Banking, Financial Services and Insurance (BFSI)

Our service offerings for the BFSI industry

Banking, Financial Services and Insurance (BFSI) is set to grow exponentially in India due to the rising per capita income, introduction of new products, innovation in technology, expanding distribution, networking and increasing customer awareness of financial products. BFSI Industry has seen bold reforms in the last 15 years and will continue to be a top priority focus industry for India’s economic development based on inclusive growth.

Opportunities and Challenges:

  • BFSI industry is set to grow significantly in the coming years due to India’s economic expansion and growing awareness among the population of these financial products / services
  • New and wider products will provide immense opportunities to develop niche areas
  • The industry has adopted IT as an integral part of business strategy, where RSM is well positioned to provide various services on such IT platforms
  • High supervision by regulators will require constant vigilance and need to adopt measures to mitigate risks based on various control measures including ‘Risk Based Audits’ (RBA) as provided by:
    • The Reserve Bank of India in its RBA guidelines to banks
    • The Insurance Regulatory authority of India (IRDA) to the insurance industry
    • Securities Exchange Board of India (SEBI) for the mutual fund industry

How we can help:

  • Concurrent audit of Central Processing Centre
  • Concurrent audit of Regional Processing Centre
  • Concurrent audit and Internal audit of Branch Operations
  • ‘Know Your Customer’ (KYC) audit
  • Trade Finance audit
  • Operations Manual compilation job
  • Retail Liability audit
  • Manpower assessment services
  • ERM Framework designing services
  • Retail Assets audit
  • Depository Participant audit
  • Certification Report (A1 & A2 Forms for Forex)
  • Certification Report for Central Depository Services Limited
  • Certification Report for National Depository Services Limited
  • Stock audits on periodical basis
  • Audit of hypothecated securities on a periodical basis
  • SOX audits / reviews for selected branch operations areas

Concurrent audits:

Concurrent audit is examinations which is contemporaneous with the occurrence of transactions or is carried out as near thereto as possible. It attempts to shorten the interval between a transaction and its examination by an independent person not involved in its documentation. Concurrent audit is essentially a management process integral to the establishment of sound internal accounting functions and effective controls and setting the tone for a vigilance internal audit to preclude the incidence of serious errors and fraudulent manipulations.

Concurrent audits conducted by us include:

  • Compliance review for ‘Know Your Customer’ (KYC) guidelines issued by the regulators
  • Review of all major ‘TAT’ (Turn Around Time) compliance set for major operational transactions
  • Identification of ‘Revenue Leakages’ due to incorrect income realization (incorrect interest recovery, short or non recovery of charges or penalties, etc.)
  • Continuous monitoring of systems and procedures including IT systems
  • Review for compliance to all major regulatory requirements as applicable to banking and financial industry
  • Review for compliance of the relevant Operational Manual applicable to various functions and reporting exceptions, if any and covers the following:
  • Corporate Banking and Trade Finance (Bill Discounting, Bank Guarantees, Packing Credit, Import and Export Remittances, etc.)
  • Retail Liability (Current Account, Savings Account, term deposits, etc.)
  • Retail Assets (Home Finance, Agricultural Finance, Personal Overdraft, etc.)
  • Cash Management services
  • Depository Participant Services
  • Credit Administration
  • Small and Medium Enterprises (SME) Finance


Advantage RSM:

  • RSM in India is consistently ranked amongst India’s top six accounting and consulting groups and globally RSM is the seventh largest audit, tax and consulting network
  • We have some of the major private, foreign and public sector banks as clientele
  • Large projects handled for Central Processing Centre (CPC) and Regional Processing Centre (RPC) at top private and foreign banks
  • Extensive experience in catering to the financial services sector in advisory, taxation and accounting matters across functions and geographies
  • Multi-disciplinary team of professionals comprising of Chartered Accountants, Management Graduates, Engineers, Company Secretaries, CISA / DISA, Cost Accountants and Law graduates

Tax Planning that benefit taxpayers not illegal, rules ITAT

8 October 2021
Tax Planning that benefit taxpayers not illegal, rules ITAT The issue of setting off losses from shares against gains from the sale of property rose to prominence recently.  

Salaried or earning from business and profession? Not everyone can change Income Tax regimes every year

8 October 2021
Salaried or earning from business and profession? Not everyone can change Income Tax regimes every year As per the Tax Regime changed rules, taxpayers, now have the option to choose between the New and Old Tax Regimes for filing ITR.  

Glitches remain on IT portal ahead of finance ministers deadline.

8 October 2021
Glitches remain on IT portal ahead of finance ministers deadline   The Income Tax portal remains a festering worry for taxpayers scrambling to file their returns.   In Nagpur Today, Dr. Suresh Surana, Founder, RSM India, and other tax experts, talk about the glitches that still remain in the portal.  

What is Income Clubbing under taxation?

8 October 2021
What is Income Clubbing under taxation? Income clubbing refers to earnings on investments made by you on behalf of a family or close relative. These earnings are combined, and you are ultimately taxed on your overall earnings.  

Glitches remain on IT portal ahead of finance ministers deadline.

8 October 2021
Glitches remain on IT portal ahead of finance ministers deadline   The Income Tax portal remains a festering worry for taxpayers scrambling to file their returns.   In The Hindu, Dr. Suresh Surana, Founder, RSM India, and other tax experts, talk about the glitches that still remain in the portal.  

New vs Old Tax Regime for ITR filing (AY 2021-2022): What should salaried employees choose?

8 October 2021
New vs Old Tax Regime for ITR filing (AY 2021-2022): What should salaried employees choose? The due date of ITR filing has been extended till 31st December 2021. The Income Tax Act provides you with an option to shift from the old tax regime to the new tax regime and vice versa on an annual basis.  

Senior citizens above 75 years can avoid filing ITR from next year

8 October 2021
Senior citizens above 75 years can avoid filing ITR from next year The Finance Act, 2021, has inserted Section 194P in the Income-Tax Act, 1961, exempting senior citizens of 75 years or above from filing ITR, provided they fulfil certain conditions.  

Senior citizens above 75 years can avoid filing ITR from next year

8 October 2021
Senior citizens above 75 years can avoid filing ITR from next year The Finance Act, 2021, has inserted Section 194P in the Income-Tax Act, 1961, exempting senior citizens of 75 years or above from filing ITR, provided they fulfil certain conditions.  

Everything you need to know about ITR filing

8 October 2021
Everything you need to know about ITR filing The ITR filing deadline for individual taxpayers is now December 31.   In this episode of Money Money Money, Dr. Suresh Surana, Founder, RSM India, along-with other expert discusses everything you need to know about filing your returns.  

RSM Publication - Doing Business in Japan 2021

1 October 2021
Dear Sir/Madam,   Hope you are doing good and staying safe!  

From this fiscal year, individual need to keep two separate accounts with the EPF

30 September 2021
From this fiscal year, individual need to keep two separate accounts with the EPF   According to a statement from the CBDT, if an individual's contribution to the EPF surpasses Rs 2.5 lakh in a financial year, the individual would be obliged to keep two separate accounts from this fiscal i.e., 2021-22.  

ITR filing of deceased person: Documents required, steps to be taken by legal heirs

30 September 2021
ITR filing of deceased person: Documents required, steps to be taken by legal heirs   A person cannot be absolved of his tax liability, even after death. It's important that legal heirs should be aware of their responsibility of filing the income tax return pertaining to the settlement of dues of the deceased taxpayer.  

Tax on Provident Fund: Know how PF contributions, interest will be taxed

30 September 2021
Tax on Provident Fund: Know how PF contributions, interest will be taxed   CBDT has issued a notification on August 31, 2021, to make PF contributions over certain threshold limits and the interest on such excess contributions taxable from April 1, 2022.  

Sold unlisted shares? Know the tax implications

30 September 2021
Sold unlisted shares? Know the tax implications   Compared to a listed company, shares of an unlisted company face lower market risks due to lack of exposure in the capital market, but they do face higher default risk.  

Your EPF account will now show taxable and non-taxable balance

30 September 2021
Your EPF account will now show taxable and non-taxable balance   The new due date for filing the returns is September 30, 2021.   In this Business Standard article, Dr. Suresh Surana, Founder, RSM India informs why taxpayers need to report all the bank accounts held by them & details of certain investments.  

Filing your income tax returns? Check your form 26AS details first

30 September 2021
Filing your income tax returns? Check your form 26AS details first   As of today, the last date to file your income-tax return is September 30. It is likely that the deadline will be extended, given the glitches in the new income-tax return-filing portal.  

Income Tax Return: With glitches in e-filing site yet to be removed, due date extension looks inevitable

29 September 2021
Income Tax Return: With glitches in e-filing site yet to be removed, due date extension looks inevitable   Even after two months of its launch on June 6, 2021, the new Income Tax e-filing portal is facing technical glitches that is preventing taxpayers from completing several activities.  

Make all mandatory disclosures while filing income-tax returns

29 September 2021
Make all mandatory disclosures while filing income-tax returns   The new due date for filing the returns is September 30, 2021.   In this Business Standard article, Dr. Suresh Surana, Founder, RSM India informs why taxpayers need to report all the bank accounts held by them & details of certain investments.  

Scrutinise costs before investing in ULIPs

29 September 2021
Scrutinise costs before investing in ULIPs   The demand for unit-linked insurance plans (Ulips) is on the upswing.   In this Business Standard article, RSM India, helps us understand how ULIPs are taxed.  

Let's talk abut WFH salaries, the pay cuts and the evolving compensation strategies

29 September 2021
Let's talk abut WFH salaries, the pay cuts and the evolving compensation strategies   As remote work becomes increasingly common, many large companies are rapidly changing their compensation models, which includes the location-based pay model.

Attractive though they are, scrutinise costs before you invest in ULIPs

29 September 2021
Attractive though they are, scrutinise costs before you invest in ULIPs   The demand for unit-linked insurance plans (Ulips) is on the upswing.   In this Business Standard article, RSM India, helps us understand how ULIPs are taxed.  

NRI should apply to I-T dept for relief from double taxation

29 September 2021
NRI should apply to I-T dept for relief from double taxation   While the deadline for filing an Income Tax Return is approaching, NRIs who were forced to overstay in India because of the pandemic are worried about whether they should file their tax return as ‘resident’ or ‘non-resident’.  

NRIs should apply to I-T dept for relief from double taxation: Experts

29 September 2021
NRIs should apply to I-T dept for relief from double taxation: Experts   While the deadline for filing an Income Tax Return is approaching, NRIs who were forced to overstay in India because of the pandemic are worried about whether they should file their tax return as ‘resident’ or ‘non-resident’.  

Income Tax Portal : Redefining tax compliance and assessment

29 September 2021
Income Tax Portal : Redefining tax compliance and assessment   The Finance Minister has said that the new income tax portal 2.0 (incometax.gov.in) would soon be fully functional.  

GIFT City route to international equities promises greater security

29 September 2021
GIFT City route to international equities promises greater security   Indian investors will soon be able to invest in international stocks via NSE, subsidiary exchange in GIFT City called NSE International Exchange  

The pros and cons of withdrawing from your PF for home loan down payment

29 September 2021
The pros and cons of withdrawing from your PF for home loan down payment   In this MoneyControl exclusive, Dr. Suresh Surana, Founder, RSM India, shares the pros and cons of withdrawing the PF amount from your EPF for the down-payment of the home loan.  

Taxpayers now need to file a quarter-wise breakup of the dividend income

29 September 2021
Taxpayers now need to file a quarter-wise breakup of the dividend income   Reporting quarterly is mandatory to claim relaxations of interest exposure on payment of advance tax on dividend income.  

If you want to save tax on investment under 80C, then do not make these mistakes

29 September 2021
If you want to save tax on investment under 80C, then do not make these mistakes   Section 80C of the Income Tax Act 1961 allows for a deduction of up to Rs 1,50,000 on specific investments, reducing the taxpayer’s tax liability.  

Investing in section 80C to save tax? Avoid these common mistakes

29 September 2021
Investing in section 80C to save tax? Avoid these common mistakes   Section 80C of the Income Tax Act 1961 allows for a deduction of up to Rs 1,50,000 on specific investments, reducing the taxpayer’s tax liability.

Morning Trade UK: Eye on India — Inflation nation —Power play

29 September 2021
Morning Trade UK: Eye on India — Inflation nation —Power play   A new geopolitical calculus involving Brexit and China is driving India and Britain to restart long-dormant trade negotiations this year. The change means a high chance of striking a deal, says Dr. Suresh Surana, Founder, RSM India in this UK based media – Politico.

New Withholding Tax Provisions: Where to Use and How to Use

29 September 2021
New Withholding Tax Provisions: Where to Use and How to Use   In this exclusive article in Outlook Money, Dr. Suresh Surana, founder, RSM India provides an overview of the applicability of TDS/TCS provisions as applicable with effect from July 1, 2021.  

Make all mandatory disclosures while filing income-tax returns

29 September 2021
Make all mandatory disclosures while filing income-tax returns   The new due date for filing the returns is September 30, 2021.   In this Business Standard article, Dr. Suresh Surana, Founder, RSM India informs why taxpayers need to report all the bank accounts held by them & details of certain investments.  

