We are a family of strong 800+ people including 480+ professionals working from 14 locations across India.
We have a rich heritage and enduring legacy which are pivotal in shaping trust, excellence, and unparalleled legal expertise, thus building a strong reputation and a trusted brand.
We started in 1985 in a single room set up by the two founders with no prior experience of working in a law firm. Both the founders had outstanding academic records and focused on their deep understanding of the law to form the foundation of the firm.
Integrity, Knowledge and Passion are the principles that resonate with every member of our LKS family and the work that we do. These values drive us to build a community of legally sound professionals and well-serviced clients.
Everything we have accomplished over the last four decades is a result of our unique way of thinking which is deeply influenced by our core values and principles that define us.
We and our professionals consistently garner appreciation for the quality of our services and the depth of our legal expertise. This consistent acknowledgment serves as a testament to our unwavering commitment to exceed expectations.
We believe in empowering clients with knowledge. Through insightful seminars, webinars and trainings, we share our experience to help companies understand the ever-evolving legal landscape and issues that are shaping businesses globally.
To know more about the events listed below, you may send a mail to events@lakshmisri.com.
Initial Public Offers (IPOs) - Decoding issues under GST
Raising funds is crucial at many stages in the life cycle of a company. Traditionally, the funds could be brought-in either by the promoters or could be raised by debt. However, with the bullish Indian stock market, more and more companies are raising funds by using the option of initial public offerings (IPOs).
Educational Institution’s eligibility to tax exemption
Globally, institutional institution imparting education are largely kept outside tax net. In India, Section 10(23C) of the Income-tax Act, 1961 extents such exemption inter alia to institutions ‘solely’ engaged in educational activities. The Section also exempts the profits derived by such institution from businesses incidental to the ‘sole’ activity of education.
The online gaming sector is facing increased scrutiny from taxman lens. Many a times, interpretation issues are given the colour of tax evasion. An investigation often consists of survey, audit, searches, seizure of documents, goods and summoning of officials including CEOs, Chairman, Directors for recoding of statements. It is necessary to understand the duties, responsibilities and rights of the company officials before, during and after an investigation.
The introduction of Section 194R to the Income-tax Act, 1961 by the Finance Act, 2022 has raised many practical challenges. Though the TDS provision is intended to ensure effective compliance of substantive law made in 1964, the wordings of the TDS provisions required businesses to have a complete re-look on the manner in which their affairs were arranged.
Demystifying the New Overseas Investment Framework
The revised regulatory framework for overseas investment provides for simplification of the existing framework for overseas investment and has been aligned with India’s current business & economic dynamics. There are significant changes that could affect cross border/ M&A activity of Indian residents.
GST / Service Tax applicability on liquidated damages, late fee, compensation etc.
The declared service of ‘agreeing to the obligation to refrain from an act or to tolerate an act or situation, or to do an act’ was first introduced in the service tax regime and the same has been specifically declared as a service under the GST regime as well. The scope and applicability of this entry on liquidated damages, compensation, late fee, penalty etc., has been a subject matter of debate and dispute since the beginning.
Section 194R of the Income Tax, 1961 | TDS on Benefits and Perks
It is commonplace for business entities to incentivize their stakeholders and partners such as dealers, distributors, or agents through different monetary and non-monetary ‘benefits or perquisites’. Discounts, gifts, free samples, sponsored travel packages etc. are some of the common illustrations of benefits and perquisites extended.
A new re-assessment regime has been introduced under the Income-tax Act, 1961 (‘Act’) with effect from 1st April 2021 bringing in sweeping changes in both law and practice. While the erstwhile scheme was founded upon the Assessing Officer’s “reason to believe” that income chargeable to tax has escaped assessment, the new regime is centered around robust information collection mechanism (including inter departmental communications) being developed by the CBDT.
GST on ocean freight and service tax on secondment of employees
The Supreme Court on 19th of May delivered two historic decisions, Union of India v. Mohit Minerals and Commissioner v. Northern Operating Systems. The decision in Mohit Minerals case holds that IGST is not payable by the importer on the ocean freight component when goods are being imported on CIF basis.
The Government of Telangana has introduced a ‘One Time Settlement Scheme’ vide Order No. G.O.Ms. No. 45 dated 9.5.2022 to settle the disputed tax under the legacy Acts such as Andhra Pradesh General Sales Tax Act, 1957, the Telangana Value Added Tax Act, 2005, the Central Sales Tax Act, 1956 and the Telangana Entry of the Goods into Local Areas Act, 2001.
