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.

Hope the information will assist you in your Professional endeavors. For query or help, contact:

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The Lazy Investor’s Quick Guide To Last Minute Tax Savings

Tax Consultant firms in India

The financial year is fast coming to an end. If you’re reading this article then you probably haven’t taken your investment and tax planning as seriously as you should have. Worry not though. There’s just enough time left for you to sneak in a tax-saving investment. Just make sure you don’t put it off for much longer.

Here are some options for you to save tax under , where you can invest and save up to Rs. 1.5 lakh in taxes.

What To Buy	How much	Where	Benefits	You need	Processing time
Rs. 100 upwards	Through authorised banks, post offices	Safe investment, 8% ETE returns, 5-year lock-in	Investor’s name, cash or DD.	1 working day	Recommended for long-term investmentf
Rs. 500 to Rs. 1.5 lakh	Through authorised banks, post offices	Safe investment, 8% EEE returns, loan on investment facility, 15-year maturity	ID & address proof, 2 colour photographs, account opening form (for offline application)	1 working day	Best saving scheme for the general investor, great tool for long-term wealth building.
Rs. 500 upwards	AMCs, distributors, agents	Market-linked and tax-free returns, 3-year lock-in	KYC documents, cheque,	1 working day	Great for long-term wealth creation; can be bought easily online.
Depends on coverage, age	Insurers, agents, online aggregators	Life cover with investment benefit	KYC documents, cheque, photograph. For some term plans, income proof and health check	1 day to 1-2 weeks	Go online to compare and buy a cover as per your needs. Pick a term plan if you have dependents.
Rs. 200 upwards	Insurers, agents, online aggregators	Safe investment, 6.6%-7.5% returns	KYC documents, PAN card, cash or cheque,	1 working day	Low returns currently along with poor tax efficiency. Use minimally, buy online.

Original Source: http://bit.ly/2nftOZi

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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

How to save service tax?

Tax consultant in India

 As the name reveals, it is the tax on services that one person provides to another person. Service tax is nothing but the tax we have to pay for using the different services. For example, when we take dinner in a restaurant and then we have to pay bills that are nothing but the service tax. There are many ways to save services tax (like LIC policies, medical insurance, charities, etc.). Further, we discussed them one by one. But before we talk about how to save service tax, one thing I want to ask that, Is saving service tax is good for our country?

Service tax registration in India

Service tax is a backbone of a country & the main source of government revenue and it also affects the development of a country because if the government does not have a proper revenue, then they will not be able to execute their plans for the development of the country. In my opinion, YES, if any option is available for us and if it is beneficial then we must use it.

For saving our tax, we should plan our policies for this. There are many sections in our constitution that helps us deduct our taxes. We discuss them one by one.

Under the section 80C, LIC insurance premium paid in order to insure our family for any future incidence. This can also help us to save our taxes and reduces about 20% of the amount of insurance into tax amount.

Under the section 80D, Medical insurance premium is undoubtedly one of the best investments. It can cover for comprehensive hospitalization expenses related to accident and sickness and insure us and our family for any other medical problems. It also deduct our taxes up to 15000 to 20000 Rs for the age below 60 and up to 40000 Rs for the age above 60.

Under section 80EE, you can claim deduction in your tax amount for interest payments towards your home loans and tuition fee of your children. If someone takes educational loans for his/her children then he would also claim a deduction of the amount of loan interests from tax amount.

Under section 80G, you can claim deduction for 50% to 100% of donations made by you to a charitable institution. The total deduction for cash donation should not exceed the 10% of your gross income.

With the help of all these methods, any person can reduce his service tax without breaking any of the laws.

You may concern with Tax consultant in India for all queries.