Don't forget mandatory disclosures while filing your income-tax returns

27 August 2021
Don't forget mandatory disclosures while filing your income-tax returns The new due date for filing the returns is September 30, 2021.   In this Business Standard article, Dr. Suresh Surana, Founder, RSM India informs why taxpayers need to report all the bank accounts held by them & details of certain investments.  

Recent Changes – Residential Status for Indian Tax Purposes – NRIs

27 August 2021
Recent Changes – Residential Status for Indian Tax Purposes – NRIs The Finance Act, 2020 and the Finance Act 2021 have made far reaching changes regarding the determination of residential status of NRIs for financial year ended 31 March 2021 and 31 March 2022.  

Claiming TDS credit will be difficult if bank doesn’t have PAN data

27 August 2021
Claiming TDS credit will be difficult if bank doesn’t have PAN data If you have not submitted your permanent account number (PAN) to your bank, the bank can deduct TDS at a higher rate of 20% on interest you have earned on deposits.   Dr. Suresh Surana, Founder, RSM India, advises on claiming TDS credit in such cases.  

Tax Guru

27 August 2021
Tax Guru Dr. Suresh Surana, founder, RSM India, answers readers' queries on various issues pertaining to taxes that need to be paid by the jewellers in AOJ, July 2021 issue.      

Taxpayers may find it tough to claim TDS credit if bank doesn’t have pan data

26 August 2021
Taxpayers may find it tough to claim TDS credit if bank doesn’t have pan data If you have not submitted your permanent account number (PAN) to your bank, the bank can deduct TDS at a higher rate of 20% on interest you have earned on deposits.   Dr. Suresh Surana, Founder, RSM India, advises on claiming TDS credit in such cases.

How is your investment in the stock market taxed?

26 August 2021
How is your investment in the stock market taxed? How is your investment in the stock market taxed? – A column by Dr. Suresh Surana, Founder, RSM India.    

Webinar 25th August

21 August 2021
Knowledge Sharing Webinar, Wednesday 25 August 2021 (4.00 pm to 6.15 pm) on “Transfer Pricing and Covid-19 implications” Hosted by: Transfer pricing experts from RSM India and RSM Netherlands

What will be the impact on you if EPF and EPS are separated? What experts have to say?

19 August 2021
  What will be the impact on you if EPF and EPS are separated? What experts have to say? As Covid relief measures, the government allowed subscribers to withdraw advances from their PF accounts subject to certain terms and conditions.  

Tax-saving fixed deposits. Is it worth investing it anymore?

19 August 2021
Tax-saving fixed deposits. Is it worth investing it anymore? Investments are perceived by investors in a combination of trust, safety, returns, liquidity, while also considering the convenience of transacting.  

What are the tax benefits for first-time home buyers?

19 August 2021
What are the tax benefits for first-time home buyers? Financial experts advise that one should start saving early. For many individuals, home buying is the common goal.  

Retirement planning: Choosing the right financial instruments is most important for good retirement planning

19 August 2021
Retirement planning: Choosing the right financial instruments is most important for good retirement planning Many fund houses are currently offering retirement funds with a variety of variants. Hence, selecting the correct financial instrument that can augment your wealth after your retirement is of prime importance.   

Duration funds can be tricky. Know where to invest in.

11 August 2021
Duration funds can be tricky. Know where to invest in.   Investors can choose from a variety of short-term to long-term duration funds, depending on their objectives and risk tolerance. So, what are the best duration funds investors can invest in the current scenario?  

Know how to curate a perfect asset allocation with debt instruments

11 August 2021
Know how to curate a perfect asset allocation with debt instruments   A 100% allocation in any single category of funds, be it debt or equity, can be detrimental and might result in hefty losses.  

Everything you need to know on taxation of NRIs

11 August 2021
Everything you need to know on taxation of NRIs   The Finance Act, 2020 and the Finance Act, 2021 made significant changes and clarifications, resulting in considerable confusion regarding the determination of NRIs’ residential status for the fiscal year ended 31 March 2021 and the fiscal year ended 31 March 2022.  

Non-tax filers may move to NCDs, debt mutual funds on high TDS fears

11 August 2021
Non-tax filers may move to NCDs, debt mutual funds on high TDS fears   Individuals who have not filed their Income Tax in the last few years will now consider the debt products in replacement of fixed deposits because of the likelihood of a higher tax outgo.  

Non-tax filers may move to NCDs, debt mutual funds on high TDS fears

11 August 2021
Non-tax filers may move to NCDs, debt mutual funds on high TDS fears   Individuals who have not filed their Income Tax in the last few years will now consider the debt products in replacement of fixed deposits because of the likelihood of a higher tax outgo.  

Know these rules before filing ITR if you had pay cuts or withdrew PF

11 August 2021
Know these rules before filing ITR if you had pay cuts or withdrew PF   Due to the pandemic, many people have faced unprecedented situations such as pay cuts, pay deferments and job losses, which have created certain tax blind spots.  

Opt for REITs if residential rental prices are a downer

11 August 2021
Opt for REITs if residential rental prices are a downer   The Securities and Exchange Board of India (Sebi) board has approved the amendment to the Sebi Real Estate Investment Trusts Regulations, 2014. This will make REITs more accessible to the retail investor.  

Haven't been issued Form 16? Here is how you can still file your tax return

11 August 2021
Haven't been issued Form 16? Here is how you can still file your tax return   The last date to file your income tax return (ITR) for financial year 2020-21 has been extended till September 30, 2021. Keeping in mind the Covid-19 situation, the tax department has extended a few deadlines.  

Should you dip into your EPF to make the down payment for your home

9 August 2021
Should you dip into your EPF to make the down payment for your home   Due to their competitive and low interest rates, experts believe that home loans are an ideal way to fund your real estate dream over an EPF.  

Should you dip into your EPF to make the down payment for your home

9 August 2021
  Should you dip into your EPF to make the down payment for your home   Due to their competitive and low interest rates, experts believe that home loans are an ideal way to fund your real estate dream over an EPF.  

Investors can lock in interest rates for long term with G-secs: Analysts

9 August 2021
Investors can lock in interest rates for long term with G-secs: Analysts   Earlier, retail investors could invest in government securities (G-secs) via their broker and stock exchanges. Now, they have the option to open a retail direct gilt (RDG) account with the RBI and participate in both the primary and the secondary market for gilts.

Retirement funds – Check out ways you can ensure healthy returns

9 August 2021
Retirement funds – Check out ways you can ensure healthy returns   Many fund houses are currently offering retirement funds with a variety of variants. Hence, selecting the correct financial instrument that can augment your wealth after your retirement is of prime importance.   

Should you dip into your EPF to make the down payment for your home

9 August 2021
Should you dip into your EPF to make the down payment for your home   Due to their competitive and low interest rates, experts believe that home loans are an ideal way to fund your real estate dream over an EPF.  

Should you dip into your EPF to make the down payment for your home

9 August 2021
Should you dip into your EPF to make the down payment for your home   Due to their competitive and low interest rates, experts believe that home loans are an ideal way to fund your real estate dream over an EPF.  

Don't find residential rental yields attractive enough? Opt for REITs

31 July 2021
Don't find residential rental yields attractive enough? Opt for REITs   The Securities and Exchange board of India (SEBI) board has approved the amendment to the SEBI Real Estate Investment Trust Regulations, 2014. This will make REITs more accessible to the retail investor.  

Can LGBTQIA persons buy insurance, nominate each other, invest in MFs, take a home loan?

31 July 2021
Can LGBTQIA persons buy insurance, nominate each other, invest in MFs, take a home loan?   Transgender couples suffer due to fewer tax benefits and lack of financial products. While some institutions are sensitive and want to offer help, a grey area would exist until Courts in India permit same-sex marriages.  

Bharat Bond ETF gave over 6 return. Is it right time to invest?

31 July 2021
Bharat Bond ETF gave over 6 return. Is it right time to invest?   Investors who do not wish to take any credit risk and are not looking for a regular income can look at these Bharat Bond ETF funds.  

Tax Queries

31 July 2021
Tax Guru Dr. Suresh Surana, founder, RSM India, answers readers' queries on various issues pertaining to taxes that need to be paid by the jewellers in AOJ, June 2021 issue.  

File past year returns, avoid higher taxes as new tax provisions kick in

31 July 2021
File past year returns, avoid higher taxes as new tax provisions kick in   The CBDT has provided a new functionality — compliance check for Sections 206AB and 206CCA. These sections contain special provisions for TDS/ TCS at a higher rate under certain conditions.  

Plan to retiring soon? Here’s how you can boost your savings.

31 July 2021
Plan to retiring soon? Here’s how you can boost your savings.   In the case of early retirement, it is necessary for the investor to choose such investment products that generate higher returns within the investment horizon.  

Banks to check if you have filed ITR when income crosses TDS limit from July 1, levy 2X TDS if not

31 July 2021
Banks to check if you have filed ITR when income crosses TDS limit from July 1, levy 2X TDS if not   As per the announcement made during Budget 2021, taxpayers might have to pay higher TDC/TCS from July 1, 2021, if they have not filed their ITR or do not file their ITR.  

Glitches in new e-filing site halt ITR filing: How to kickstart the filing process?

31 July 2021
Glitches in new e-filing site halt ITR filing: How to kickstart the filing process?   While the Finance Ministry officials meet today to look into the glitches of the newly launched e-filing site, tax experts including

Separation of EPF and EPS accounts will help in building better retirement fund: Says Experts

31 July 2021
Separation of EPF and EPS accounts will help in building better retirement fund: Says Experts   As Covid relief measures, the government allowed subscribers to withdraw advances from their PF accounts subject to certain terms and conditions.  

Buying property from an NRI is not as simple as it might seem

31 July 2021
Buying property from an NRI is not as simple as it might seem   Tax compliances and calculations in property deals involving NRI sellers are more complex than in regular ones  

Filing ITR this year? keep these points in mind

31 July 2021
Filing ITR this year? keep these points in mind     Every year, the income tax department introduces certain changes in the tax-filing process or the tax forms. It is important for a taxpayer to know these changes in order to file an error-free income tax return (ITR).  

Reverse Mortgage Loan: All you need to know

31 July 2021
Reverse Mortgage Loan: All you need to know   The scheme of reverse mortgage has been introduced for the benefit of senior citizens owning a house but having inadequate income to meet their needs. It is not a very popular product in India primarily due to low awareness about it.  

3-year lock in period in ELSS: Can a nominee redeem the units early?

31 July 2021
3-year lock in period in ELSS: Can a nominee redeem the units early?  

Four things to keep in mind while filing income tax return this year

30 July 2021
Four things to keep in mind while filing income tax return this year   Every year, the income tax department introduces certain changes in the tax-filing process or the tax forms. It is important for a taxpayer to know these changes in order to file an error-free income tax return (ITR).  

A Last Resort

30 July 2021
A Last Resort   Wondering if you should take a covid advance from your EPF Kitty?   In this The Telegraph article, Dr. Suresh Surana, Founder, RSM India discusses why and how the withdrawal of EPF money during covid should be treated as a last resort.    

Sale of joint property at a loss: How to take maximum tax advantage

30 July 2021
Sale of joint property at a loss: How to take maximum tax advantage  

Succession Planning for SMEs

30 July 2021
Succession Planning for SMEs   “The majority of SMEs in India are family-owned firms, either first-generation or managed by different generations of the same family over a number of years. It is vital to take deliberate actions to secure the business's survival and continuity." Dr. Suresh Surana, Founder, RSM India.  

https://www.outlookindia.com/outlookmoney/tax/glitches-in-income-tax-return-portal-stoke-confusion-complaints-7629

30 July 2021
Review GST SOPs timings; Urges industry   The GST Council meets today to discuss tax cuts on critical COVID-19 related material. Industry donors urge a rethink on the timing for the applicability of the IGST exemption.  

https://www.money9.com/news/retirement/planning-retirement-at-40-dont-ignore-these-factors-43959.html

30 July 2021
Glitches in income tax return portal stoke confusion complaints   In this Outlook Money article, Dr. Suresh Surana, founder, RSM India along with other experts, shares how the glitches in new e-filing portal might derail the ITR deadlines:  

Retirement Planing at 40: Don’t ignore these factors

29 July 2021
Retirement Planing at 40: Don’t ignore these factors   The objective behind making any particular investment is a crucial factor in determining the investment horizon. The need to create retirement corpus to take care of sunset year has become all the more important.  

Retirement Planning at 40: Guarding against various risks

29 July 2021
Retirement Planning at 40: Guarding against various risks   The current pandemic situation has highlighted the importance of having a medical cover in times of such crisis situations  

Newsflash - Highlights of 43rd GST Council Meeting

15 June 2021
The 43rd GST Council meeting held on 28 May 2021 primarily to consider the proposal for a reduction in the tax rate for medical goods and other rationalization of provisions. The highlights of the same are as mentioned below:

Newsflash - Government Extends Time Limits for Certain Compliances

15 June 2021
The Government has vide Circular No. 9 of 2021 F. NO.225/49/2021-ITA-II dated 20th May 2021 provided relaxation with regards to certain upcoming compliance due dates considering the ongoing severe pandemic situation in the country.  

