Business Taxes Lawyer in Pune

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Flat No. 302, Kalunkhe Niwas, Khopade Nagar, Gujaewadi, Katraj, Pune - 411041

Taxes For Businesses Lawyer in Pune

Welcome to Trident Legal, the trusted advisor in navigating the complex world of taxes for businesses in Pune. Directed by Advocate Nikhil Rathod, a emerging Business Taxes Lawyer in Pune. Trident Legal can be your access point to efficient legal solutions to your tax-related requirements. As the sole attorney for Trident Legal, Advocate Nikhil Rathod has a wealth of experience and expertise, which makes him the most sought-after Taxes For Businesses Lawyer in Pune.

Taxes For Businesses Lawyers in Pune:

In an ever-changing economy, taxes play an essential aspect in companies’ development and long-term viability. At Trident Legal, we know the intricacies of taxation for businesses in Pune. We are committed to providing competent advice to comply with complicated tax laws. Our services are available in various aspects, not just being a skilled Tax lawyer in Pune, but an experienced GST lawyer in Pune and a dependable Income tax lawyer in Pune.

How to Choose Best Business Taxes Lawyer in Pune:

Choosing the best legal firm to handle your tax issues for your business is essential. When you’re considering hiring a Taxes For Businesses Lawyer in Pune, It is crucial to select an attorney with a thorough knowledge of local taxes and regulations, as well as national and a track record of successfully helping businesses of all sizes.

Here are a few things to take into consideration when choosing the right tax lawyer for your company:

  1. Experiential: Make sure the lawyer is experienced with tax law for business. They should be aware of the tax laws applicable to your particular business.
  2. Specification: Certain lawyers are experts in specific areas of tax law, for instance, the tax on income, GST, or customs law. Suppose you are dealing with a particular tax problem. In that case, you might need to locate a lawyer who is specialized in the specific area.
  3. Rating: Ask for referrals from family members, friends, or business acquaintances who have worked with tax lawyers. You may also contact your bar association in your state for the list of lawyers specializing in tax law.
  4. Communication abilities: Make sure the lawyer can effectively communicate with you and explain complicated fiscal concepts and ideas in a manner you can comprehend. You must also be comfortable asking the lawyer questions and getting clear answers.
  5. The cost: Be sure to inquire about the attorney’s fees and how they’re calculated. Obtaining an estimate written off the cost is also recommended before you engage the lawyer.

About The Income-tax Act, 1961:

The Income Tax Act, 1961 (ITA) is the main legislation regulating the levy and implementing of a tax on income in India. The Parliament of India passed the ITA in 1961, and was later changed numerous times. The ITA is an extremely extensive piece of legislation that covers a variety of subjects, such as:

  1. The definition defines income
  2. The tax rates for income
  3. The deductions and exemptions that are available to taxpayers
  4. The method used to calculate income
  5. The procedure for filing tax returns for income
  6. The authority is the responsibility of the Income Tax Department to investigate and assess the income tax
  7. The recourses offered to taxpayers in opposition to the decisions made by the Income Tax Department

The ITA is a complicated piece of legislation. It is crucial to seek professional guidance if you have doubts about it. A tax professional can assist you in understanding the ITA and ensure that you comply with the tax laws applicable to you.

A tax-related scheme for businesses in India. India:

  1. Presumptive taxation system: The presumptive taxation system is a tax system that is simplified that is designed for small-sized companies. With this scheme, businesses are taxed on their turnover rather than earnings. The minimum turnover for the taxation scheme presumptive is the amount of Rs. 40 lakhs for companies in the manufacturing industry, and the threshold is Rs. 20 lakhs for firms in the service sector.
  2. Startup India scheme: The Startup India scheme is a government initiative that aims to encourage the entrepreneurship process in India. Through this scheme, entrepreneurs can avail of various tax benefits, such as the three-year exemption of income tax and a deduction of as much as Rs. 10 lakhs of expenses in research and development, and an exemption from stamp duty upon the purchase of property or land.
  3. Stand-up India scheme: The Stand-up India scheme is a government-sponsored initiative to encourage the entrepreneurship of women and entrepreneurs from SC/ST. In the scheme, financial institutions must provide loans of as much as Rs. 10 lakhs to female entrepreneurs and the equivalent of Rs. 5 lakhs for SC/ST entrepreneurs with an interest amount of 8 percent per year.
  4. Export promotional strategies: The government offers several tax advantages for businesses that export products or services. This includes a refund in customs tax and tax on imports of inputs, deductions of up to 100% of the value of exports from tax-deductible income, and an exemption from central excise duty on exports.

