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Kaloti & Lathiya is a team of distinguished chartered accountants, corporate financial advisors and tax consultants in India, celebrating its 25th year in business serving the community offering sound financial solutions and advices. Kaloti Lathiya is also CFC "Certified Filing Center" for ROC - Ministry of Company Affairs. Our firm of chartered accountants represents a coalition of specialized skills. The organization is a congregation of professionally qualified and experienced persons who are committed to add value and optimize the benefits accruing to clients.
Kaloti & Lathiya Chartered Accountants, Information System Auditor has a well maintained office equipped with modern infrastructure situated in Mumbai, Kalyan, Aurangabad, Nagpur, Amravati, Yavatmal, Akola (Maharashtra). Our workforce consists of chartered accountants handling various areas of operations under the guidance of the senior partners.
The company is catering to Indian and Multinational Corporate, Banking and Financial Institutions, Start-ups, High net-worth individuals, executives and expatriates. Our clientele include customers from different sectors, such as - Software and Information Technology, Engineering, Traveling & Hospitality, Education, Financial Services and Banking, Non-Government Organisation(NGO) etc.
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Nature of Business

Service Provider

Audit & Assurance

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Internal/External audit of Public Limited Companies having multi-crore turnover & branches belonging to automobile float glass industries & automobile. Ancillary industries, component manufacturers, etc.
Audit of Public Charitable Trusts
Statutory audits of Private/Public Limited Companies having multi crore turnover. Companies such as Automobile Spare Parts Manufacturers & Ancillary to Automobile Industries, Computer Software & Related fields, Computer Hardware Traders & Manufacturers, UPS Manufacturers, Clearing & Forwarding Agent (customs), Sugar Machinery Manufacturers, Packaging Units, Special Purpose Machinery Manufacturers, Trades, Share Broking Companies, Finance Companies, Portfolio Management Companies, etc.
Certification work of public Sector Undertaking for payment of royalty to payable to multinational companies & Income tax deduction at source.
Statutory audits of branches of Nationalized Banks.
Internal/Statutory audits of co-operative banks & Co-operative Societies. District Central Cooperative Bank (DCCBS)
Stock & Securities verification of various Companies for and on behalf of Bankers & Companies.
Monitoring units financed by the nationalized banks.
Registered with Comptroller & Auditor General and undertaking PSU Audits.
Registered on the Panel of Insurance Companies and carrying out audits for the same.
Registered on the panel maintained by RBI.

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Income Tax

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  • Tax Planning - to study and analyse existing tax positions and devise strategies to minimise tax incidence
  • Tax Management - to devise strategies and processes to effectively comply with tax laws. Including preparation of tax returns and other documents
  • Representation Services - in assessments and other proceedings, representation in appeals before Commissioner (Appeals), Income Tax Appellate Tribunal, Income Tax Settlement Commission, Authority for Advance Rulings (AAR), etc
  • International Taxation, Tax Treaties, etc - consultation and planning
  • Taxation of Non-Residents (including NRIs) - consultation and planning, for individuals and companies
  • Transfer Pricing - consultation, planning and audits; representation before Transfer Pricing authorities
  • Tax Audits
  • Opinions - written opinions on matters of law
Direct Tax Consultancy :

Direct tax consultancy together with innovative tax efficient strategies, provided by us form an integral part of viable business decisions. These help our clients attain the desired goals. We adopt a “result oriented approach” which is flexible and emphasizes delivery and value. It enhances the effect of commercially viable decisions and minimizes the tax burden.
Some of the direct tax services provided by us include :
Income Tax & Withholding Taxes
  • Advising on Income Tax Planning of Corporates.
  • Advising & reviewing of all necessary tax withholding responsibilities.
  • Advising all financial subjects which are of your interest and keeping you updated on the new amendments, circulars, notifications & judgments.
  • Verification of all payments to vendors for the purposes of determination of correct application of rates and category for deduction of withholding taxes.
  • Computation of monthly TDS on the basis of above.
  • Monthly tax reconciliation of the TDS due and deducted.
  • Preparation and deposit of Monthly challans on or before the statutory due dates.
  • Filing of quarterly E-TDS Returns.
  • Filing annual Income Tax return.
Certification Work :
  • Issuance of Chartered Accountant certificates u/s 195 required for the Overseas Remittances purposes from time to time.

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Service Tax & Vat

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  • Registration
  • Planning, Consultation, Compliance
  • Filing of returns
  • Representation before assessing and appellate authorities
Service Tax:
Service tax is a central tax, which has been imposed on certain services and is the latest addition to the genus of indirect taxes like customs and central excise duty. India, a developing country, was somewhat slow in discovering the potential of this kind of indirect taxation for enhancement of revenue collection and it was the Finance Act 1994 that first introduced the service tax provisions through its Chapter V. Service Tax is collected by Central Excise Department.
Some of our services include :
  • Compiling and calculating the net service tax on output services after taking benefit of Cenvat Credits.
  • Compiling the data of Cenvat Credits for service tax.
  • Preparing & Filing of Service tax Returns.
  • Advising on the issues relating to Service tax.
  • Consultancy on the maintenance of prescribed records.
  • Tax Planning as regards the minimization of Service Tax Liabilit
Value Added Tax (VAT):
"Value Added Tax" (VAT) is a tax on value addition and a multi point tax, which is levied at every stage of sale. It is collected at the stage of manufacture/resale and contemplates rebating of tax paid on inputs and purchases.
Some of our VAT related services include :
  • Rendering assistance in registration under VAT
  • Assistance in claiming input tax credit
  • Assistance in furnishing tax returns and claiming refunds
  • Advice on the legal aspects of VAT
  • Rendering advice on the wide range of issues in relation to tax invoices and retails invoices
  • Internal Audit and Compliance Reviews
  • Helping with audit of accounts necessary for a registered dealer