Newsflash - Production Linked Incentive Scheme for Solar PV Modules

15 June 2021
In the newsflash, we are pleased to share the details of the "PRODUCTION LINKED INCENTIVE SCHEME FOR SOLAR PV MODULES" as approved by the Union Cabinet entailing an outlay of Rs. 4,500 crore. This scheme has been introduced to encourage the manufacture of high efficiency solar PV modules in India.

Tax Guru

9 June 2021
Tax Guru   Dr. Suresh Surana, founder, RSM India, answers readers' queries on various issues pertaining to taxes that need to be paid by the jewellers in AOJ, May 2021 issue.  

Income Tax Return: Know the key changes in ITR Forms, filing processes before you start

9 June 2021
Income Tax Return: Know the key changes in ITR Forms, filing processes before you start   There are some changes made in the ITR Forms for the Assessment Year (AY) 2021-22 in comparison to the last AY (2020-21). The changes are also made in the process of filing your return of income over the last year.  

ITR due date extension: Will you get interest relief on payment of tax during the extended period?

9 June 2021
ITR due date extension: Will you get interest relief on payment of tax during the extended period?   Due to the disruption in economic and financial activities caused by second Covid wave, the government has announced extension in various tax related compliance dates, including the due date of filing Income Tax Return (ITR).  

New tax portal to make self-filing a breeze but proceed with caution

3 June 2021
New tax portal to make self-filing a breeze but proceed with caution   The income-tax (I-T) department will launch its new tax e-filing portal incometax.gov.in on June 7. It will replace the existing one — incometaxindiaefiling.gov.in. Not only will the new portal be mobile friendly, a mobile application (app) will also be provided.  

Income Tax Return: From mobile app to new payment options – know benefits of new e-filing site

3 June 2021
Income Tax Return: From mobile app to new payment options – know benefits of new e-filing site   The new e-filing site incometax.gov.in will be launched on 6 June 2021.  

India: Pension fund regulator injects clarity about NPS fund managers

1 June 2021
India: Pension fund regulator injects clarity about NPS fund managers The PFRDA of India has further streamlined the regulations for the eligibility criteria of fund managers of the NPS, bringing in clarity on the net worth and the minimum capital requirement. Read more in this Asia Insurance Review article:    

Pension fund regulatory and development authority of India further streamlines regulations for eligibility of NPS fund managers

1 June 2021
Pension fund regulatory and development authority of India further streamlines regulations for eligibility of NPS fund managers   The PFRDA of India has further streamlined the regulations for the eligibility criteria of fund managers of the NPS, bringing in clarity on the net worth and the minimum capital requirement.  

RBI's norms pit Indian auditors against MNCs

1 June 2021
RBI's norms pit Indian auditors against MNCs   Top multinational auditing firms in the country are at loggerheads with their Indian peers once again, with the former lobbying to make the Reserve Bank of India to reconsider its latest auditing regulations that open up new opportunities for smaller Indian firms.  

Types of Listed Securities You Can Invest In

28 May 2021
Types of Listed Securities You Can Invest In   To make any investment in the stock markets, a thorough understanding of the investment options available is necessary. In this article, Dr. Suresh Surana, Founder RSM India helps in understanding the various types of listed securities you can invest in.  

5 Factors to Consider When Investing In Stocks-

28 May 2021
5 Factors to Consider When Investing In Stocks-   RSM India Exclusive Series on FORBES ADVISOR INDIA  

On top of GST councils to do list covid relief states cash woes

28 May 2021
On top of GST councils to do list covid relief states cash woes   Ahead of the GST Council meeting this Friday, experts moot urgent relief on certain taxes levied on Covid-19 vaccines and medical supplies, and also rationalisation of GST rates.  

Form 16 delayed till July 15, deadline for self assessment tax over Rs 1 lakh remains July 31

28 May 2021
Form 16 delayed till July 15, deadline for self assessment tax over Rs 1 lakh remains July 31   Due to the second wave of the coronavirus, the government has extended several income tax related deadlines. However, the deadline for paying self-assessment tax for FY20-21 has not been extended for some individuals.  

Indian GST council set to reconsider waiver on covid-19 vaccine

28 May 2021
Indian GST council set to reconsider waiver on covid-19 vaccine   Insightful article by ITR (International Tax Review), with inputs from Siddharth Surana, Advisor - Strategy & Business Transformation, RSM India.  

Taxpayers fret over GST deadline relief

25 May 2021
Taxpayers fret over GST deadline relief  

Received income tax notice? No need to panic, suggest experts

25 May 2021
Received income tax notice? No need to panic, suggest experts   Income tax department has become quite vigilant about our spending (both cash and digital). Even the slightest mismatch in your ITR filing is enough for IT department to slap an Income Tax notice on you.  

Centre can cut GST rates on covid-19 vaccines critical supplies say experts

25 May 2021
Centre can cut GST rates on covid-19 vaccines critical supplies say experts   On Sunday, Finance Minister took a stance that the GST exemption to vaccination would be counterproductive without benefiting consumers.  

Tax Guru

21 May 2021
Tax Guru   Dr. Suresh Surana, founder, RSM India, answers readers' queries on various issues pertaining to taxes that need to be paid by the jewellers in AOJ, April 2021 issue.  

Exporters fret over delay in rebate rates

21 May 2021
Exporters fret over delay in rebate rates   Exclusive Column | RoDTEP   In this exclusive article in The Hindu, RSM India, discusses the RoDTEP scheme that came into effect on 1 Jan 2021, and which has not been implemented yet.  

Worry over FCRA registration for receiving pandemic aid

20 May 2021
Worry over FCRA registration for receiving pandemic aid  

Skill vs chance: Taxman the referee in online gaming, say experts

20 May 2021
Skill vs chance: Taxman the referee in online gaming, say experts   Players need to be aware of the income-tax (I-T) rules that govern winnings from online games.   In this Business Standard article, Dr. Suresh Surana founder, RSM India, explains why winnings from games that involve chance are taxed under Section 115BB.

Invested in mutual funds? Here is how you need to pay tax on it

20 May 2021
Invested in mutual funds? Here is how you need to pay tax on it   The tax implication on gains derived from mutual funds depends on the type of mutual fund, for instance, whether an investment is made in an Equity Mutual fund or Debt Mutual fund as well as the period of holding of the mutual fund units.  

How to calculate tax on capital gains from stocks

20 May 2021
How to calculate tax on capital gains from stocks   The tax implication on investments in stocks depends upon various factors such as the category of stocks and the period of holding stocks.   Dr. Suresh Surana, Founder, RSM India, helps us understand the computation of tax on the transfer of both listed and unlisted shares.

Newsflash - Delhi High Court allows reduced withholding rate under DTAAs of OECD Countries pursuant to MFN clause in India-Netherlands DTAA

17 May 2021
The Finance Act, 2020 amended the provisions with respect to taxation of dividends whereby Dividend Distribution Tax (DDT) was abolished and classical system of dividend taxation was adopted. In consequence of such amendment, Dividends now paid by Indian companies are taxed in the hands of shareholders and accordingly subjected to withholding tax.

White Paper - RoDTEP Scheme – An Analysis

17 May 2021
As you may be aware, the Indian government has notified the RoDTEP scheme with effect from 01 January 2021. Though the scheme has been notified, it is not yet operational and there are many areas of uncertainty that are leaving the exporters puzzled.  

Newsflash - CBDT Notifies Compliance Procedures for Non-Profit Entities

17 May 2021
The Finance Act of 2020 had made significant changes to the governance framework for the charitable entities which revamped the procedure for obtaining registration / re-registration for Charitable entities registered u/s 12AA and 80G of the Income Tax Act, 1961 (‘IT Act’).

Newsflash - Recent Changes - Residential Status for Indian Tax Purposes – NRIs

17 May 2021
The residential status of an individual for tax purposes is crucial for determination of the taxable income. In India, an individual is treated as either “Resident” or “Non-resident” (‘NRs’) for tax purposes. Residents are further classified into “Resident and Ordinary Resident” (‘ROR’)” or “Resident but Not Ordinarily Resident in India” (‘RNOR’).

Newsflash - Amendments in Rule 10DA (Master File) and Rule 10DB (CbCR) of Income-tax Rules, 1962

17 May 2021
On 5 April 2021, Central Board of Direct Taxes (CBDT) made an amendment through Notification No. 31/2021 [F.No.370142/19/2019-TPL] in Rule 10DA and Rule 10DB of the Income-tax Rules, 1962 for laying down the guidelines for maintaining and furnishing of transfer pricing documentation in the Master File and Country-by-Country report (‘CbCR’).

Newsflash - MCA issues Amendments to Schedule III to Companies Act, 2013 and notified Companies (Accounts) Amendment Rules, 2021

17 May 2021
On 24 March 2021, the Ministry of Corporate Affairs notified amendments to Schedule III to the Companies Act, 2013.

Webinar

6 May 2021
Knowledge Sharing Webinar, Friday 16 July 2021: 3.30 pm to 6.45 pm) on "Recent Changes – Schedule III to the Companies Act, 2013 and CARO 2020" Keynote Speaker: Mr. Pavan Jain (Senior President, Corp. Finance - Grasim Industries Limited).

Invest in spouse or child's name to avail of exemption, say analysts

16 April 2021
Invest in spouse or child's name to avail of exemption, say analysts   Exemption under Section 54F of the Income-Tax (I-T) Act   In this Business Standard article, Dr. Suresh Surana founder, RSM India, explains how you can avail exemption from capital gain tax if the gains are invested in the purchase or construction of a property:

How NRI income taxation depends on his/her period of stay according to the new Finance Act

16 April 2021
How NRI income taxation depends on his/her period of stay according to the new Finance Act   In this Economic Times article, Dr. Suresh Surana, founder, RSM India, discusses how the NRI's income will be taxed based on their stay in India.

Tweak your portfolio to help it meet challenges of the new financial year

16 April 2021
Tweak your portfolio to help it meet challenges of the new financial year  

Continuing A Fund Post Maturity Without Redemption Or Transfer

16 April 2021
Continuing A Fund Post Maturity Without Redemption Or Transfer   Reader's Queries | RSM India In this Outlook Money piece, Dr. Suresh Surana, founder, RSM India, explains how an investor may avoid paying capital gains tax under the SWP Scheme.

NSC vs PPF – Which One to Choose

16 April 2021
NSC vs PPF – Which One to Choose   Reader's Queries | RSM India In this Outlook Money piece, Dr. Suresh Surana, founder, RSM India, highlights the various aspects of NSC and PPF for tax saving:

Planning to invest in foreign stocks? Find out its tax implications

16 April 2021
Planning to invest in foreign stocks? Find out its tax implications   A lot of investors have been investing in foreign stocks for the past few years. However, more often than not, they are faced with tax complications.

Know how you should show bank FD interest in your ITR to avoid income tax notice

16 April 2021
Know how you should show bank FD interest in your ITR to avoid income tax notice  

Employees Provident Fund Tax Calculation: Contributing Rs 2.5 or 5 lakh? Here’s how you will be taxed now

16 April 2021
Employees Provident Fund Tax Calculation: Contributing Rs 2.5 or 5 lakh? Here’s how you will be taxed now   In Finance Bill, 2021, the Income Tax Act has been amended to impose a tax on interest earned on contributions made to a provident fund in excess of Rs 2.5 lakhs in a financial year.

Investing in foreign stocks? You must be aware of these things

16 April 2021
Investing in foreign stocks? You must be aware of these things   In this Financial Express article, Dr. Suresh Surana, Founder, RSM India, discusses why investment in foreign stocks is one of the best ways if one wants to diversify the portfolio and also to invest in certain high performing foreign stocks.

Seize The Day My Friend

16 April 2021
Seize The Day My Friend In this Outlook Money article, Dr. Suresh Surana, founder, RSM India along with other experts shares some financial planning strategies for a secure future after retirement. Click here to read more

Infrastructure Bond: Confusion over Tax-Saving Vs Tax-Free Bonds makes taxpayers pay more tax than benefit availed

31 March 2021
Infrastructure Bond: Confusion over Tax-Saving Vs Tax-Free Bonds makes taxpayers pay more tax than benefit availed   Dr. Suresh Surana, Founder, RSM India, discusses the difference between tax-saving bonds and tax-free bonds in this Financial Express article:

New Labour Codes: How will they impact social security, take-home salary

31 March 2021
New Labour Codes: How will they impact social security, take-home salary   "The new labour codes bring in significant changes and it is pertinent that businesses/organizations understand the key changes introduced under the new Codes, restructure and re-align, wherever required, to adapt to the new labour code regime."

Rejig wage structure to benefit from EPF rule change, say analysts

26 March 2021
Rejig wage structure to benefit from EPF rule change, say analysts   New EPF Rules From April 1  In this Business Standard article, Dr. Suresh Surana founder, RSM India, explains who the new rules will affect.

How to get a tax deduction of up to Rs 9.5 lakh just by investing in NPS

26 March 2021
How to get a tax deduction of up to Rs 9.5 lakh just by investing in NPS   Investing in the National Pension System (NPS) can help you bring down your tax liability (subject to certain conditions). Dr. Suresh Surana, founder, RSM India discusses this in this Economic Times article today.

