What We Can Do

Our Services

Assurance

At Luthra & Luthra we focus on building close client relationships that add long-term value.

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Corporate Governance

In this dynamic era growth of an organization merely depends upon its attitude towards corporate governance.

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Transaction Advisory

At Luthra & Luthra we focus on building close client relationships that add long-term value.

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Insolvency and Bankruptcy

Insolvency & Bankruptcy Services: Prior to the enactment of the Insolvency and Bankruptcy Code, 2016,

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IFRS

IFRS are considered as “principle based” set of standards and establish broad rules rather than dictating specific treatments.

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Goods and Service Tax

Overview of the Tax Advisory & Compliance Services

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Business Support

Corporate Taxation

Our taxation team stays constantly abreast with changes in tax policies, administration & regulations.

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Transfer Pricing and International Taxation

Industries Verticals

Airlines / Flight Handling Agencies / Airports

Automobiles

BPO / KPO

Construction / Infrastructure / Road Projects

Consulting Engineering

Consumer Goods

Energy & Environment Consulting

Financial Services / Banking / Insurance

Hospitality

Information Technology Sectors

Investment Funds

Manufacturing

Mining

NGO’s

Retail / Wholesale Trading

Schools / Management Institute / Training

Sports

Telecommunication / Media

Luthra & Luthra has a long history of accelerating our clients’ growth, growing their revenue and adding to their delight

