Tax Audit Representation Lawyer in Pune

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+91 820 890 9423

desk@tridentlegal.in

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

Welcoming you to Trident Legal, the reliable partner in all matters concerning representation in tax audits in Pune. Directed by Advocate Nikhil Rathod, a veteran in the legal area, Trident Legal offers unparalleled experience and expertise in understanding complex tax audit laws. Our dedication to quality, precision, and in-depth knowledge of the Indian legal system distinguishes us as your preferred Tax Audit Representation Lawyer in Pune.

Tax Audit Representation Lawyer in Pune:

At Trident Legal, We know the specific challenges businesses and individuals face when dealing with tax audits in Pune. As the sole lawyer in the firm Advocate Nikhil Rathod brings abundant knowledge and experience in the field. With his outstanding legal skills, we provide extensive solutions to efficiently address tax audit concerns and ensure you conform to tax laws. Income-tax Act, 1961.

How to Choose the Best Tax Audit Representation Lawyer in Pune:

Making the right choice in choosing a Tax audit lawyer essential to protect your rights. In making this critical choice, consider the lawyer’s experience, track record, and dedication to providing personalized service. Advocate Nikhil Rathod’s track record of determination and dedication to his clients, as well as his extensive knowledge of tax law, position him as a trusted attorney to work within your legal endeavors.

What is Tax Audit Representation?

Audit representation for tax audits is sometimes referred to as the audit defense process, where an expert in tax or law acts in the name of the taxpayer (a legal or personal entity) during the Internal Revenue Service (IRS) or state tax audit. The representative must be licensed to perform the service before the IRS or the state, and specific credentials are required. The kinds of representatives that can assist taxpayers in the IRS regarding audits of their income are attorneys, certified public accountants, and enrolled agents.

An audit representative devises strategies to defend the position of the taxpayer. The audit representative assists the taxpayer in preparing any documents taxing authorities require. They usually attend all meetings and manage correspondence for the taxpayer.

There are numerous benefits when you hire tax audit representatives that include:

  1. More experience and knowledge Tax audit professionals thoroughly understand the tax code and IRS audit procedure. They can assist you in understanding the issue at hand and formulate a strategy to defend you.
  2. A reduced stress level: Going to an IRS audit is stressful, particularly if you’re not well-versed. A tax audit agent will handle communication between you and IRS IRS in your place, meaning you can concentrate on your other duties.
  3. Higher chance of success Tax audit representatives can assist you in negotiating with the IRS to get the best possible result. They may also be able to assist you with court proceedings should it be necessary.

If you’ve been chosen to undergo being selected for an IRS audit, you must think about hiring a tax auditor. This will defend the rights of your interests and improve your chances of having a favorable outcome.

Here are a few questions to be sure to ask when choosing the tax audit company:

  1. What do you have to prove your qualifications?
  2. What is your experience in representation for tax audits?
  3. What is your rate of success with tax audits?
  4. What are your charges?
  5. Are you willing to meet personally with me?
  6. Could you give me references?

You are comfortable choosing an auditor, and trust is essential to have the expertise and experience needed to effectively represent your interests. Tax audit representation is the process of seeking legal counsel and advice in the event of a tax audit. The team of Trident Legal excels at providing complete support during the entire auditing process, assuring compliance accuracy and securing your financial well-being.

About Tax Audit Law:

Tax audit laws in India are controlled by the Income Tax Act of 1961. Section 44AB under the Act allows for mandatory tax audits for certain taxpayers. This includes:

  1. Individuals with a total income that is greater than the amount of Rs. 50 lakh
  2. Companies with a turnover that is greater than one crore rupees. One crore
  3. Professional firms with gross earnings over the amount of Rs. 50 lakh
  4. Institutions and trusts with revenue that exceeds the amount of Rs. 1 crore

Taxpayers who must be audited for their accounts under Section 44AB must choose an accountant chartered by the IRS to perform the audit. This chartered accountant must look over the books of accounts and other records to make sure that they are, in fact, accurate and in line with tax laws. The chartered accountant will create an audit report on tax compliance that will be sent to the Income Tax Department.

This tax law was intended to ensure taxpayers comply with tax laws and pay the correct taxes. Audits can aid in identifying tax evasion or fraud.

Here are a few of the principal clauses that are part of tax audit laws in India:

  1. Taxpayers who need to be audited for their accounts should appoint a chartered accounting professional member of the Institute of Chartered Accountants of India (ICAI).
  2. The chartered accountant should be separate from the taxpayer and not hold any financial interest in the taxpayer’s business.
  3. The chartered accountant has to perform the audit in compliance with the guidelines set by the ICAI.
  4. The chartered accountant must complete an audit report on tax compliance, due at the Income Tax Department, within six months from the close of the fiscal year.
  5. Tax audit reports must include a certification from the chartered accountant, proving that the accounting books are accurate and the person has followed all tax regulations.

Suppose the audit report finds any mistakes or discrepancies. In that case, tax officials from the Income Tax Department may initiate additional action toward the taxpayer, for example, sending a demand notice or initiating a penalty proceeding.