Latest News on Business Tax Law in India:

  1. It is the government that has unveiled a new tax system for businesses. The new regime is believed to be more simple and productive than today’s tax system.
  2. The government revealed plans to implement an entirely new tax for digital transactions. The tax will be assessed on all digital transactions, including online purchases, peer-to-peer payments, and cryptocurrency transactions.
  3. It is mulling various other tax reforms like the reduction of corporate tax rates and an easier tax code.

Here are some changes to the law on business taxes in India which were announced in the budget for 2023-2024:

  1. The threshold limit is increased to audit tax for companies with a turnover of more than one crore rupee. 1.35 crore. The upper to conduct tax audits on businesses with a turnover higher than one crore has been increased to Rs. 1.35 crore was raised to 10 crore from Rs. 10 crore, up from the previous limit of 5 crore. Five crores. This change will apply to the assessment year 2023-24 from then onwards.
  2. An increase in penalties for non-compliance with tax audit requirements Penalties for not observing taxes audit regulations has risen from 1,000 to Rs. 1,000 to Rs. daily for 30 days after non-compliance. The amount is Rs. 10,000 per day for the following 30 days. This is also valid from the assessment year 2023-24 onwards.
  3. Revision of the tax audit format: The tax audit report form has been updated to add additional information like details about the taxpayer’s PAN and TAN number and the requirement to report unusual transactions to the Income Tax Department. The change will also be in effect from the assessment year 2023-24.

Law Amendment Related to Business Tax Law in India:

  1. The Finance Act of 2023 has added a variety of changes regarding tax planning laws for India. Some of the most significant changes include:
    1. The threshold limit is increased for tax audits for companies that have a turnover of more than 1. 1 million: The minimum for tax audits for companies that have a turnover higher than one crore has been increased to Rs. 1.35 crore was raised to 10 crore from Rs. 10 crore, up from the previous limit of 5 crore. This change is effective for the assessment year 2023-24 from then onwards.
    2. The penalty for non-compliance with tax audit requirements Penalties for not complying with auditing requirements for tax compliance is increased from 1,000 to Rs. 1,000 to Rs. 5000 per day for up to 30 consecutive days for non-compliant. The amount is Rs. 10,000 per day after that. The change will also apply to the assessment year 2023-24 and beyond.
    3. Revision of the tax audit report template: The tax audit report form has been updated to add additional information, including details about the taxpayer’s PAN and TAN information and the requirement to report irregular transactions with the Income Tax Department. This change will be effective for 2023-24 and beyond the tax year.
  2. The Income Tax Department has released new tax audit guidelines that will be in effect starting in the assessment year 2023-24. The new guidelines contain a variety of changes, like the obligation for chartered accountants to perform a risk assessment before starting the audit, the requirement to confirm details of the taxpayer’s PAN and TAN information, and the obligation to report irregular transactions directly with the Tax Department. Income Tax Department.
  3. Government officials have announced an amnesty program for taxpayers who haven’t completed their tax returns promptly. The scheme, known as the Pradhan Mantri Gati Shakti Yojana, allows taxpayers to make their tax returns public and get their tax affairs in order without a penalty. The program is available to all taxpayers, which includes business owners, individuals, and trusts.

What Does a Tax Planning Lawyer Do?