Not filed ITR yet? Here are the consequences that you may face on missing March 31 deadline

26 March 2021
Not filed ITR yet? Here are the consequences that you may face on missing March 31 deadline   Haven't filed ITR yet? In this Financial Express article, Dr. Suresh Surana, founder, RSM India, explains the consequences one may have to face if they do not file ITR by March end.

With more information than salary, interest income, tax paid, how Form 26AS will affect ITR filing?

26 March 2021
With more information than salary, interest income, tax paid, how Form 26AS will affect ITR filing?  

With more information than salary, interest income, tax paid, how Form 26AS will affect ITR filing?

26 March 2021
With more information than salary, interest income, tax paid, how Form 26AS will affect ITR filing?  

With more information than salary, interest income, tax paid, how Form 26AS will affect ITR filing?

26 March 2021
With more information than salary, interest income, tax paid, how Form 26AS will affect ITR filing?  

How to reduce your capital gains tax liability for the year

24 March 2021
How to reduce your capital gains tax liability for the year   In this article with Livemint, Dr. Suresh Surana, founder, RSM India, explains how taxpayers can reduce their long-term capital gains tax liability to meet their overall financial goals.

Fractional ownership is for deep-pocketed investors, say analysts

24 March 2021
Fractional ownership is for deep-pocketed investors, say analysts   Fractional Ownership versus REIT In this Business Standard article, Dr. Suresh Surana, founder, RSM India, discusses the taxation of the two vehicles

Income Tax for non-residents: Stranded in India & facing double taxation? New CBDT circular explained for you

24 March 2021
Income Tax for non-residents: Stranded in India & facing double taxation? New CBDT circular explained for you  

Do you need to invest only the gain amount or entire sale value of house property to save tax?

24 March 2021
Do you need to invest only the gain amount or entire sale value of house property to save tax?   Sale of house property attracts capital gains tax. In this Financial Express article, Dr. Suresh Surana, founder, RSM India, answers queries related to LTCG tax on sale of house property to help you invest better.

Newsflash - Determination of Residential Status of Certain Individuals under Income-Tax Act, 1961 with regards to the Covid-19 Situation

20 March 2021
Recently, the CBDT has issued Circular no. 2 dated 3 March 2021, wherein it has provided guidance on determination of residential status of such individual, whose movement was restricted due to Covid related restrictions.

Publication - New Labour Codes in India

20 March 2021
The Indian Government has been working on a complete overhauling of the archaic labour regulations with the objective of bringing them in sync with the 21st  century business landscape and promoting investments.

Newsflash - Supreme Court Rules that Payment towards Software not in the nature of Royalty under the Tax Treaties

19 March 2021
The Hon’ble Supreme Court this week delivered a judgement for a batch of over 86 appeals on a two-decade old controversy of taxation of payment for software.

Title Newsflash on Major Amendments in GST Rules

19 March 2021
The taxpayers, having aggregate turnover exceeding Rs.50 crores in any preceding financial year from FY 2017-18, are required to comply with e-invoicing provision with effect from 1 April 2021 in accordance with the recent Notification No.05/2021- Central Tax dated 8 March 2021 read with principal Notification No.13/202

Newsflash- Key Highlights of Rajasthan State Budget 2021-22

19 March 2021
The Rajasthan State Budget for financial year (FY) 2021-22 was presented by the State Chief Minister, Shri. Ashok Gehlot on 24 February 2021. The Budget proposals cover various aspects of the economy, viz. Tax proposals, Infrastructure Development, Investment & Economic Growth and Human Resources & Social Development.

Newsflash- Cabinet Approves PLI Scheme for Certain Sectors

19 March 2021
In the enclosed newsflash, we are pleased to share the details of the PLI schemes approved by the Indian Union Cabinet for the below sectors in its recent meetings:

Newsflash: Corporate Social Responsibility (CSR) - The Revised Regime

19 March 2021
The MCA has notified the Companies (CSR Policy) Amendment Rules, 2021 on 22 January 2021. Along with the Amendment Rules, the amendments in section 135 of the Companies Act, 2013, that were bought in by the Companies Amendment Act, 2019 as well as Companies Amendment Act,2020, have also been notified.

Publication: Research Paper on Financial Reporting of Covid-19 Impact - Sector-wise Analysis

19 March 2021
The coronavirus COVID-19 outbreak has significantly disrupted the activities of many business entities. The impact on the banking and financial sector in terms of non-performing assets and reduced economic activity will only be known once the situation returns to normalcy.

Newsflash - Record of Cash Transactions in Gems & Jewellery over and above Rs. 10 lakhs mandatory under PMLA

19 March 2021
The Government has recently amended the Prevention of Money Laundering Act, 2002 (PMLA) in order to provide for mandatory record- keeping of Cash Transactions in Gems & Jewellery over and above Rs. 10 lakhs. We herewith provide our Newsflash on the same for your ready perusal.

Newsflash on Major Amendments in GST Rules

19 March 2021
The Government has carried out some major amendment in Central GST Rules, 2017 vide Notification No.94/2020-Central Tax, dated 22 December 2020. The highlights of the same are below- • Claim of un-matched input tax credit (GSTR-2A) shall be restricted up to 5% only as against present 10%.

Newsflash- Relaxation from compliance in relation to Quick Response (QR) code pertaining to E-Invoicing and clarification on the export of Gems and Jewellery through courier

19 March 2021
The Government has waived the penalty for non-compliance of QR code requirement till 31 March 2021 and also clarified the ambiguity on whether gems and jewellery are allowed to be exported through courier under the Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010 as also the Courier Imports and Exports (Clearance) Regulations, 1

Don’t miss out on the deadlines for taxation

16 March 2021
Don’t miss out on the deadlines for taxation   It is the last month of the financial year and there are several income tax-related matters that you must look into, and which go beyond tax planning.

A quick and simple guide on tax compliance ahead of the March 31 deadline

16 March 2021
A quick and simple guide on tax compliance ahead of the March 31 deadline   It is the last month of the financial year and there are several income tax-related matters that you must look into, and which go beyond tax planning.

Should you carry forward LTA or opt for the cash voucher scheme?

12 March 2021
Should you carry forward LTA or opt for the cash voucher scheme?   If you plan to carry forward LTA to the next block period, you can claim it in the first year itself. On the other hand, under LTC scheme, employees must buy goods or services worth three times the LTC benefit claimed.

Radical Reforms in Tax Administration Driven by Digitalization

11 March 2021
Radical Reforms in Tax Administration Driven by Digitalization   In this article on TaxPublishers.in, RSM India summarises some of the amendment proposed by the Finance Bill, 2021 in the area of tax administration..

The big Indo-U.S. tax conundrum

11 March 2021
The big Indo-U.S. tax conundrum   Business with Biden - The Big India - U.S. Tax Conundrum. Fortune India's current issue explores how India has much to gain if US President Joe Biden focuses more on expanding bilateral free trade and investment. Read views on this by Mr. Mukesh Patel, RSM U.S. - India Desk Leader

How to save tax without fresh investments

4 March 2021
How to save tax without fresh investments   'The month of March marks the end of the financial year and is the time when taxpayers needs to evaluate their tax liability taking into account eligible deductions, based on their income for that financial year (FY). Not availing certain eligible deductions can result in higher tax outflow.'

LTC benefit on life insurance: Confusion prevails over GST rate

4 March 2021
LTC benefit on life insurance: Confusion prevails over GST rate   With the confusion prevailing over the effective GST rate on life insurance premium and endowment plans, accounts departments are refusing to allow the premium as eligible benefit under the LTC Scheme.

Planning isn’t all about men alone

4 March 2021
Planning isn’t all about men alone   Cover Story | Women's Day Special As per the survey, over 53 per cent of life goals remain unfulfilled for most of the women in India even today because financial planning is still a man-thing.

Investment basics: 4 key factors to know before investing in real estate in India

3 March 2021
Investment basics: 4 key factors to know before investing in real estate in India   RSM India Exclusive Series on FORBES ADVISOR

Your family can help you save on Income Tax

3 March 2021
Your family can help you save on Income Tax   It's tax planning season, and most know about common tax-saving deductions under Section 80C. In this Business Standard article, Dr. Suresh Surana, Founder, RSM India, explains the clubbing provisions under Section 64 of I-T Act.

Mutual Fund Investment: How will a US citizen PIO residing in India be taxed?

3 March 2021
 Mutual Fund Investment: How will a US citizen PIO residing in India be taxed?   Unlike India, where the tax on gains is payable only on redemption or transfer, in the US the taxpayer has an alternative option of paying the taxes. Dr. Suresh Surana, Founder, RSM India, explains the taxation in detail to Financial Express.

Pay your family's insurance premiums and PPF contributions to save tax

3 March 2021
Pay your family's insurance premiums and PPF contributions to save tax   It's tax planning season, and most know about common tax-saving deductions under Section 80C.

Technology Impact and Changing Dynamics of Internal Audit

3 March 2021
Technology Impact and Changing Dynamics of Internal Audit  

Tax Guru

26 February 2021
Tax Guru   Dr. Suresh Surana, founder, RSM India, answers readers' queries on various issues pertaining to taxes that need to be paid by the jewellers in AOJ, February 2021 issue.

NRIs determination of residential status again in limelight

26 February 2021
NRIs determination of residential status again in limelight   Union Budget 2021 The NRIs have always played an enormous role in India’s growth and economic progress due to investments in India and remittances made to India.

Remember to avail of tax benefit on health check-up under Section 80D

18 February 2021
Remember to avail of tax benefit on health check-up under Section 80D   It’s that time of the year when your employer asks you to submit proof of investment in income-tax (I-T) saving products, so that it can deduct the correct amount of tax deducted at source (TDS).

In the course or furtherance of Business-Pre GST vs. Post GST

18 February 2021
In the course or furtherance of Business-Pre GST vs. Post GST  

Three questions you may still have related to new rule around Ulip taxation

18 February 2021
Three questions you may still have related to new rule around Ulip taxation   Union Budget 2021 The gains from Ulips are not exempted under Section 10(10D) in case the sum assured is less than10 times the annual insurance premium of the policy Dr. Suresh Surana, founder, RSM India, discusses some of the measures with Livemint.

Tax Guru

5 February 2021
Tax Guru   Dr. Suresh Surana, founder, RSM India, answers readers' queries on various issues pertaining to taxes that need to be paid by the jewellers in AOJ, January 2021 issue.

Tax on Provident Fund interest: Will interest on PPF, GPF, CPF contributions also become taxable?

5 February 2021
Tax on Provident Fund interest: Will interest on PPF, GPF, CPF contributions also become taxable?   Union Budget 2021

Budget’s EPF tax googly: Should you rework your retirement strategy?

5 February 2021
Budget’s EPF tax googly: Should you rework your retirement strategy?   Union Budget 2021

Affordable Housing gets shot in the Arm

3 February 2021
Affordable Housing gets shot in the Arm   Union Budget 2021 Dr. Suresh Surana, founder, RSM India, shares his insights on the targeted measures that would help to boost the activity in the real estate sector with Taxmann.

BUDGET BOOSTER FOR AFFORDABLE HOUSING

3 February 2021
BUDGET BOOSTER FOR AFFORDABLE HOUSING   Union Budget 2021

Affordable Housing gets shot in the Arm

3 February 2021
Affordable Housing gets shot in the Arm   Union Budget 2021 'A host of measures have been proposed in the Finance Bill 2021, which is targeted to provide relief to both the affordable house buyers as well as the developers of affordable housing projects.'

Affordable Housing gets shot in the Arm

3 February 2021
Affordable Housing gets shot in the Arm   Union Budget 2021 Dr. Suresh Surana, founder, RSM India, shares his insights on the targeted measures that would help to boost the activity in the real estate sector with CanIndia.

Affordable Housing gets shot in the Arm

3 February 2021
Affordable Housing gets shot in the Arm   Union Budget 2021 Dr. Suresh Surana, founder, RSM India, shares his insights on the targeted measures that would help to boost the activity in the real estate sector with Socialnews.xyz.

Affordable Housing gets shot in the Arm

3 February 2021
Affordable Housing gets shot in the Arm   Union Budget 2021 Dr. Suresh Surana, founder, RSM India, shares his insights on the targeted measures that would help to boost the activity in the real estate sector with The Siasat Daily.

Affordable housing gets shot in the arm

3 February 2021
Affordable housing gets shot in the arm   Union Budget 2021 Dr. Suresh Surana, founder, RSM India, shares his insights on the targeted measures that would help to boost the activity in the real estate sector with IANS.

Budget 2021 – Expected government reduce non-resident status period from 182 to 120 days didn’t happen

3 February 2021
Budget 2021 – Expected government reduce non-resident status period from 182 to 120 days didn’t happen   Union Budget 2021 For NRIs stuck in India due to COVID-19, the tax problem persists. But mismatch in taxation period and retirement benefit funds will be addressed.

No residency rules tax relief for NRIs stranded due to Covid for FY 2020-21 in Budget 2021

3 February 2021
No residency rules tax relief for NRIs stranded due to Covid for FY 2020-21 in Budget 2021   Union Budget 2021 NRIs stuck in India due to the coronavirus pandemic have not been given any relaxation in residency criteria for FY 2020-21 by Budget 2021.

