Description
Advocates at Mera Vakeel specializing in taxation provide a range of services related to tax laws and regulations. They assist individuals, businesses, and organizations in navigating the complexities of the tax system. Here are some services provided by advocates in the matter of taxation:
Tax Planning: Advocates at Mera Vakeelhelp clients develop tax-efficient strategies to minimize their tax liabilities while remaining compliant with tax laws. They analyze the client's financial situation, assets, and investments to identify opportunities for tax savings.
Tax Compliance: Advocates at Mera Vakeelensure that clients comply with tax laws and regulations by assisting with tax filings, including income tax returns, Goods and Services Tax (GST) returns, and other applicable tax forms. They help clients understand their tax obligations, calculate taxes accurately, and meet filing deadlines.
Tax Dispute Resolution: Advocates at Mera Vakeelrepresent clients in tax disputes and controversies with tax authorities. They handle tax audits, assessments, appeals, and litigation. They advocate for their clients' rights, negotiate with tax authorities, and work towards resolving tax disputes in the client's favor.
Tax Advice and Opinion: Advocates at Mera Vakeelprovide expert tax advice and opinions on complex tax matters. They interpret tax laws and regulations, provide guidance on tax implications of specific transactions, and address clients' queries related to tax planning, exemptions, deductions, and other tax-related issues.
International Taxation: Advocates at Mera Vakeelassist clients in dealing with international tax matters, such as cross-border transactions, transfer pricing, double taxation treaties, and foreign tax credits. They ensure compliance with international tax laws and help clients optimize their global tax positions.
Tax Audits and Assessments: Advocatesat Mera Vakeel represent clients during tax audits conducted by tax authorities. They assist in responding to queries, providing necessary documentation, and ensuring that the audit process is conducted fairly and in compliance with procedural requirements.
Tax Exemptions and Incentives: Advocates at Mera Vakeelhelp clients identify and avail tax exemptions, deductions, and incentives provided by tax laws. They guide clients on eligibility criteria, documentation requirements, and application procedures to maximize tax benefits.
Tax Due Diligence: Advocatesat Mera Vakeel perform tax due diligence for businesses and individuals involved in mergers, acquisitions, or investments. They assess the tax risks, liabilities, and exposures associated with the transaction and provide recommendations to mitigate potential tax issues.
Representation in Tax Tribunals and Courts: Advocates at Mera Vakeelrepresent clients in tax tribunals, appellate authorities, and courts. They present legal arguments, cross-examine witnesses, and advocate for their clients' positions in tax-related litigation.
Tax Advisory for Businesses: Advocates at Mera Vakeelprovide tax advice to businesses on various aspects, including structuring transactions, compliance with indirect taxes (such as GST), tax implications of business expansions or restructuring, and employee taxation issues.
Taxation for Individuals: Advocates at Mera Vakeelassist individuals with personal tax planning, tax compliance, and tax-saving strategies. They provide guidance on income tax implications of investments, property transactions, capital gains, inheritance, and other personal financial matters.
Taxation for Non-Profit Organizations: Advocates at Mera Vakeeloffer specialized tax services to non-profit organizations, including registration under relevant tax laws, compliance with tax-exempt status requirements, and obtaining tax benefits available to charitable organizations.
You may also like to know
What is the current income tax slab in India?
As of my last training cut-off in September 2021, for individuals below 60 years, income up to ₹2.5 lakhs was exempt from tax. ₹2.5-5 lakhs was taxed at 5%, ₹5-10 lakhs at 20%, and above ₹10 lakhs at 30%. For senior citizens (60-80 years), the exemption limit was ₹3 lakhs, and for super senior citizens (above 80 years), it was ₹5 lakhs. There could be cess and surcharges as well. However, the slabs could have changed since then, so please refer to the latest guidelines.
How to file an income tax return in India?
Tax returns in India can be filed either online through the e-filing website of the Income Tax Department or offline. You'll need to choose the right form (ITR-1 to ITR-7, depending on the nature and source of income), fill in the necessary details, compute tax liability, make the payment if any tax is due, and then submit the form.
What are the consequences of late tax filing?
Late filing of income tax returns may attract a penalty in India. As per the rules in place up to September 2021, a late fee of up to ₹10,000 can be charged under section 234F of the Income Tax Act, 1961.
What is Goods and Services Tax (GST)?
GST is a comprehensive indirect tax levied on the manufacture, sale, and consumption of goods and services at the national level. It replaces all indirect taxes levied on goods and services by central and state governments in India.
What are tax deductions and exemptions?
Tax deductions and exemptions are provisions that can reduce taxable income. Deductions are amounts that are subtracted from gross income based on certain expenses incurred or investments made, such as those under Section 80C, 80D, etc. Exemptions are income components that are entirely excluded from taxable income, like house rent allowance (HRA), leave travel allowance (LTA), etc.
