Income Tax Advisory

We at Khurana and Khurana provide quality Income Tax Consultancy and Compliance offerings with effective legal and financial strategies. K&K has a 30 member strong Tax Team headed by CA and Tax Attorneys CA. Anubhav Gupta and CA. Varun Khurana, who between them collectively have over 35 years of experience in representing clients for several direct and indirect tax matters across different tribunals and forums. K&K actively offers comprehensive Income Tax advice to companies as well as firms, individuals, etc, along with handling all associated litigations in the domain of direct and indirect tax across forums. We structure and implement the tax planning strategies based on client’s position and circumstances with due consideration and appreciation of the fact that tax laws are among the most dynamic laws in the world and require constant study by the attorneys to effectively deal with the client’s requirements.

We provide income tax advice in the following areas:

• Corporate Tax Law has experienced various amendments in India due to Globalization and changing facets of the business. Corporate tax is levied on both domestic as well as foreign companies which are not registered in India but have their operations and generate income in India. There are many Tax Incentives like setting up businesses in Tax-Free Zones, Export Oriented Units, and in SEZs (Special Economic Zones) are growing with several interpretations and documentation. Our Attorneys and Consultants have insight and knowledge of the tax provisions including amendments and the Finance Act, 2019 to facilitate effective compliance. Corporate tax is calculated based on the net revenue or net income of a company. The net income/net revenue is determined by deducting various expenses from the total amount earned by the company. These expenses include:

Depreciation: The decrease in the value of assets over time is taken into account as an expense.

Total cost of goods sold: This includes the expenses directly associated with producing or purchasing the goods that the company sells.

Selling expenditures: Expenses incurred in marketing, advertising, and promoting the company’s products or services.

Administrative expenses: Costs related to the general operations and management of the company, such as salaries, rent, utilities, and office supplies.

K&K focuses actively on assisting and representing clients for Drafting of Reply/Appeal to various Income Tax Notices issued by the Tax Authorities. Appearances before Tax Authorities, Income Tax Appellant Tribunals, High Courts, and Supreme Court.

• Tax Due-Diligence: in setting up a startup or business, filing of various documents to the Government authorities, etc. Besides central issues, Due Diligence includes a range of tax and regulatory issues such as exchange control, income taxes, indirect taxes, and capital market regulations. Tax due diligence is a process conducted prior to an acquisition, aimed at examining the potential target company’s undisclosed tax liabilities and other tax-related matters.

By providing tax due diligence services, our primary objective is to thoroughly investigate the target company’s undisclosed tax expenses. Concurrently, we assess and report on any unused tax losses, available tax incentives, carried forward tax credits, and other relevant factors. This information is crucial for our clients in making informed decisions regarding the structure of merger and acquisition transactions, as well as post-M&A tax planning.

• Personal Taxation Service(Resident or Non-Resident) includes advisory on these incomes from the assessee:

• • Income from the salary;
  • Income from agriculture;
  • Income from a house rented income;
  • Income from the sale of stocks or mutual funds;
  • Employee stock options (ESOP);
  • Income from the sale of a house property;

NRI Taxation Issues,Income Tax laws that are applied to NRIs are entirely different from those applicable to resident Indians. The major issue in NRI is double taxation meaning paying tax on the same income twice in the country of residence of the assessee and India by obtaining relief from DTAA (Double Taxation Avoidance Agreement) between the two countries.

International Taxation, services on transfer pricing are of paramount importance to multinational corporations operating in India, as they have to meet rigorous and mandatory documentation requirements. Expertise in Litigation, Customs, and Services valuation is all the more essential under the proposed Advance Pricing Arrangements with Indian pricing authorities.

Expatriate Taxation,Expatriates in India are liable to pay income tax and fulfill other obligations such as filing tax returns. At times, their employers may also withhold income tax. Expatriates may be subject to taxation on their worldwide income unless they have protection under the ‘Double taxation avoidance treaty. There may be tax incidence on expatriates who are beneficiaries under any employee stock options schemes. Under the Income Tax Act, 1961 the incidence of tax depends on the following: The residential status of taxpayer, provisions prevailing in the Assessment Year to which the incomes relate and whether the accrual/ receipt of such income has a nexus with India.

Taxations issues in Partnership/LLP firms

Taxation advisory on:

• Sale of capital assets
• Tax deductions in capital gains, remunerations
• Transfer of assets by a partner to the partnership firm and vice versa
• Trust Taxations Issues, setting up of a trust or an NGO requires knowledge of income tax provisions relating to charitable institutions/trusts and the exemptions of Tax laws. We at Khurana and Khurana can be a one-point solution for all your queries and issues relating to Trust Taxation.