How to avoid legal problems in business?

Consultant In Delhi

We’ve all heard the statistics on how many small businesses fail. Competent management and understanding of your market can save you from the most common pitfalls. But what about legal trouble?

A lawsuit can crush even the most prosperous small business, and yet many business owners find themselves unprepared for the possibility. Here are a few ways you can keep legal trouble from endangering your small business.

1.   Project Your Reputation: This one seems obvious, and yet so many small business owners don’t heed the warning: be careful what you say and do online! Social media has become a cornerstone of doing business, but you can still find hundreds of horror stories about business owners who have unleashed bad behaviour on customers or critics- and suffered the consequences. Use social media responsibly. Keep your tone inviting and civil. Don’t overreact to criticism or shut down conversation – that will often make things worse. Hire or assign a trusted representative to act as your social media “voice” and have a plan in place to establish and protect your online reputation.
2. Incorporate Yourself: Many business owners operate as sole proprietorships. While this is one of the easiest and least expensive paths to starting a small business, it also carries serious financial risks. If a company in sole proprietorship is sued, the owner’s personal assets could easily be lost in the resulting settlement or judgement. That’s why incorporating is a good idea. Establishing your small business as an LLP or private limited company or OPC will protect your personal assets. If the worst should be happen and your business goes under, your life won’t go with it.
3. Avoid Suspicious Situations: Avoiding conflicts of interest and suspicious employees might also seem self-evident and yet many small business owners fall prey to unscrupulous employees, contractors, or even clients. Do your research. When hiring employees, conduct background checks and perform screening. Audit your finances quarterly. Require your clients and customers pay you in a timely fashion, and get all your contracts in writing. When tax time comes, make sure to hire a tax attorney or financial advisor to take care of your books. You’ll not only avoid trouble, but could also save money by taking advantages of hidden tax breaks.
4. Get Protected: First and foremost, your business should absolutely have liability insurance, in case of injury or other employee mishap. Business owners might also consider taking out errors and omissions coverage, which will cover the business in case a client accuses you of error or breach of contact. Another good way to cover your legal bases is to build protection into your contracts and make sure you’re not liable for circumstances beyond your control. You should also get a quote for umbrella coverage. Another reason to have the number of a good lawyer!
5. Stay Vigilant: When protecting your business from legal trouble, the best approach is to prepared. Back up crucial client data, so you don’t end up like that fellow who deleted his entire business. Monitor your finances and infrastructure regularly. Keep your security up to date to avoid losing data to viruses or malware. Loss of key client data or productivity doesn’t just cost money and time – it can also open you up to possible legal action. Don’t take any chances.

Not every entrepreneur will see legal trouble coming, but every entrepreneur should be prepared.

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Latest News- All PAN cards not linked to Aadhaar card will be cancelled.

Tax consultant in India

You must have already heard that from this year filling of income tax returns will require you to quote your Aadhaar number. In case you don't have the Aadhaar card and you wish to pay taxes, you have to get one now. But the Aadhaar doesn't just stop at the income tax. The Aadhaar number will also have to be linked to the PAN (permanent account number) card or else the PAN card will be cancelled.

The new rule is part of the proposed amendments in the new Finance Bill, which is certain to be passed. The proposed rules note that linking of Aadhaar card with PAN card will be mandatory from July 1.

"Every person who has been allotted permanent account number as on the day 1st of July 2017, and who is eligible to obtain Aadhaar number, shall intimate his Aadhaar number to such authority in such form and manner as may be prescribed, on or before a date to be in notified by the Central Government in the Official Gazette," notes the amendments inserted in the Finance Bill. "Provided that in case of failure to intimate the Aadhaar number, the permanent account number (PAN) allotted to the person shall be deemed to be invalid and the other provisions of this Act shall apply, as if the person had not applied for allotment of permanent account number."

Interestingly, the government move comes despite of the Supreme Court ruling that Aadhaar number can be used only for providing welfare services and not as in ID tool or a requirement for general services.

It is not clear why the government wants to link all PAN cards to the Aadhaar card and what it hopes to achieve by making Aadhaar a mandatory requirement for filing income tax returns. But from the proposed amendments it seems that Aadhaar number will soon render the PAN number useless and in future government may just use Aadhaar number in all the places where currently the PAN card is required. At the same time, with Aadhaar card connected to the PAN card, and effectively with bank accounts, government will be able to track the income and expenditures of millions of Indians each time there is a transaction that involves a bank account. You may concern with Tax consultant in India for any help.

Source:http://bit.ly/2nJUZQ1

Implementation of GST will expand Indian economy by 1%

Service tax consultant in Delhi

According to Mr. Prashant Kumar, Additional Commissioner, Service Tax, Mumbai-I informed GST holds the potential to make Indian products improve compliance, globally competitive and contribute to the expansion of the Indian Economy by at least 1% of GDP.
On March 20, 2017, the Union Cabinet approved 4 crucial GST bills, viz. CGST, iGST, UTGST and the Compensation Bill. These Bills are expected to be tabled in parliament shortly as Money Bills.

The Government is all set to roll out crucial GST on July 1, 2017.

GST is a major step towards streamlining various Union and State indirect taxes and will help in speeding up the transportation of goods and services between various states.
One of the key promises of GST is the ability to data mine the vast information which will be collected by the government.