About The Income-tax Act, 1961:

The Income-tax Act of 1961 is the basis of India’s tax laws. Advocate Nikhil Rathod’s thorough understanding of the Act allows us to provide specific guidance specific to the needs of tax audits.

Rules Related to Tax Audit:

Tax audits are governed by specific rules and thresholds the tax authority sets. It may be difficult, however, when you have Trident Legal by your side. You can be assured that all details will be carefully managed.

Here are the rules about tax audits in India:

  1. Taxpayers who must have their accounts audited
    1. People who earn more than 50 lakhs. 50 lakh
    2. Companies with a turnover that is greater than the amount of Rs. 1 crore
    3. Professional firms with gross earnings over the amount of Rs. 50 lakh
    4. Institutions and trusts with revenue that exceeds one crore rupees. One crore
  2. Approval of chartered accountant
    1. Taxpayers who must be audited for their accounts must choose an accountant chartered with the Institute of Chartered Accountants (ICAI) and certified by the Institute of Chartered Accountants of India (ICAI).
    2. The chartered accountant should be completely independent of the taxpayer and not hold any financial stake in the taxpayer’s business.
  3. Auditing conduct:
    1. The chartered accountant is required to perform the audit in compliance with the requirements of the ICAI.
    2. The chartered accountant must complete an audit report on tax compliance, due by the Income Tax Department, within six months from the close of the fiscal year.
  4. Tax audit report:
    1. A tax audit report should include a letter from a chartered accountant stating that the accounting books are accurate and that the taxpayer complies with all tax regulations.
    2. A tax audit report should also contain the chartered accountant’s declaration regarding the taxpayer’s compliance with taxes.
  5. Penalties for non-compliance
    1. Taxpayers who do not get their accounts inspected when required could be subject to a fine of Rs. 1,50,000.

Why is Tax Audit Important?

Tax audits are crucial because of a variety of reasons, which include:

  1. To ensure that you comply with taxes: Tax audits can aid in ensuring that taxpayers comply with tax laws by reviewing their books of accounts and documents. It can aid in identifying any mistakes or errors on tax returns filed by taxpayers and prevent tax fraud.
  2. To detect fraud Tax audits aid in detecting fraud by checking the accounts books of a taxpayer and documents for any suspicious activities. This will help protect public officials from financial loss and prevent taxpayers from being scammed.
  3. To improve the education of taxpayers: Tax audits can assist in improving the education of taxpayers by providing them with feedback regarding their compliance with tax laws. This information can assist taxpayers better understand tax laws more thoroughly and can help them avoid making costly errors in the near future.
  4. To provide confidence that taxpayers are in good hands: Audits on tax returns can assure taxpayers that they have their tax returns correct and are paying the exact amounts of taxes. This will help build trust between taxpayers and the government.

In India, Tax audits are obligatory for specific categories of taxpayers, like taxpayers with income greater than Rs. 50 lakh, companies with an annual turnover of more than Rs. 1 crore, and professional firms that earn more than Rs. 50 lakh. Taxpayers who have to have their accounts audited should appoint a chartered accounting professional to perform the audit. A chartered accountant can review the books of accounts and documents to verify that they are correct and in line with tax laws. The chartered accountant will create an audit report on tax compliance that will be sent to the Income Tax Department.

The latest news about Tax Audit Law in India:

  1. The threshold for tax audits for companies with a total turnover greater than one crore has been increased to Rs. 1.35 crore, raised to Rs. 10 crore instead of the current five crore. Five crores. The new limit was made public within the Finance Act 2021 and will apply to the assessment year 2023-24 from then onwards.
  2. The penalty for failure to comply with tax audit requirements has been raised from 1000 to. One thousand to Rs. $5,000 per day in the initial 30 days after non-compliance, and 10,000 to Rs. 10,000 per day after that. This change was declared within the Finance Act 2021 and will apply to the assessment year 2023-24 and beyond.
  3. The Income Tax Department has released new tax audit guidelines that will be in effect beginning with the assessment year 2023-24. The new guidelines contain a variety of modifications, including the requirement that chartered accountants conduct a risk assessment before the start of 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.

Law Amendment related to Tax Audit Law in India:

The Finance Act of 2023 has added many amendments regarding the law on tax audits in India. The significant changes are:

  1. Increase the threshold to audit tax for companies with a turnover of more than one crore rupees. 1 million: The minimum for tax audits for companies with a turnover greater than one crore has been increased to Rs. 1.35 crore was raised to 10 crore from Rs. 10 crore instead of the previous limit of 5 crore. Five crores. 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 taxes audit regulations has risen from 1,000 rupees to Rs. 1,000 to Rs. daily for up to 30 consecutive days for non-compliance. 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 tax audit template: The tax audit report form has been updated to include more details about the taxpayer’s PAN and TAN number and the obligation to report irregular transactions with the Income Tax Department. The change will also be in effect from the assessment year 2023-24.

