We are a family of strong 800+ people including 470+ 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.
The amendment by Finance Act, 2021 seeks to tax notional interest on Employee’s contribution to specified provident fund, exceeding the threshold limit made on or after 1 April 2021. Recently, the Income Tax Rules have been amended to lay down the manner of computation of taxability of interest. Considering various factors like absence of charge of tax, point of taxation and deduction of TDS, the author is of the opinion that this amendment is half baked in many ways. According to him, while it limits the tax exemption, it is severely lacking in creating both charging and machinery provisions that are necessary to ensure smooth procedure for assessees for an income that was hitherto granted blanket exemption. The article concludes by stating that it remains to be seen how judiciary interprets this new tax or if the legislature proactively removes all doubts by promulgating specific provisions, similar to those that exist for the employer’s contributions towards provident fund account of employees...
Notifications & Circulars
Form No. 52A for production of cinematograph revised
No TDS under Section 194-O will be made applicable to E-auction services
Ratio decidendi
BCCI cannot be denied income tax exemption because Indian Premier League (IPL) makes profits – ITAT Mumbai
ITAT cannot recall its order by invoking power under Section 254(2) of the Income-tax Act – Supreme Court
Educational institute is eligible for exemption under Section 11 based on registration of its parent society – ITAT Lucknow
Credit of tax deducted at source but not deposited by the employer, available – Gujarat High Court
Registration as charitable trust when cannot be cancelled – Amendment of Trust Deed, not contrary to charitable objects not relevant – Karnataka High Court