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RECENT NEWS

    The CBDT has issued a directive dated 14th February 2019 alongwith in which it has been stated that all assessment orders which are marked as “quality orders”should be duly represented before the CIT(A) by the department and properly defended with verbal and written submissions. The CBDT has also directed the setting up of a “Regional Talent Pool and National Talent Pool” to represent in high-stake cases by identifying officers of the region having expertise/domain knowledge in specific trade/sector/section of Income-tax Act.
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CBDT has formulated a scheme called the Centralised Verification Scheme, 2019 by issuing a notification to provide for the centralized issuance of notice and for processing of information or documents and making available the outcome of the processing to the Assessing Officer in the context of E-Assessment[Notification dated 30th January, 2019] --------------------------------------------------------------
  • Due date to file GSTR 7 for January 19 has been extended till 28th Feb 2019.
  • Supply of warehoused goods to any person before clearance for home consumption shall not be treated as supply of goods or supply of services as per CGST Amendment Act.
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  • These tax payers can now file refund application on monthly basis, if Form-GSTR1 for the quarter is filed.
  • Notification has been issued to make CGST amendment Act 2018 applicable w.e.f 01.02.2019
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    The CIT(A) has no jurisdiction to permit an assessee to withdraw an appeal and to dismiss it in limine. Not with standing the request seeking withdrawal of the appeal, the CIT(A) is obliged and duty bound under the Act to decide the appeal on merits. [M/s. Deekay Gears vs. ACIT(ITAT Mumbai)]
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    No prosecution u/s 276C shall be launched, if the appeal is admitted on substantial questions of law before high court. If already launched, the same shall not proceed till the pendency of the Appeal. [Deepak Fertilizers and Petrochemicals Corporation Limited vs. ACIT (HC-Bombay)]
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    The mere fact that the return is processed u/s 143(1) does not give the AO a carte blanche to issue a reopening notice. The basic condition precedent of 'reason to believe' applies even to s. 143(1) intimations. If the assessee claims the facts recorded in the reasons are not correct, the order on objection must deal with them. Otherwise an adverse inference can be drawn against the Revenue.[Ankita A. Choksey vs. ITO (HC-Mumbai)]
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    Every company (other than Government company) has to file one-time return of outstanding receipts of money or loan accepted from 1st April, 2014 to 22nd Jan, 2019 in form DPT-3 within 90 days.
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    "Income earned by the new unit on satisfaction of the statutory condition is exemp u/s. 10AA, not with standing that the assessee, who has set up the new unit, has availed benefit u/s. 10A of the Act." [Delhi HC in case of PCIT v. Macquarie Global Services Pvt. Ltd.]
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    Merely holding shares for a short period will not convert capital gain into business income. If the assessee has two portfolios, one for "Investment" and other for "Trading" and if the investments are out of own funds are not borrowed funds, the gains have to be assessed as STCG. [CIT vs. Viksit Engineering Ltd (Bombay High Court)]
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    MHA extended the timeline for filing of Form FC-4 (Annual Return under FCRA) till 31st March, 2019
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    If the assessee is a builder but is not engaged in the business of letting of property, the unsold flats held as stock in trade is assessable to tax under the head 'income from house property' (Sambhu Investment 263 ITR 143 (SC), Chennai Properties 373 ITR 673(SC), Rayala Corp 386 ITR 500 (SC) referred/distinguished). (CIT Vs. Gundecha Builders[HC Bombay])
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    Late fees for furnishing GSTR3B & 1 for the period July, 2017 - September, 2018 has been waived provided said returns have been filed between period 22nd Dec, 18 to 31st March, 19
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    Due date for furnishing ITC-04 for the period July, 2017 - December, 2018 has been extended to 31st March, 2019 --------------------------------------------------------------
    S. 56(2)(vii) is a counter evasion mechanism to prevent money laundering of unaccounted income & does not apply to bona fide business transaction done out of business exigency. [ACIT vs. Subhodh Menon (ITAT Mumbai)]
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    • Form INC-20A, a declaration for commencement of business has been notified by MCA.
    • Procedure & related forms for conversion of public company into private company has been notified by MCA.
    • E-form RD-1 has been prescribed for change in financial year by the company.
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    The exemption of Rs. 50 lakh in section 194-IA(2) is applicable w.r.t. the amount related to each transferee and not with reference to the amount as per sale deed. [Vinod Soni vs. ITO (ITAT Delhi)
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    Invocation of provision of Section 2(22)(e) – Deemed Dividend, is unwarranted if it is being made on account of common Directors present in both lender & borrower entity, absent borrower being the shareholder of lender. [Microfinish Valves (P.) Ltd. vs. ACIT (ITAT Bangalore)]
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    Details pertaining to Deemed Exports where goods supplied do not leave India and payment is received either in INR or convertible foreign currencies are require to be reported in 4E of GSTR 9
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    Government is making effort to ensure that 99% things are brought Under 18% GST
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    No GST on sale of complex/building and ready to move-in flats where sale takes place after issue of completion certificate by the competent authority. Certificate issued by chartered Engineer is of no relevance.
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    The effective rate of GST in case of sale of under construction complex/building or ready to move-in flats where completion certificate has not been issued at the time of sale is 12% (after allowing 1/3rd abatement of value of land)
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    A report of the Revenue audit party is merely information and opinion. It is not new or fresh or tangible material. If the reassessment notice is solely based on an audit opinion, it means it is issued on change of opinion which is not permissible. [FIS Global Business Solutions India Pvt. Ltd vs. PCIT(Delhi HC)]
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    The conversion of a company into a LLP constitutes a "transfer" and if the conditions of s.47(xiiib) are not satisfied, the transaction is chargeable to 'çapital gains' u/s 45 of the Act. [ACIT Vs. Celerity Power LLP (ITAT Mumbai)]
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    An order passed by the Tribunal even one day after the prescribed period of 90 days from the date of hearing causes prejudice to the assessee and is liable to be recalled and the appeal posted for fresh hearing. [Kaushik N. Tanna vs. ACIT (ITAT Mumbai)]
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    S. 68 Black Money in HSBC Bank Account (i) Non-residents are not required to disclose their foreign bank accounts and assets to Indian income-tax authorities (ii) The assessee cannot be asked to prove the negative that the credits found in HSBC Bank is not sourced out of income derived from India (iii) the Govt / legislature never intended to tax foreign accounts of non-residents (iv) mere holding of an account outside India does not have led to the conclusion that the amount is tax evaded. (ITAT Mumbai- DCIT vs. Hemant Mansukhlal Pandya)
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    As per AAR Maharashtra, DFIA cannot be considered as Duty Credit Scrips, hence GST is applicable on purchase/sale of DFIA license.
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    As per AAR Maharashtra, assessee is liable to pay GST on providing back office support service, payroll processing, maintaining records etc to overseas clients.
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    Listed Companies to disclose detailed reason for delay in filing financial results to Stock Exchanges within 1 working day of the due date or such decision.
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    Head Office
    A-16/9, Vasant Vihar, New Delhi – 110057
    Email Us
    delhi@llca.net
    Call Us
    +91-11-42591800