These are only a few amendments to the law that pertain to tax audit laws in India. It is essential to keep current with the most recent modifications to the law because they could affect taxpayers. Suppose you have questions about tax audits or tax audits. In that case, speaking with an accountant certified by a chartered accounting firm or tax adviser is recommended.

What is Tax Audit Representation Lawyer do?

Tax audit lawyers are professionals in the law field who represent taxpayers in an audit conducted by tax authorities such as the Internal Revenue Service (IRS) or state tax authorities. The lawyer will examine the taxpayer’s records, draft an argument, and then represent the taxpayer in every meeting in the presence of an auditor.

Here are a few specific duties that an audit representation lawyer can perform:

  1. Check the taxpayer’s records: The lawyer will examine the taxpayer’s financial records, which include business documents, tax forms, and bank statements. This will allow the lawyer to analyze the taxpayer’s financial position and identify potential issues.
  2. Create a defense. Lawyers draft an argument against any proposed adjustments from the auditor. This could include challenging the auditor’s findings and providing evidence to support the taxpayer’s argument or the negotiation of a settlement.
  3. Reprezent the taxpayer in gatherings: The lawyer will represent the taxpayer in any meeting the auditor attends. The lawyer will be able to inquire about the auditor’s findings, question the auditor’s findings, and then make a deal on behalf of the taxpayer.
  4. Appeal any negative conclusions: If the auditor makes an adverse finding, the lawyer can appeal the decision before the IRS or the state tax authority. The process is often complicated and time-consuming. Therefore, it is crucial to have a seasoned lawyer to assist you.

Suppose you’ve been chosen to undergo an audit from the IRS or the state tax authority. In that case, getting legal representation from an attorney representing taxpayers in tax audits is essential. A lawyer can help defend the rights of your interests and assets and ensure you receive the most effective result.

Why Should You Choose Trident Legal:

Selecting Trident Legal means choosing a firm with an unwavering dedication to your achievement. Advocate Nikhil Rathod’s personalized approach and vast knowledge guarantees top-quality legal assistance throughout the tax audit process.

Services We Provide:

Taxation Lawyer in Pune

Conclusion

In the ever-changing business of taxes, having a knowledgeable tax audit representation Lawyer at your support will make all the difference. Trident Legal is a firm that Trident Legal, we offer an amalgamation of legal expertise along with individualized service and a commitment to achieving positive results for our customers. Advocate Nikhil Rathod’s love for protecting justice and deep knowledge of tax audit law makes us the best option for tax audit representation in Pune. Contact us today for security and supreme legal quality.

Contact Information: Address: Khopade Nagar, Katraj, Pune 411041 Tel: +91-820-890-923 Contact Email: desk@tridentlegal.in

Tax Audit Representation Lawyer in Pune: Represent You in Tax Audits

FREQUENTLY ASKED QUESTIONS (FAQ’S) FOR TAX AUDIT REPRESENTATION LAWYER IN PUNE

What is a tax audit, and when is it required?

A tax audit is a thorough examination of a taxpayer's financial records to ensure accuracy and compliance with tax laws. It is typically required for businesses with a certain level of turnover or professionals with a specified income threshold.

Why do I need a tax audit representation lawyer?

A tax audit representation lawyer specializes in guiding clients through the audit process, ensuring their rights are protected, and helping them respond to audit requests, inquiries, and challenges effectively.

How can a tax audit representation lawyer help me during an audit?

A lawyer can help you understand the audit process, prepare and organize necessary documentation, communicate with tax authorities on your behalf, and develop strategies to address any discrepancies or issues that arise.

What qualities should I look for in a tax audit representation lawyer?

Look for a lawyer with expertise in tax law, audit representation experience, a track record of successful cases, strong communication skills, and a good understanding of local and national tax regulations.

What are the potential consequences of a tax audit?

If discrepancies or non-compliance issues are found during an audit, it could lead to penalties, fines, additional taxes, and legal action. A lawyer can help mitigate these consequences and negotiate on your behalf.

How much does it cost to hire a tax audit representation lawyer?

The cost can vary based on the complexity of your situation, the lawyer's experience, and the amount of work required. It's important to discuss fees upfront and understand the billing structure.

Can a tax audit representation lawyer also help with tax planning?

Yes, many tax audit representation lawyers offer tax planning services as well. They can help you structure your financial affairs to minimize tax liabilities and avoid audit triggers.

What should I do if I receive an audit notice?

Contact a tax audit representation lawyer as soon as possible. They can guide you on how to respond to the notice, what documents to gather, and how to best prepare for the audit.

Can I represent myself during a tax audit?

While it's possible to represent yourself, tax laws and audit procedures can be complex. Having a lawyer with expertise in this area can significantly improve your chances of a successful outcome and minimize potential risks.

How do I choose the right tax audit representation lawyer for me?

Research potential lawyers, read client reviews, schedule consultations to discuss your case, ask about their experience with similar cases, and choose someone you feel comfortable working with and confident in their abilities.

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