Tax planning lawyers are experts in the law field who specialize in assisting taxpayers in reducing their tax burden with the help of legal strategies and techniques. They can assist taxpayers in various tax-related issues that include:

  1. Planning for tax: Tax planning lawyers can assist taxpayers in establishing strategies to reduce their tax burden. This could mean using tax credits and deductions, investing in tax-deferred accounts, or restructuring their company structure.
  2. Audits for tax: Tax planning lawyers can represent taxpayers in tax audits. They can assist taxpayers in gathering evidence for their tax returns, engage with auditors, and then appeal the audit’s conclusions.
  3. Tax disputes The tax-planning lawyers can assist taxpayers with tax-related disputes before the IRS. This could mean filing an appeal to the tax authorities, participating in a settlement or mediation conference, or defending the taxpayer in court.
  4. Compliance with tax laws: Legal experts in tax planning assist taxpayers in staying within the tax laws. This could include providing guidance regarding tax filing requirements, assisting taxpayers in filing their tax returns, and representing taxpayers in tax-related matters.

Tax planning attorneys must thoroughly understand how tax codes work and their regulations. They can represent taxpayers in courts and before the administrative authorities. They should be able to effectively communicate with taxpayers, tax authorities, and judges.

The Tax Planning Lawyer plays a key role in structuring your company’s operations to reduce tax liability legally. Advocate Nikhil Rathod’s experience is crafting tax strategies aligning with your business objectives.

Why Should You Choose Trident Legal:

The choice of Trident Legal is to select the best tax-related legal services for business. Advocate Nikhil Rathod’s commitment to personal attention and strategic knowledge ensures that your business receives the highest quality of legal assistance.

Services We Provide:

Conclusion

In corporate taxation, having an experienced advisor on your side is vital. Advocate Nikhil Rathod and Trident Legal will help your company navigate the maze of taxation, making sure you are compliant and optimizing tax strategies to ensure a successful future. Contact Trident Legal at our Katraj office or reach us by phone or email to start an adventure toward efficient taxation and superior legal services.

Contact Details:

Taxes For Businesses Lawyer in Pune: Get Help with Taxes for Your Business

FREQUENTLY ASKED QUESTIONS (FAQ’S) FOR TAXES FOR BUSINESSES LAWYER IN PUNE

What types of taxes do businesses in Pune need to be aware of?

Businesses in Pune are subject to various taxes, including income tax, goods and services tax (GST), professional tax, property tax, and more. A lawyer can help you understand which taxes apply to your specific business type and activities.

How can I ensure compliance with GST regulations?

GST is a crucial tax for businesses. A lawyer can guide you through GST registration, filing returns, understanding input tax credits, and addressing any issues related to GST compliance.

What are the tax implications of different business structures?

Different business structures (sole proprietorship, partnership, LLP, private limited company, etc.) have varying tax implications. A lawyer can explain the tax advantages and disadvantages of each structure to help you make an informed decision.

How can I minimize my business's tax liability legally?

Businesses can employ various strategies to legally reduce their tax liability. A lawyer can provide advice on allowable deductions, exemptions, and other tax-saving methods that align with the tax laws.

What steps should I take during tax audits?

Tax audits can be stressful for businesses. A lawyer can guide you on preparing necessary documentation, responding to queries, and representing your interests during the audit process.

What is Transfer Pricing and how does it impact my business?

Transfer Pricing relates to transactions between related entities. A lawyer can help you ensure that these transactions are conducted at arm's length and comply with Transfer Pricing regulations to avoid disputes.

What are the implications of international transactions on my taxes?

If your business engages in international transactions, you might face complexities due to double taxation agreements and foreign taxation laws. A lawyer can help you navigate these intricacies and claim any applicable benefits.

How can I address disputes with tax authorities?

If you encounter disagreements or disputes with tax authorities, a lawyer can assist in preparing appeals, representing you in hearings, and negotiating settlements to resolve the issues.

What are the consequences of not paying taxes on time?

Failing to pay taxes on time can lead to penalties and legal consequences. A lawyer can explain the repercussions and help you take corrective actions if you're facing such issues.

How can I keep my business compliant with changing tax laws?

Tax laws and regulations can change frequently. A lawyer can keep you updated on these changes and provide advice on adapting your business practices to stay compliant.

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