Nothing more nothing less mixed budget for taxpayers

3 February 2021
Nothing more nothing less mixed budget for taxpayers   Union Budget 2021 Senior citizens, who are above 75 years of age or above and don’t have any income apart from pension and interest bank from the same bank, do not need to file their income tax return (ITR).

Budget 2021: Residency problem persists for NRIs, but retirement fund glitches removed

2 February 2021
Budget 2021: Residency problem persists for NRIs, but retirement fund glitches removed   Union Budget 2021 For NRIs stuck in India due to COVID-19, the tax problem persists. But mismatch in taxation period and retirement benefit funds will be addressed.

Exemption in filing of ITR by senior citizens: How to avail the benefit

2 February 2021
Exemption in filing of ITR by senior citizens: How to avail the benefit   Union Budget 2021

What tax experts expect for individuals in Budget 2021

1 February 2021
What tax experts expect for individuals in Budget 2021   Union Budget 2021 Due to the impact of the covid-19 pandemic on the economy, the finance minister has little room to provide any big relief for individuals in the Union Budget.

10 terms you should track and decipher in the Budget 2021-22 document

1 February 2021
10 terms you should track and decipher in the Budget 2021-22 document   Union Budget 2021 Experts say the terms mirror the govt's intentions, priorities and policies and provide a hint of financial resources among various sectors.

Budget 2021 Wishlist: Focus on corporate taxation

1 February 2021
Budget 2021 Wishlist: Focus on corporate taxation   Union Budget 2021 As the nation emerges from the pandemic and its economic aftermath, it is expected that the primary focus of the 2021 Union Budget will be on reviving growth and employment and laying down the roadmap for restoring the fiscal discipline in a phased manner.

Union Budget 2021: RSM India's founder on the corporate taxation wishlist

29 January 2021
Union Bud,get 2021: RSM India's founder on the corporate taxation wishlist   Union Budget 2021

Tax relief will help manage covid pain

29 January 2021
Tax relief will help manage covid pain   Every year, the government introduces some tax measure either to lower the tax burden or to ease tax compliance for taxpayers. Dr. Suresh Surana, Founder, RSM India, and other experts suggest that it will be good if important deductions are made available in the new tax regime. 

Expectations of the Real Estate sector from Union Budget 2021

29 January 2021
Key Expectations for the Real Estate Industry Union Budget 2021

Out, You Taxing One!

21 January 2021
Out, You Taxing One! When normalcy prevails, you try to maximise tax benefits by spreading your investments through the year. That steady, planned approach helps you mop up the Rs 1.5 lakh deduction under Section 80C. The special set of situations you witnessed in 2020 threw that out of gear in specific ways.

Income tax refund of this amount will not be paid by tax dept

21 January 2021
Income tax refund of this amount will not be paid by tax dept As per government press note, if the amount of tax refund or tax payable is less than Rs. 100, then you are neither liable to pay such tax demand amount nor will you receive such refund amount in your pre-validated bank account.

Senior citizens: Strike a balance between tax saving and liquidity

21 January 2021
Senior citizens: Strike a balance between tax saving and liquidity   The government offers several benefits to senior citizens in the matter of income-tax (I-T). Such benefits come either in the form of enhanced deductions or relaxations in tax-filing procedures.

Faceless penalty scheme to help boost  transparency, compliance

21 January 2021
Faceless penalty scheme to help boost  transparency, compliance   To further digitize the interaction between the taxpayers and the income tax authorities, the government notified the “faceless penalty scheme" (FPS) last week.

Covid-19 impact: Companies bolster risk handling after a year of bouncers

21 January 2021
Covid-19 impact: Companies bolster risk handling after a year of bouncers   After the Covid-19 pandemic, companies are carrying over their learnings in managing unforeseen risks, following the events of 2020. Read more in this Business Standard article, with views by Dr. Suresh Surana, Founder, RSM India.

Key Expectations for the Real Estate Industry

21 January 2021
Key Expectations for the Real Estate Industry   Union Budget 2021

Why timelines to get Sections 54, 54F tax benefit need to be longer

21 January 2021
Why timelines to get Sections 54, 54F tax benefit need to be longer Union Budget 2021 With the budget around the corner, the Mint Money team has zeroed in on some pain points in taxation that the government may want to address. Dr. Suresh Surana, Founder, RSM India, among other experts, discusses these with Livemint today

ITR: बिना पेनल्टी अभी भी फाइल कर सकते हैं रिटर्न, चेक कर लें आखिरी तारीख

7 January 2021
ITR: बिना पेनल्टी अभी भी फाइल कर सकते हैं रिटर्न, चेक कर लें आखिरी तारीख  

Income Tax Return: Missing Jan 10 due date would straightway attract double late fee

7 January 2021
Income Tax Return: Missing Jan 10 due date would straightway attract double late fee

Avoid filing revised income tax returns for faster processing under the Jhatpat scheme

5 January 2021
Avoid filing revised income tax returns for faster processing under the Jhatpat scheme The Jhatpat processing facility helps in new return filings through ITR1 and ITR4. But filing revised returns will lead to scrutiny.

Tax return filing deadlines extended: Complete the process quickly to save on interest and penalty

5 January 2021
Tax return filing deadlines extended: Complete the process quickly to save on interest and penalty On account of the disruption due to the COVID-19 pandemic, the Income Tax Return filing deadline for the assessment year 2020-21 has been extended for the third time to January 10, 2021.

De-jargoned: Buyback vs open offer

5 January 2021
De-jargoned: Buyback vs open offer   This financial year, buybacks were mostly done to reward shareholders. Buybacks are voluntary unlike open offers which are automatically triggered based on Securities and Exchange Board of India (Sebi) guidelines.

Last-minute filers can expedite tax return processing with Jhatpat scheme

5 January 2021
Last-minute filers can expedite tax return processing with Jhatpat scheme   There is good news for last-minute ITR filers, who have yet to file their returns for fiscal year 2019-20. The I-T department has introduced Jhatpat processing for quick processing of tax returns.

Filed income tax returns months ago and still await refunds? Here’s what you must do

24 December 2020
Filed income tax returns months ago and still await refunds? Here’s what you must do   Though the tax-filing deadline has been moved to December 31, 2020, the non-receipt of tax refunds is worrying those who filed their returns way back in June-July 2020.

Income Tax Return: Whether to show pending salary, contributions in ITR or not

24 December 2020
Income Tax Return: Whether to show pending salary, contributions in ITR or not Once the salary is actually received, the employer's contribution to NPS is also treated as received, even if it is not deposited into the NPS account. Read Dr. Suresh Surana, Founder, RSM India, views in this article with Financial Express.

Tax Guru

19 December 2020
Tax Guru   Dr. Suresh Surana, founder, RSM India, answers readers' queries on various issues pertaining to taxes that need to be paid by the jewellers in AOJ, December 2020 issue.

RSM India – “Building A Home-Grown World-Class Institution”

19 December 2020
RSM India – “Building A Home-Grown World-Class Institution”   The prestigious Dun & Bradstreet publications ‘Leading SMEs of India 2020’ and ‘Leading Mid-Corporates of India 2020’, released recently, feature our firm and talk about our service areas, culture and key growth drivers.

How Viviana Mall Reinvented Itself And Bounced Back Post Lockdown?

19 December 2020
How Viviana Mall Reinvented Itself And Bounced Back Post Lockdown?   Keeping up with current shift, Viviana Mall has been reworking its business model, coming up with strategies to provide a safe and convenient shopping environment.

Got lots of gifts on Diwali? Know tax implications

19 December 2020
Got lots of gifts on Diwali? Know tax implications   During the Diwali festival, people share their happiness by way of exchanging gifts. However, there are chances that such gifts may unknowingly attract income tax provisions.

Number of CERT-In empanelled cybersecurity auditors reduced to 33

4 December 2020
Number of CERT-In empanelled cybersecurity auditors reduced to 33   The number of Indian Computer Emergency Response Team (CERT-In) empanelled information security organisations has been reduced from 90 to 33. RSM India is now among the 33 CERT-In empanelled auditors until October 31, 2023.

Delay in LTC Cash Voucher Scheme notification may make it difficult to claim full benefit

4 December 2020
Delay in LTC Cash Voucher Scheme notification may make it difficult to claim full benefit   Although it has been almost a month since the scheme was announced, many private sector companies are waiting for the final notification CBDT before extending the benefit to its employees.

Tax Guru

4 December 2020
Tax Guru Dr. Suresh Surana, founder, RSM India, answers readers' queries on various issues pertaining to taxes that need to be paid by the jewellers in AOJ, November 2020 issue.

Calculate Tax From Your Investments In Mutual Funds And Stocks

18 November 2020
Calculate Tax From Your Investments In Mutual Funds And Stocks   It has become imperative to understand the tax obligations attached to income earned from trading or investing in stocks and MFs. Dr. Suresh Surana, Founder, RSM India, shares his thoughts in this Outlook Money story.

Planning to buy a house? Do it within 7 months to gain from FM's largesse

18 November 2020
Planning to buy a house? Do it within 7 months to gain from FM's largesse   To boost real estate demand this festive season, the finance ministry recently announced income-tax relief for home buyers and developers. In this Business Standard story, Dr. Suresh Surana, founder, RSM India, explains what this means for developers.

Work from Home? Here is how reimbursements and allowances will be taxed

18 November 2020
Work from Home? Here is how reimbursements and allowances will be taxed   The work from home mode has made many employees offer newer allowances, but has rendered certain existing ones redundant. Find out how these allowances will be taxed. Dr. Suresh Surana, Founder, RSM India, among others, share their views with Moneycontrol.

Newsflash : New return filing procedure and expansion of the ambit of E-invoicing w.e.f. 1 January 2021

18 November 2020
The Government has notified a new return filing procedure for small taxpayers and also increased the ambit of e-invoicing provision from January 2021. The highlights of the said notifications are as under-

Receiving pricey diwali gifts from your non-relatives will attract taxes

6 November 2020
Receiving pricey diwali gifts from your non-relatives will attract taxes Taxation of Diwali gifts In Business Standard today, Dr. Suresh Surana, Founder, RSM India, discusses tax liabilities on gifts received during Diwali.

LTC Scheme: Can you take LTC advance, auto loan to buy a car?

6 November 2020
LTC Scheme: Can you take LTC advance, auto loan to buy a car? Planning to buy a car to avail the benefit of the LTC Cash Voucher Scheme? Dr. Suresh Surana, founder, RSM India explains how you can avail the benefit of the LTC scheme on the goods purchased or services availed, in Financial Express.

Tax Guru

30 October 2020
Tax Guru   Dr. Suresh Surana, founder, RSM India, answers readers' queries on various issues pertaining to taxes that need to be paid by the jewellers in AOJ, October 2020 issue.

Changing Role and Responsibility of CFOs – A Checklist

30 October 2020
Changing Role and Responsibility of CFOs – A Checklist Covid-19 and the impact on businesses has increased the responsibilities of CFOs manifold due to the heightened risk of corporate failures, defaults in meeting financial and statutory obligations and litigation.

Filing Tax Returns

24 October 2020
Filing Tax Returns   With the deadline for filing income tax returns (ITR) approaching, Business Today takes a look at the significant changes in the process this year. Dr. Suresh Surana, Founder, RSM India, discusses options for the individual taxpayer

New tax regime doesn't allow LTC cash voucher tax benefit: Experts

24 October 2020
New tax regime doesn't allow LTC cash voucher tax benefit: Experts The government had on Monday announced an LTC cash voucher scheme, in Economic Times, Dr. Suresh Surana, Founder, RSM India, explains why the scheme offers an alternate opportunity to taxpayers to claim LTC benefits in times of pandemic.

Will Sebi’s New Norms For Debenture Trustees Benefit Investors?

24 October 2020
Will Sebi’s New Norms For Debenture Trustees Benefit Investors?   As per the new norms for Debenture Trustees (DT) issued by Securities and Exchange Board of India (Sebi) on October 13, 2020, there would be a process to be followed during default by issuers of the listed debt securities.

Stimulus Package, With Conditions Apply

24 October 2020
Stimulus Package, With Conditions Apply   The government had on Monday announced an LTC cash voucher scheme, which allows full payment of leave encashment along with tax free fare payment by government employees

Reviving Indian Economy - Bold Tax Measures Required

14 October 2020
Reviving Indian Economy - Bold Tax Measures Required   The government has acted decisively to counter both Covid 19 crisis and protecting national sovereignty but needs to act similarly on the economic front. In this backdrop, what should be India’s response?

Cash in lieu of LTC to provide part reimbursement, tax benefits on spending by employees

14 October 2020
Cash in lieu of LTC to provide part reimbursement, tax benefits on spending by employees   Is the LTC Cash Voucher Scheme creating a demand pool for the beaten down sectors? Dr. Suresh Surana, Founder, RSM India, explains what the scheme entails, in this exclusive on Financial Express.

