
The above can be broadly classified as follows:
01. Direct Taxes (including income Tax, TDS & Wealth Tax)
02. Indirect Taxes (including Vat, Service Tax & Excise)
03. Company Law Matters
The direct tax services are offered to wide range of persons being:
Individuals-resident & non-resident
Hindu Undivided Families
Partnership firms
Private & Public Companies
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Individual Taxation Services
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Any income earned during the year by an individual, in or outside India, is subject to Income Tax. For computing the income chargeable to tax there are certain exemptions and deductions which need to be claimed. Further, to this tax amount, prepaid taxes in the form of TDS or advance tax is deducted and the balance is paid via Self assessment Tax challan. The details of the same are furnished in the Income Tax Return.
Income can be earned from various sources. The heads of income can be broadly classified as follows:
Salary Income
Income From House Property
Income From Business or Profession
Capital gains
Income From Other Sources
An individual can be classified as a resident or a non-resident. Residential status of an individual can be determined on the basis of the following conditions:- 
Basic Conditions:-
If he is in India for
182 days or more; or 60 days or more (the period of 60 days stands changed to 182 days or more for Indian citizens or persons of Indian origins on a visit to India; and also for citizens of India who leave India for employment abroad as member of a crew of an Indian ship) during the tax year, and an aggregate of 365 days or more during the four years preceding the tax year.
Additional Conditions:-
He has been resident in India in atleast 2 out of 10 previous years immediately preceding the relevant previous year and He has been in India for a period of 730 days or more during 7 years immediately preceeding the relevant previous year.

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Corporate Taxation Services
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The residential status of a company can be determined as follows:

  • An Indian company is always a resident in India.
  • A foreign company is resident in India only if, during the previous year, the control and management of its affairs are situated wholly in India.
  • A foreign company is treated as non-resident if, during the previous year, the control and management of its affairs are situated either wholly or partly out of India.
Minimum Alternate Tax
Normally, a company is liable to pay tax on the income computed in accordance with the provisions of the income tax Act, but the profit and loss account of the company is prepared as per provisions of the Companies Act. Under the existing provisions of Section 115JB(1), a company is required to pay a minimum 
alternate tax(MAT) on its book profit, if the income tax payable on the total income, as computed under the Act in respect of any previous year relevant to the 
assessment year is less than the MAT. The amount of tax paid under the said section is allowed to be carried forward and set off against tax payable up
to the tenth assessment year immediately succeeding the assessment year in which the tax credit becomes allowable under the provisions of section 115JAA. The rate of MAT for the assessment year 2012-13 is eighteen and one-half percent.
Dividend Distribution Tax
A domestic company is liable to pay additional income tax on any amount declared, distributed or paid by such company by way of dividend (whether interim or otherwise) on or after 1-06-1997, whether out of current or accumulated profits. Such additional income tax is payable @ 15% of the amount so distributed 
+ applicable surcharge + education cess + secondary & higher education cess for the assessment year 2012-13. This additional tax shall be payable even if no income tax is payable by such company on its total income.
Transfer Pricing
As Income Tax Act is prone to many changes, decision maker should be perfectly updated with new amendments. Our team of professionals is abreast with the current knowledge so that they can provide customized and innovative solutions to our clients. We provide the following advisory services to our clients:-
  • Recommending tax strategies which would minimize tax incidence.
  • Tax planning for Non-Resident Indians (NRI's), overseas entities desirous of setting up a business in India.
  • Handling assessment, Revision and appellate proceedings.
  • Corporate tax management and consultancy.
  • Transfer Pricing studies & its findings.
  • Preparation and filing of tax returns in India and various other procedural compliance such as preparing and filing applications for a Permanent Account Number, Tax Deduction Account Number, certificate for non-deduction of taxes at source.

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Wealth Tax Services
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Wealth Tax Services

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Wealth tax is a direct tax, which is charged on the net wealth of the assessee exceeding Rs. 30 lakhs. It is taxed on assets as defined under sec 2(ea) of the 
Wealth Tax Act, 1957 owned by an assessee as on 31st March of the preceding financial year. The following are few of the assets subject to wealth tax:

  • Guesthouse, farm-house, commercial complex and residential complex.
  • Jewelry and items made up of precious metals like gold, silver, platinum or any other precious metal.
  • Aircrafts, yachts, boats that is used for non-commercial purpose.
  • Motor car owned by an individual.
  • Wealth tax, in India, is levied @ one percent under Wealth-tax Act, 1957.

We provide the following services:

  • Advisory Services with regards to wealth tax matters.
  • Filing of W.T Return in Form BA.

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