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Central Excise Duty (Cenvat) is levied on goods manufactured and produced in India. It is levied under the authority of the Central Excise Act, 1944 at the rates prescribed in the First Schedule and Second Schedule to the Central Excise Tariff Act, 1985 as amended by Central Excise Tariff (Amendment) Act, 2004. In addition, education cess at 2 per cent on excise duty amount is levied by Finance (No. 2) Act, 2004.
The effective rates may be lower pursuant to general /specific notifications issued by the government granting whole or partial exemption from duty. The duty, in most cases, is levied on the basis of value of the excisable goods.
Value, for this purpose, with effect from 1 July 2000 is the "transaction value" which is:
  • For delivery at the time and place of removal;
  • Where buyer is not a related person; and
  • Price is the sole consideration.
Cenvat is payable by the manufacturer but is, ordinarily, recovered from the buyer as a part of consideration for sale of goods. To reduce the cascading effect of Cenvat, a scheme known as Modvat was introduced in 1986, which has now been renamed as Cenvat (effective 1 April, 2000). Under the Cenvat Scheme, a manufacturer can avail of the credit of the central excise duties or additional duties of customs (i.e. CVD) paid on specified inputs and capital goods used in the manufacture of excisable goods and also service tax paid on eligible input services and utilize it in discharging central excise duty on finished excisable goods.

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Custom Excise

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Customs duties are levied on import of goods into India at the rates specified in the Customs Tariff Act, 1975. The effective rates of customs duties may vary pursuant to general and/or specific exemption or concession notifications issued by the government in this regard.

Customs duties currently comprise the following:
  • Basic Customs Duty (BCD) - Current general peak rate is 15 per cent.
  • Countervailing Duty (CVD) - This duty is equivalent to central excise duty leviable on a like product manufactured in India. Current rate applicable to majority of the industrial products is 16 per cent plus 2 per cent education cess, taking the effective rate to 16.32 per cent. This duty is calculated on the value of product + basic customs duty.
  • Additional Duty of Customs (ADC) - This duty is levied to countervail the sales tax, value-added tax, local taxes and other charges leviable on the like goods on their sale or purchase or transportation in India. Presently, this duty is levied at 4 per cent on certain items viz items bound under the Information Technology (IT) Agreement and on specified inputs/raw materials for manufacture of electronic/IT goods. This duty is levied on value of product +basic customs duty + countervailing duty.
  • Education Cess - This cess is levied at 2 per cent on the amount of BCD +CVD.
In addition, government also levies anti-dumping and safeguard duties on specified products for specified periods. "Value" for the purpose of levy of customs duty is "transaction value" in the course of international trade in arm's length unrelated party transaction.

Import-Export Policy
:
Import of goods into and export from India is regulated by the Foreign Trade Policy (the Policy) issued from time to time by Government of India. The Policy remains in force for five years and is amended from time to time. The Policy currently in force is for tax year 2004-09. Majority of goods are now freely importable.

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For all the tax related queries, we offer best of services within stipulated time frame. We help clients with all international taxation matters, such as:
  • Worldwide taxation structures
  • Transfer pricing issues
  • Setting up of a foreign branch or subsidiary
  • Foreign tax legislation
  • Double taxation agreements
  • Tax efficient funding and extraction of profits

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Corporate Laws

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  • Company law - consultation, planning and compliance
  • Incorporation of new companies - including Indian, foreign, and subsidiaries of wholly owned foreign companies
  • Representation before authorities like Registrar of Companies, Company Law Board
  • Secretarial Services - back office work for compliance with all corporate law requirements like maintenance of statutory records, filing of required documents with the Registrar of Companies, etc
  • Miscellaneous Services - including Search Reports with Registrar of Companies etc.

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  • Consultation, planning and compliance
  • Setting up of branches and liaison offices of foreign companies
  • Setting up of subsidiaries of foreign companies
  • Permissions and compliance for foreign exchange transactions including foreign investments including through FIPB and automatic routes
Foreign Direct Investment In India
FDI and Investment-friendly policies:
The various investment-friendly policies announced by the Government of India welcomes Foreign Direct Investment (FDI) in many of the core industries. These policies fundamentally aim at improving the core business activities of the country and at the same time offer employment to millions of educated population of the country.
Government has facilitated the business activities by allotting special land to major industries and service sectors. These include the Technology Park (both hardware and software), Special Economic Zones (SEZs), Export Promotion Zones (EPZs), etc. Apart from these are the Growth Center Schemes that provide various incentives to the investors.
For most of the industries and the service sectors FDI is allowed freely through automatic approval from the Reserve Bank of India (RBI). However, there are certain sectors/ activities where the FDI is not allowed beyond a certain limit. These businesses or activities need to get the approval from the government, which in turn is decided on the basis of the recommendations from the Foreign Investment Promotion Board (FIPB).
The following are the important sectors where FDI is allowed freely.

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