Tax returns: Made high-value transactions or large investments? The new Form 26AS captures it all

14 October 2020
Tax returns: Made high-value transactions or large investments? The new Form 26AS captures it all   Before you start your return filing process, go through Form 26AS to verify the tax deducted from your income. This year, a new format with details on high-value financial transactions came into effect from June 1, 2020.

Imposition of TDS/TCS: What would be the impact on online transactions?

14 October 2020
Imposition of TDS/TCS: What would be the impact on online transactions?   From 1 October 2020, section 194-O has also been introduced under the I-T act, which imposes 1% concession tax on e-commerce transactions and 5% in absence of PAN card and Adhaar card.

Lower tax collected at source rate on funds remitted for education

14 October 2020
Lower tax collected at source rate on funds remitted for education   Dr. Suresh Surana, Founder, RSM India talks about the new Income-tax (I-T) rule on foreign exchange transactions that has come into effect from October 1, through the Finance Act 2020, Government of India.

TCS on education loan makes getting a foreign degree more expensive

14 October 2020
TCS on education loan makes getting a foreign degree more expensive   The overall cost of pursuing foreign education shall increase for students due to the applicability of TCS. Apart from foreign education, the TCS rule will make foreign tour packages expensive as well.

Newsflash - Overview of the New Labour Codes

2 October 2020
The long awaited three Labour Codes were introduced in the Parliament during the monsoon session as anticipated.

Widening of TCS, TDS Net: Know where taxes to be collected, deducted

2 October 2020
Widening of TCS, TDS Net: Know where taxes to be collected, deducted   Section 194-O has been introduced in the Finanace Act 2020, wherein e-commerce operators are now required to deduct tax at source for facilitating any sale of goods or providing services through and e-commerce participant.

With Covid restrictions gone, demonetisation cash deposits back under the taxman's scanner

2 October 2020
With Covid restrictions gone, demonetisation cash deposits back under the taxman's scanner   In Economic times today, Nirav Jogani, RSM Astute Consultech, the Directorate General of GST Intelligence talks about the investigation wing of the GST department  and notices for cash deposit during demonetization.

How tax will be collected at source from individuals on these transactions from Oct 1

2 October 2020
How tax will be collected at source from individuals on these transactions from Oct 1 From October 1, TCS will be levied on foreign remittances made through the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India (RBI) and for buying foreign travel packages.

Newsflash - TDS and TCS provisions applicable from 1 October 2020 including CBDT Clarification dated 29 September 2020

1 October 2020
The Finance Act 2020 widened the scope of Section 206C of the Income-tax Act, 1961  which deals with the collection of tax at source to cover within its ambit transactions of foreign remittance through Liberalised Remittance Scheme (LRS), selling of overseas tour package as well as TCS on sale of goods over a limit.

Newsflash on Discontinuation of benefits under Merchandise Exports from India Scheme (MEIS)

27 September 2020
The Government has notified the last date from benefits under Merchandise Exports from India Scheme (MEIS) and also fixed a ceiling for maximum benefits available during period 1 September 2020 to 31 December 2020. For more details refer to our attached newsflash on captioned subject.

Newsflash on Overview of TCS applicability on sale of Goods w.e.f 1 October 2020

27 September 2020
As per section 206C(1H) of the Act, every seller, whose total sales, gross receipts or  turnover from the business carried on by him exceed Rs. 10 Crores in the immediately preceding Financial Year (‘FY’) and who receives any amount as consideration for sale of any goods (excluding exports) of the value or aggregate of such value exceeding Rs.

Newsflash on Overview of Companies Amendment Bill, 2020

27 September 2020
Continuing our endeavor to keep you updated with the regulatory changes on a near real-time basis, we are  now pleased to share our newsflash on the  ‘Companies (Amendment) Bill, 2020.’

Newsflash on Overview of Foreign Contribution Regulations (FCRA) Amendment Bill, 2020

27 September 2020
In India, receipt of foreign contribution is regulated by Foreign Contribution Regulations Act, 2010 (FCRA).

Investors must prepare tax-filing checklist early to avoid hiccups

25 September 2020
Investors must prepare tax-filing checklist early to avoid hiccups In Business Standard today, Dr. Suresh Surana, founder, RSM India advises investors who engage in frequent share transactions to compile their tax-filing data early, for Assessment Year 2020-2021.

Raising Capital, Removing Tax Barriers for Businesses

17 September 2020
Raising Capital, Removing Tax Barriers for Businesses It is imperative that companies are able to raise funds to survive and grow their businesses, in order to overcome the unprecedented financial and economic challenges due to the COVID-19 crisis. However, there are certain tax provisions that are acting as major roadblocks in raising funds.

Last date to pay your advance tax | The Money Show

17 September 2020
Last date to pay your advance tax | The Money Show

RIL announced the largest, fastest fund-raise so far in India Inc.

12 September 2020
RIL announced the largest, fastest fund-raise so far in India Inc. Dr. Suresh Surana, founder, RSM India, discusses with Communications Today, how smart deal structuring helped them achieve multiple objectives

How RIL and Jio platforms raised billions without paying any tax

12 September 2020
How RIL and Jio platforms raised billions without paying any tax Between April 22 and July 15 this year, Reliance Industries Ltd (RIL) announced the largest, fastest fund-raise so far in India Inc – more ₹1.5-lakh crore through a stake sale of about 33 per cent in its subsidiary Jio Platforms to 13 marquee foreign investors.

Income for FY 2019-2020, below taxable limit? You may still need to file ITR

12 September 2020
Income for FY 2019-2020, below taxable limit? You may still need to file ITR The Finance Act, 2019, has made it mandatory for certain categories of taxpayers to pay tax. Dr. Suresh Surana, founder, RSM India discusses the applicable threshold limits as per amendments of the Act.

No taxable income, but you may still have to file ITR

12 September 2020
No taxable income, but you may still have to file ITR In Rediff, Dr. Suresh Surana, founder, RSM India discusses the applicable threshold limits as per amendments of the Act, to file an ITR.

How to respond to income tax notice online

7 September 2020
How to respond to income tax notice online An ITR filed but not verified is treated as an invalid return by the income tax department. An invalid return would mean that you have not filed the ITR for a particular assessment year.

Tax Guru

7 September 2020
Tax Guru   Dr. Suresh Surana, founder, RSM India, answers readers' queries on various issues pertaining to taxes that need to be paid by the jewellers in AOJ, August 2020 issue.

Equipping Enterprises with Cyber Threat Intelligence in COVID Times

7 September 2020
Equipping Enterprises with Cyber Threat Intelligence in COVID Times Cyberattacks can potentially disrupt business and can lead to derailment of the company for an hour, a day, a month, a year or forever. Experts predict that by 2021 cybercrimes will cost trillions of dollars.

Can't fill Section 80C limit? Use NPS Tier-II tax saver scheme

7 September 2020
Can't fill Section 80C limit? Use NPS Tier-II tax saver scheme The PFRDA has released operational guidelines for the NPS Tier-II Account Tax Saver Scheme, 2020. Dr. Suresh Surana, founder, RSM India  explains how this scheme provides a good investment avenue for generating long term returns.

You may have to file ITR this year even if your income is below taxable limit

7 September 2020
You may have to file ITR this year even if your income is below taxable limit Here's the criteria to keep in mind to find out if you are liable to file ITR or not. Dr. Suresh Surana, founder, RSM India discusses this and more with Livemint today.

I-T dept to keep a closer watch on your financial transactions

7 September 2020
I-T dept to keep a closer watch on your financial transactions SFT, a government initiative under which institutions report specified transactions to the IT department in order to catch evaders. Dr. Suresh Surana, Founder, RSM India, explains how this can impact you on Livemint Podcast, today.

Newsflash - Overview of Faceless Assessment Scheme and Taxpayers Charter

21 August 2020
In furtherance to the E-assessment Assessment Scheme 2019 introduced last year, the Prime Minister of India introduced the platform of “Transparent Taxation - Honouring the Honest” which presented major reforms like Faceless Appeal and Taxpayers Charter alongwith a revised version of Faceless Assessment Scheme.

Remote Working—The new future of work in a post-pandemic world

21 August 2020
Remote Working—The new future of work in a post-pandemic world 

The Dash For Cash In Times Of Corona

21 August 2020
The Dash For Cash In Times Of Corona A recent RBI report (July 2020) stated that “COVID-19 related uncertainties have resulted in an outflow from mutual funds and a flight to currency (cash) holdings”.

India Widens Taxation of Cross Border E-Commerce Transactions

18 August 2020
India Widens Taxation of Cross Border E-Commerce Transactions

You may have to file ITR even though your income might not be taxable

18 August 2020
You may have to file ITR even though your income might not be taxable You may have to file ITR even though your income might The Finance Act, 2019, has made it mandatory for certain categories of taxpayers to do so.

Tax Benefits u/s 80D: How to divide health insurance premium to claim deduction for more than 1 year

7 August 2020
Tax Benefits u/s 80D: How to divide health insurance premium to claim deduction for more than 1 year Wondering how you would show your 80D certificate premium in your ITR? In this @Financial Express today, Dr. Suresh Surana, founder, RSM India, explains the rule of dividing premium of a multi-year health insurance policy.

Tax Guru

4 August 2020
Tax Guru Dr. Suresh Surana, founder, RSM India, answers readers' queries on various issues pertaining to taxes that need to be paid by the jewellers in AOJ, July 2020 issue.

With Silicon Valley and Middle East investors on board the only way is up for India's Reliance

4 August 2020
With Silicon Valley and Middle East investors on board the only way is up for India's Reliance In The National, UAE, experts discuss how the recent strategic investments Reliance has attracted, amid the pandemic, will propel its rise in the digital space in India.

When broke, apply for bankruptcy, but process could be excruciating

23 July 2020
When broke, apply for bankruptcy, but process could be excruciating It is rare to hear about individual bankruptcy/insolvency cases in India because the laws are much tougher, and of course, the social stigma. In this @Business Standard today, Dr. Suresh Surana, founder, RSM India, explains the laws and the process.

How new Form 26AS will help in reducing errors when filing ITR

23 July 2020
How new Form 26AS will help in reducing errors when filing ITR Looking to file an error-free ITR?  Dr. Suresh Surana, founder, RSM India explains how the new Form 26AS help reduce errors by taxpayers while filing an ITR. Read more on Livemint.

Improve FD returns with tax deferral

23 July 2020
Improve FD returns with tax deferral Can tax deferrals help?  Dr. Suresh Surana, founder, RSM India explains how tax deferrals can enhance your investment returns, in The Hindu Business Line.

SEBI shortlists six consulting firms for IT and risk overhaul

21 July 2020
SEBI shortlists six consulting firms for IT and risk overhaul To develop a robust IT and risk management infrastructure,SEBI has shortlisted RSM Astute Consulting Pvt. Ltd.  Read more on Consultancy.in

Selling inherited or gifted gold? You should know the tax rules

9 July 2020
Selling inherited or gifted gold? You should know the tax rules Planning to sell inherited or gifted gold? Dr. Suresh Surana, founder, RSM India explains the tax rules to calculate the capital gains or losses from the sale. Read more at Livemint.

Newsflash on Overview of New Framework for MSME Eligibility and Registration

7 July 2020
In accordance with the announcement made by Hon’ble Prime Minister on 12 May 2020 pertaining to special economic and comprehensive stimulus package of Rs 20 lakh crores, the Hon’ble Finance Minister, on 13 May 2020, announced various measures for relief and credit support related to businesses, especially MSME related relaxations to support Indian Economy’s fight a

Newsflash on Schemes Notified by Government for Electronics Manufacturing Companies

7 July 2020
In order to achieve vision of the National Policy on Electronics (NPE) 2019 and to create a level playing field for the domestic electronics manufacturer with the incentives comparable with those offered in other countries, the Ministry of Electronics And Information Technology (‘MeitY’) has notified the following schemes:

Newsflash on Extension of Time limits under Direct Tax and Other Laws

7 July 2020
In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliance requirements across various sectors due to the outbreak of COVID-19, the Government had passed The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 [the Ordinance] on 31 March, 2020 which, inter alia, extended various time limits.

Newsflash on Transfer Pricing - Safe Harbour Rules Notified for AY 2020-21

7 July 2020
The Central Board of Direct Taxes (CBDT) has vide notification no. 25/2020  dated 20 May 2020 (attached) notified changes to Rule 10TD and 10TE relating to Safe Harbour Rules (SHR) and has stated that rates applicable from AY 2017-18 to 2019-20 will continue to apply for AY 2020-21.

Newsflash on Covid19 Fiscal and Tax Benefits Control Tracker - Version 2

7 July 2020
In view of the on-going economic crisis caused by Covid19 pandemic, the Government and the authorities of India has been announcing fiscal and tax reliefs to businesses and individuals on regular basis.

Income Tax department extends five new deadlines for Indian taxpayers

6 July 2020
Income Tax department extends five new deadlines for Indian taxpayers Dr. Suresh Surana, founder, RSM India discusses the several extended deadlines for taxpayers by IT department, in  Business Standard.

Prudent HR measures during and post COVID-19 scenario

6 July 2020
Prudent HR measures during and post COVID-19 scenario In an exclusive article published on Business World today, Mr. Rajaram Agarwal, MD, TalentAhead India Pvt. Ltd., elaborates on the strategic HR measures being envisaged by businesses in India as well as across the globe.