This will help the Government to ensure strict enforcement of rules and regulations and go after defaulters and tax evaders. 

Source: http://bit.ly/2nOwH84
http://www.narendramodi.in/media-coverage/534811

Here's what you need to know to save taxes in 2017?

The tax saving season is here. Tax saving should be done throughout the year but many generally do it in the last two-three months. So, if you are planning tax savings for 2015/16, it will be helpful to know your options in Internal auditor in India.

Investments against which you can claim tax deductions
All the following instruments are qualified for a deduction of up to Rs 1.5 lakh under Section 80C.

1)    Tax saving equity linked saving schemes: These are equity mutual funds which investment in stocks and related instruments. These funds have a lock-in period of three years. If you want to save tax as well as grow your money , tax saving mutual funds can a good option as equities have the potential of delivering inflation-beating returns service tax consultant in Delhi.

Read more information visit at: http://bit.ly/2epwuBX

Mistakes To Avoid While Doing Tax Planning in 2017 ?

One of the biggest investment errors we make during pressing times is to invest just to avail the tax deductions. Do not therefore make any investment just for the tax deduction. Tax planning is not about saving taxes but it is an important part of overall financial planning and should ideally be planned throughout the year in service tax registration in India.

But unfortunately, we all consider it one time activity which we undertake generally in the last three months  of the  financial year without giving much thought on how it is going to impact our overall finances.  

" One of the biggest investment errors we make during pressing times is to invest just to avail the tax deductions. Do not therefore make any investment just for the tax deduction in service tax consultant in Delhi. There are only three months left for doing tax-saving investments for the year 2015/16. Most of you would have received emails from your human resource department to submit tax proofs. So, if you have not done your tax saving investments for the year yet, try not to commit the following mistakes in haste.  

Read more information visit at: http://bit.ly/2lQsBbE

5 ways to Maximize you Income Tax Return

Taxes are unavoidable but you can surely minimize its impact by filing the income tax return every year whether you have invested your money or made large payments against loan travel or insurance it’s time to look back at the year to maximise your deductions and thereby lower your tax burden

There are many heads under payments and investments against which you can claim your deductions, but here are the top 5 that you shouldn't miss out:

1. Contribution made towards Public Provident Fund (PPF)

Investments in these small saving instruments start from as low as Rs 500 up to Rs 1.5 lakh with a rate of interest at 8 per cent per annum.

While the lock-in period is 15 years, withdrawal is possible under certain conditions.

The investment, the gains as well as the withdrawals are completely tax-free. Internal auditor in India

2. Employer's Provident Fund (EPF)

The employer's contribution to your EPF is tax-free, and your contribution is tax-deductible under Section 80C of the Income Tax Act.

The total PF amount deducted annually can be claimed by you as deduction while computing your total taxable income.

So the money you invest in your EPF, the interest earned and the lump sum withdrawal after the specified period are exempt from income tax. service tax consultant in Delhi

Government Rules Out tax Incentive Beyond Rs 2 lakh for Second Home.

Ruling out rollback of the proposal to restrict tax incentive for second home to Rs 2 lakh per annum, Revenue Secretary Hasmukh Adhia on Saturday said there is no point in subsidising purchase of second property by those who have surplus funds. Moreover, he added that the tax incentive for second home loan borrower is being “virtually misused.” foreign companies subsidiay
Citing limited resources, he said it is prudent to subsidise first-time buyer and not the second property owner who is not staying in that but earning income from the second unit. The Finance Bill 2017 has restricted set-off of loss towards second home against other heads of income up to Rs 2 lakh under Section 71 of the Income Tax Act. service tax consultant in delhi

Read more info visit at: http://bit.ly/1QzBA6U

Government Rules Out Tax Incentive Beyond Rs 2 Lakh for Second Home

Ruling out rollback of the proposal to restrict tax incentive for second home to Rs 2 lakh per annum, Revenue Secretary Hasmukh Adhia on Saturday said there is no point in subsidising purchase of second property by those who have surplus funds. Moreover, he added that the tax incentive for second home loan borrower is being “virtually misused.” foreign companies subsidiay

Citing limited resources, he said it is prudent to subsidise first-time buyer and not the second property owner who is not staying in that but earning income from the second unit. The Finance Bill 2017 has restricted set-off of loss towards second home against other heads of income up to Rs 2 lakh under Section 71 of the Income Tax Act. service tax consultant in delhi

Get more information visit at: http://bit.ly/2ljvr8c

Tax Refund to Exporters GST within Seven Days.

The department of revenue has promised to refund tax claims of exporters within seven days under the new GST regime, thus addressing a major concern of the sector, Commerce and industry minister Nirmala sitharaman said today.

The minister also said that exporters would get interest on the refund if it is delayed beyond two weeks.

Exporters have been demanding an into  exemption from payment of taxes under the goods and service tax consultant in India (GST) regime arguing that delay in refunds often takes months and also results in blocking the working capital. They also stated that exports need to be encouraged in view of the global slowdown. The minister recently raised the issues of exporters in the GST council meeting.  The concern of the exporters was that the refund should not take too long, She told reporters after chairing the meeting of the council for trade development and promotion here today.

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