Facing liquidity crunch? New tax regime may help but understand the trade-offs

3 July 2020
Facing liquidity crunch? New tax regime may help but understand the trade-offs Dr. Suresh Surana, Founder, RSM India, shares his opinion on the liquidity gain by the individuals who are ready to forfeit tax deductions and exemptions under new tax regime

India Widens Taxation of Cross Border E-Commerce Transactions

3 July 2020
India Widens Taxation of Cross Border E-Commerce Transactions Dr. Suresh Surana, Founder, RSM India shares his views on the amended provisions of Equalisation Levy and its widened scope in e-commerce. Click here to read more

Tax Guru

3 July 2020
Tax Guru   Dr. Suresh Surana, founder, RSM India, answers readers' queries on various issues pertaining to taxes that need to be paid by the jewellers in AOJ, June 2020 issue.

Opted for moratorium on home loan EMIs? Here's what will happen to your tax-savings

3 July 2020
Opted for moratorium on home loan EMIs? Here's what will happen to your tax-savings   Wondering what will happen to your tax-savings after opting for moratorium on your loan EMI? Dr. Suresh Surana, Founder, RSM India, explains in this story by Economic Times:

The bigger impact of cuts in basic salary: Your gratuity may take a hit

3 July 2020
The bigger impact of cuts in basic salary: Your gratuity may take a hit   Dr. Suresh Surana, founder, RSM India discusses the provisions of The Payment of Gratuity Act, in  Business Standard.

Withdrawal of PF with less than 5 years of contribution: Know when it may be tax free

3 July 2020
Withdrawal of PF with less than 5 years of contribution: Know when it may be tax free   Does age determine taxability of early PF withdrawal? Dr. Suresh Surana, Founder, RSM India shares his views on this in the Financial Express

New ITR forms call for filing return even if your income isn't taxable

3 July 2020
New ITR forms call for filing return even if your income isn't taxable Dr. Suresh Surana, Founder, RSM India explains the applicability criteria for the different ITR forms individuals should use, with the help of a table in Business Standard today.

Re-evaluate the tax regime you've chosen if your salary has changed

3 July 2020
Re-evaluate the tax regime you've chosen if your salary has changed Business Standard carries an income tax regime story, explaining employees to choose the right tax regime based on their salary bracket.

Got a pay cut? You may still be taxed on your original CTC

3 July 2020
Got a pay cut? You may still be taxed on your original CTC In ET Wealth online today, Dr. Suresh Surana, Founder, RSM India, explains how salaries will be taxed as per income tax laws.

Investment in NPS via this route can help you save tax in new tax regime

3 July 2020
Investment in NPS via this route can help you save tax in new tax regime

Investment Tips For Millennials

3 July 2020
Investment Tips For Millennials In Outlook Money's May 2020 issue, Dr. Suresh Surana, founder, RSM India, shares tips on how investment by millennials cumulatively plays a significant role in the economy:

Compulsory issuance of appointment letter: What does it mean for employees?

3 July 2020
Compulsory issuance of appointment letter: What does it mean for employees? In this article on EconomicTimes.com, Dr. Suresh Surana, Founder, RSM India, shares his views on how the awareness of entitlement will benefit employees particularly in the unorganised sector.

TDS reduction: Where it will benefit you and where it will not

3 July 2020
TDS reduction: Where it will benefit you and where it will not Finance Minister Nirmala Sitharaman announced reduction in TDS till 31st March 2021. Dr. Suresh Surana, founder, RSM India, explains the benefits and drawbacks on Zee Business Web.

Cut in employer's EPF contribution may mean net loss for the employees

3 July 2020
Cut in employer's EPF contribution may mean net loss for the employees Dr. Suresh Surana, Founder, RSM India explains the implications of the centre's decision on reducing the EPF contribution for both employees and employers, in The Economic Times today.

ITR filing date extended: Huge relief for taxpayers amid coronavirus lockdown

2 July 2020
ITR filing date extended: Huge relief for taxpayers amid coronavirus lockdown Finance Minister Nirmala Sitharaman announced a slew of measures in the first tranche of the Rs 20 lakh crore package. Dr. Suresh Surana, founder, RSM India, discusses some measures here:

Lower PF contribution to provide short-term relief to employees with higher salary

2 July 2020
Lower PF contribution to provide short-term relief to employees with higher salary The PF contribution under the Mega Fiscal Stimulus Package announced by the Finance Minister will provide short term relief of higher salaries employees. Dr. Suresh Surana, Founder, RSM India share his views on this in the Financial Express.

FM’s announcement: TDS and TCS rates reduced; but full dues to be paid while filing returns

2 July 2020
FM’s announcement: TDS and TCS rates reduced; but full dues to be paid while filing returns Dr. Suresh Surana, Founder, RSM India shares his views with Money Control today on how the relief announcement by Finance Minister is a cashflow benefit and not an absolute money in the pocket.

Audit companies exploring digital options to clear lockdown hurdle

27 June 2020
Audit companies exploring digital options to clear lockdown hurdle Dr. Suresh Surana, Founder, RSM India shares his views with Business Standard today on technological challenges for audit companies during the Covid-19 crisis.

Prudent HR measures during and post COVID-19 scenario

27 June 2020
Prudent HR measures during and post COVID-19 scenario In an exclusive article published on People Matters today, Mr. Rajaram Agarwal, MD, TalentAhead India Pvt. Ltd., elaborates on the strategic HR measures being envisaged by businesses in India as well as across the globe.

Income tax: लॉकडाउन में पुराना TAX स्लैब बेहतर या नया? यहां समझें पूरी बात

27 June 2020
Income tax: लॉकडाउन में पुराना TAX स्लैब बेहतर या नया?

Income tax calculator: Old tax slabs or new ones in times of Coronavirus? Just do it this way

27 June 2020
Income tax calculator: Old tax slabs or new ones in times of Coronavirus? Just do it this way In an exclusive article on Zee Business Web, Dr. Suresh Surana, Founder, RSM India explains how an individual can choose between the old and new income tax regime during the pandemic crisis.

Covid-19 Lockdown: With no reimbursement, get ready to pay more tax

26 June 2020
How to save tax without fresh investments in FY 2019-20 Dr. Suresh Surana, Founder, RSM India discusses how there may not be any compliance problem without reimbursements, but the tax liabilities of the employees may increase.   

Corona Lockdown: Failed to invest capital gain on sale of property? You still have option to save tax

26 June 2020
Corona Lockdown: Failed to invest capital gain on sale of property? You still have option to save tax Dr. Suresh Surana, Founder, RSM India discusses some of the provisions to save taxes on capital gains through adjustments/investments.

Tax Guru

26 June 2020
Tax Guru Dr. Suresh Surana, founder, RSM India, answers readers' queries on various issues pertaining to taxes that need to be paid by the jewellers in AOJ, April 2020 issue.

New criteria for NRI status and how income will be taxed in India effective from FY2020-21

26 June 2020
New criteria for NRI status and how income will be taxed in India effective from FY2020-21 In this exclusive article on EconomicTimes.com, Dr. Suresh Surana, Founder, RSM India shares his insights on the significant amendments to the criteria determining 'residential status' of NRIs in the Finance Bill 2020.

Get ready to claim capital losses

26 June 2020
Get ready to claim capital losses Dr. Suresh Surana, Founder, RSM India explains how investors can claim their capital losses while filing their returns, in Buisness Standard, today, 27 March 2020.

Corona Lockdown: Is partial extension enough or FY 2019-20 needs to be extended?

26 June 2020
Corona Lockdown: Is partial extension enough or FY 2019-20 needs to be extended? In this article on Financial Express, Dr. Suresh Surana, Founder, RSM India explains how the extension of the FY 2019-20 would be a big practical challenge.

Why you should file belated ITR, correct ITR errors before March 31

26 June 2020
Why you should file belated ITR, correct ITR errors before March 31 In this article on EconomicTimes.com Dr. Suresh Surana, Founder, RSM India explains why it is important to file the belated and correct ITR, by 31st March 2020.

How internal audit functions can prepare for the future

26 June 2020
How internal audit functions can prepare for the future In an exclusive article published on Consultany.in today, Mr. Bharat Shah, senior partner, RSM India, elaborates on the internal audit function that is undergoing a massive transformation in its scope, approach and methodology globally.

Will govt. extend these five financial deadlines amid corona virus outbreak?

26 June 2020
Will govt. extend these five financial deadlines amid coronavirus outbreak? In this article on EconomicTimes.com Dr. Suresh Surana, Founder, RSM India explains why it is crucial to file belated ITR, before the deadline of March 31, 2020.

Newsflash Covid-19 Advisory - Operational Guidelines Post Lockdown

20 May 2020
The Covid-19 virus has spread havoc and in India, we have been under 3 lockdowns with gradual relaxations from 25 March 2020 to 17 May 2020. As the lockdowns are gradually lifted, it is evident that the problem is not going away and we will have to live with the virus for some time and continue the business and personal lives with extreme safeguards.

Newsflash on Aatmanirbhar Bharat - Reliefs for Businesses including MSMEs and Labour - Part-I and II

20 May 2020
In view of the on-going economic crisis caused by Covid19 pandemic, on 12 May 2020, the Hon’ble Prime Minister announced a Rs 20-lakh-crore stimulus package (including the package earlier announced), equivalent to about 10% of India’s GDP, aimed at making the country self-reliant (Aatmanirbhar Bharat) and reviving the stalled economy.

Newsflash - Applicability of GST on Payments made to Directors

13 May 2020
Under the GST laws, there is no clarity on the applicability of GST on payments made by companies to its directors. Many taxpayers have based on their interpretation taken a conscious stand on levy of GST on director related payments.

White Paper - Analysis of GST Implications on Real Estate Sector in India

13 May 2020
Taxability of Construction activity under indirect taxes has always been challenging and prone to litigation.

White Paper - Legal, Taxation and FInancial Reporting Aspects of Corporate Social Responsibility (CSR)

12 May 2020
With CSR becoming mandatory for Companies under the Companies Act, 2013, and also with various clarifications announced by the Ministry of Corporate Affairs for doing CSR in wake of Covid-19, we have in the attached white paper, tried to cover the regulatory, taxation and financial reporting aspects, pertaining to CSR so that corporates can align their charitable w

Newsflash - Employees Guidance on New vs Old Tax Regime for Individuals - April 2020

29 April 2020
With respect to individual taxation, the Finance Act 2020 has introduced  new taxation regime for Individuals / HUFs (exercisable at their option), which provides for reduced slab rates if no specified deductions are availed by the taxpayer.

Newsflash on Reducing Direct Tax Exposure & Litigation - Vivad Se Vishwas Scheme, 2020

29 April 2020
The government has brought in tax litigation settlement scheme for direct tax matters referred to as “The Direct Tax Vivad Se Vishwas Act, 2020 (VSV Scheme)”. Due to Covid-19, the initial window for making application has been extended from 31 March 2020 to 30 June 2020 and it may be prudent for businesses to analyse  the VSV scheme and thereafter make informed dec

White Paper: Analysis of Impact of COVID-19 on Transfer Pricing

29 April 2020
The impact of COVID-19 outbreak and the subsequent restrictions on economic activity on account of lockdowns have been profound. Economies and markets have been hit by the COVID-19 outbreak, and businesses are making contingency plans to ensure their operations continue.

Newsflash on Covid-19 Advisory - Operational Guidelines Post Lockdown

29 April 2020
Despite most organisations hoping to resume business from April 15, 2020, i.e. after 21 days of nationwide lockdown, considering the ongoing mayhem caused by the Corona Virus 2019 (COVID-19), it was not surprising that the Central Government has decided to extend the lockdown till May 3, 2020.

Newsflash on Key Highlights of Finance Act 2020 Amendments related to Charitable entities

29 April 2020
The Finance Act 2020 had made significant changes to the governance framework for existing as well as new charitable entities in India. The changes pertain to:

White Paper - An Analysis of GST Implication on infrastructure Sector in India

22 April 2020
As you may be aware that the infrastructure sector is considered as one of the most focused area of the government. It is considered as the backbone of the Indian economy. The government of India has projected an investment of Rs. 100 Lakh Crores in the infrastructure sector over next 5 years which is also expected to revive growth and employment.

Newsflash on Revised FDI policy for restricting investment by neighboring countries due to covid-19

22 April 2020
The government has recently issued a press note, whereby investment from neighboring countries with which India shares a border has been restricted and any future investment is permissible only through the government route. This measure has been taken by the government  due to the current Covid-19 pandemic.

Newsflash on Employer's Obligations under Payment of Wages & Other Labour Law during COVID Crisis

20 April 2020
The entire world including India has been tormented by the novel corona virus Covid-19. The World Health Organization (WHO) has declared it as a pandemic on 11 March 2020 and it represents the biggest global Health, Economic and Financial challenge in recent memory.

Note on Force Majeure in Times of Covid-19

15 April 2020
In present circumstances, given the various disruptions in the business and economic infrastructure caused by the COVID-19 pandemic, where contractual obligations of parties to an agreement may be disrupted, delayed, or even outright terminated (as may be provided in the respective agreements), it is essential to have a look at the ‘Force Majeure’ clause.

Newsflash on Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance 2020

15 April 2020
In order to give effect to the announcements made by the Union Finance Minister vide Press Release dated 24.03.2020, regarding several relief measures relating to statutory and regulatory compliance matters across sectors in view of COVID-19 outbreak, the government has brought in an Ordinance on 31.03.2020 called “The Taxation and Other Laws (Relaxation of

Research Paper: Key Financial Reporting Implications of COVID-19 and Possible Approaches

14 April 2020
The Coronavirus (COVID-19) has been rightly described as an unprecedented Human, Economic and Financial Crisis facing the world. This pandemic has resulted in widespread economic uncertainty and disruption of businesses. COVID-19 has and will have far reaching implications on financial reporting.

Newsflash - Clarification on Extended GST Tax Timelines due to Covid-19

14 April 2020
The Central Board of Indirect Taxes and Customs has issued a circular, clarifying certain issues with respect to last dates for compliances under GST law. The highlights are as under:

Newsflash - CBDT Orders us 119 and Related Clarifications issued on 31 March, 3 April and 9 APril 2020 on Issuance of Lower NIL RATE TDS TCS Certificates

14 April 2020
The The CBDT has released a series of order under Section 119 and clarification with respect to ambiguity surrounding the issue of Lower Rate / Nil Rate certificates for Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) under the provisions contained in Section 195, 197 and 206C(9) for FY 2020-21 & FY 2019-20.

Newsflash on Notified Relief Measures under GST due to Covid-19

8 April 2020
The Government has issued various notifications, giving effect to relief measures recommended by Ministry of Finance vide Press Release dated 24th March 2020 in response to spread of COVID-19. The highlights as under:

Newsflash on Clarification related to GST refund

8 April 2020
The Central Board of Indirect Taxes and Customs (‘CBIC’) has issued a circular clarifying various GST refund related issues and the highlights of the same is as under:

Newsflash - Significant Amendments to Finance Bill 2020 passed by Lok Sabha - March 2020

27 March 2020
The Finance Bill 2020 has been passed by the Lok Sabha on 23 March 2020 and also duly returned by the Rajya Sabha. There were significant changes made to the original Finance Bill 2020 which was introduced in the Lok Sabha on 1 February 2020.

Newsflash on Statutory and Regulatory Compliances -Relief Measures on account of COVID-19

27 March 2020
The Union Finance & Corporate Affairs Minister Smt. Niramla Sitharaman announced several important relief measures taken by the Government of India in view of COVID-19 outbreak, especially on statutory and regulatory compliance matters related to several sectors.

IT department may ask NRIs to explain 'bloated' income

26 March 2020
IT department may ask NRIs to explain 'bloated' income   Read RSM India views on how IT department might ask for ‘bloated’ income, EconomicTimes.com Click here to  readmore...

The New and Old Income Tax Regimes for India's taxpayers

26 March 2020
The New and Old Income Tax Regimes for India's taxpayers   Outlook Money’s Cover Story explores the New and Old Income Tax Regimes for India’s Taxpayers. Read more for views by Dr. Suresh Surana, Founder, RSM India.

The best ways to avail a personal loan despite having a low credit score

26 March 2020
The best ways to avail a personal loan despite having a low credit score In Outlook Money magazine, February 2020 issue, Dr. Suresh Surana, Founder, RSM India, summarises some of the best ways to avail a personal loan despite having a low credit score.

The best ways to avail a personal loan despite having a low credit score

20 March 2020
The best ways to avail a personal loan despite having a low credit score In Outlook Money magazine, February 2020 issue, Dr. Suresh Surana, Founder, RSM India, summarises some of the best ways to avail a personal loan despite having a low credit score.

Have outstanding tax payable? Opportunity to save interest, penalty till March end

20 March 2020
Have outstanding tax payable? Opportunity to save interest, penalty till March end Dr. Suresh Surana, Founder, RSM India, discusses ‘ The Direct Tax Vivad Se Vishwas Bill, 2020’, and more, in Financial Express.

THE CFO’s Tax Checklist – Budget Proposals 2020

20 March 2020
THE CFO’s Tax Checklist – Budget Proposals 2020 Exclusive on ETCFO.com, Dr. Suresh Surana, Founder, RSM India discusses the significant measures taken in the Union Budget 2020, and the recent corporate tax overhaul, that need careful consideration by CFO’s

Queries NRIs have before they buy Indian property

20 March 2020
Queries NRIs have before they buy Indian property Common queries of NRI homebuyers answered on Livemint.com by Dr. Suresh Surana, Founder, RSM India Click here to readmore..

What Budget 2020 has for you?

20 March 2020
What Budget 2020 has for you?   Business Today’s Cover Story discusses the most important proposals that will have an effect on your personal finance. Click here to read more..

How to save tax without fresh investments in FY 2019-20

17 March 2020
How to save tax without fresh investments in FY 2019-20 In this exclusive article on EconomicTimes.com Dr. Suresh Surana, Founder, RSM India explains how a taxpayer can save tax without fresh investments in FY 2019-20

RSM Newsflash- Outcome of 39th GST Council Meeting

16 March 2020
The 39th GST Council meeting, held on 14th March 2020, was concluded with following key recommendations:

Paving a path to wealth creation

12 March 2020
RSMIndia Opinion: Outlook Money's March 2020 issue carries an investment story offering a quick look at the idiosyncratic financial lifestyle that millennials follow. Read the PDF here for views by Dr. Suresh Surana, Founder, RSM India.

GST

12 March 2020
SOP to be followed by Exporters Standard Operating Procedures (SOP) for exporters are designed to mitigate fraudulent cases of availing refund of Integrated Goods and Services Tax (IGST) paid through  ineligible  Input Tax Credit (ITC) which are  claimed on the basis of fake invoices.

Dr. Suresh Surana, Founder, RSM India, explains how Income Tax Act offers donors tax benefits under Section 80G

21 February 2020
Dr. Suresh Surana, Founder, RSM India, explains how Income Tax Act offers donors tax benefits under Section 80G. Click here to read more....

Significant Highlights of The Direct Tax Vivad Se Vishwas Bill, 2020

19 February 2020
In order to reduce litigation in indirect taxes, the government had in 2019 brought in the “Sabka Vishwas (Legacy Dispute Resolution) Scheme”, which received a good response. This scheme for settlement of indirect tax litigation had resulted in settling over 1,89,000 cases.

RSM INDIA OPINION: Common queries of NRI homebuyers answered on Livemint.com today, Feb 10, 2020

18 February 2020
RSM INDIA OPINION: Common queries of NRI homebuyers answered on Livemint.com today, Feb 10, 2020. Read here for views by Dr. Suresh Surana, Founder, RSM India: Click here to readmore..

RSM INDIA OPINION: Techno-commercial audits essential for expeditious development of Greenfield projects

18 February 2020
RSM INDIA OPINION: Techno-commercial audits essential for expeditious development of Greenfield projects Mr. Anup Rath, executive director, RSM India, discusses the critical aspects that play a significant role in the completion of any project.

Budget 2020: Expectations of major relief in Personal Taxation Belied

18 February 2020
Budget 2020: Expectations of major relief in Personal Taxation Belied Dr. Suresh Surana, Founder, RSM India shares his views here on new simplified Personal Income Tax Regime for Individual Tax Payers: Cleck here to read more...

Budget2020 has partially played its role to incentivise the realty sector

18 February 2020
Budget2020 has partially played its role to incentivise the realty sector. Dr. Suresh Surana, founder, RSM India, summarises some of the proposals below: Click here to read more..

Budget 2020: A day after the Budget, the government clarified about its intention of taxing income earned by non-resident Indians (NRIs) in India

5 February 2020
Dr. Suresh Surana, founder, RSM India, explains its provisions here on The Economic Times. Economic Times is the No. 1 business and financial news website in the country.

Budget2020 RSM India outlines key amendments in India's corporate tax regime

5 February 2020
Dr. Suresh Surana, the founder of RSM India, reflects on the changes and the main implications for India-based companies.  Consultancy.in, part of the Consultancy.org family,is an online platform for the advisory and consulting industry.

Budget2020 discussions continue.....

4 February 2020
Dr. Suresh Surana, founder, RSMIndia shares his thoughts on the new DDT regime in The Times of India on 4th Feb,2020. Click here to read more....

Budget2020 : ZeeBusiness' web news story explores the benefits and drawbacks of the removal of DDT

4 February 2020
According to Dr Suresh Surana, Founder, RSM India, "The move would be a boon for the corporate shareholders and retail investors in lower income tax brackets." Click here to read more.....

Budget2020 : NRIs to face more tax compliance issues

4 February 2020
Budget2020 : NRIs to face more tax compliance issues. Read here for views by Dr Suresh Surana, Founder, RSM India. Click here to read more...

Budget 2020 Opinion: NRIs not paying tax in other countries will be taxed in India

4 February 2020
Budget 2020 Opinion: NRIs not paying tax in other countries will be taxed in India Dr Suresh Surana, Founder, RSM India simplifies its implications for NRIs here Business Standard is among India's most respected English- language business dailies

Budget 2020 brings non-tax-paying- NRIs into the net

4 February 2020
Budget 2020 brings non-tax-paying- NRIs into the net Read here for views by Dr Suresh Surana, Founder, RSM India  Click here to read more....  

Budget2020 : FPI limit in corporate bonds increased: Will you benefit?

4 February 2020
Budget2020 : FPI limit in corporate bonds increased: Will you benefit? Read here for views by Dr Suresh Surana, Founder, RSM India  Financial Express is among India's leading financial dailies, publishing by the Indian Express Group

While the Finance Minister's Budget2020 announcements is in progress, watch for these 10 things

4 February 2020
While the Finance Minister's Budget2020 announcements is in progress, watch for these 10 things. Will Budget2020 let invisible hands of markets do the trick?, asks Economic Times.

BUDGET 2020: Sectors across industry share a wish-list from tax rebates, incentives for digital payments to lowering of GST slabs

4 February 2020
BUDGET 2020: Sectors across industry share a wish-list from tax rebates, incentives for digital payments to lowering of GST slabs Scroll to the bottom for wishlist on Personal Tax by Dr Suresh Surana, founder,RSM India

BUDGET 2020: Less than 20 hours to go Exclusive piece on Income Tax in Financial Express by Dr Suresh Surana, founder, RSM India

4 February 2020
BUDGET 2020: Less than 20 hours to go Exclusive piece on Income Tax in Financial Express by Dr Suresh Surana, founder, RSM India  Financial Express is among India's leading financial dailies, publishing by the Indian Express Group.

Budget 2020 : Experts expect a more liberal personal tax regime

4 February 2020
READ HERE for Views by Dr Suresh Surana, founder, RSM India  The week is a weekly news magazine published by the Malayala Manorama Group. Click here to read more...

White Paper: Optimizing Supply Chain Cost - Export and Import Logistics

30 January 2020
We are pleased to release our White Paper on "Optimising Supply Chain Cost- Export and Import Logistics" for your reference.

Budget 2020: Industry expects amnesty scheme for direct tax disputes

30 January 2020
Dr. Suresh Surana, founder, RSM India shares his views on the 'Sabka Vishwas Scheme.' Budget 2020: The Sabka Vishwas Scheme launched last year for resolution of indirect tax disputes fetched the government over Rs 35,000 crore after it resolved 1.61 lakh cases involving over Rs 80,000 crore tax dues

HOW TO SAVE TAX: Tips for smart tax planning in Money Today magazine's cover story (to appear in the Feb 2020 issue)

30 January 2020
HOW TO SAVE TAX: Tips for smart tax planning in Money Today magazine's cover story (to appear in the Feb 2020 issue).   Read here for views by Dr. Suresh Surana, Founder, RSM India www.rsmindia.in

BUDGET 2020: Experts expect a more liberal personal tax regime

30 January 2020
BUDGET 2020: Experts expect a more liberal personal tax regime. READ HERE for views by Dr. Suresh Surana, founder, RSM India Click hereto read more...

CORPORATE SECTOR: Expectations from the upcoming Budget 2020

29 January 2020
Read below for views by Dr. Suresh Surana, Founder, RSM India in Deccan Herald, the English daily published from Karnataka, India.   Click hereto read more...      

Real Estate:Top 5 expectations from the upcoming Budget 2020

29 January 2020
Read below for views by Dr. Suresh Surana, Founder, RSM India

Clarification on levy of SWS and extension of due date for furnishing GSTR-1 of earlier periods

27 January 2020
Clarification on levy of Social Welfare Surcharge (SWS)

White Paper: New Corporate Tax regime and IndAS – Implications

27 January 2020
The corporate tax rate for a domestic company doing business in India ranges from 26% to 34.944% for Financial Year 2019-2020. Taxation Laws (Amendment) Ordinance 2019 (‘Taxation Ordinance’) has made certain path breaking amendments in relation to taxation of domestic companies.

Restrictions on Input Tax Credit (ITC) and Standard Operating Procedure (SOP) in case of Non-filing of returns

8 January 2020
The Government has amended Central GST Rules, 2017 by inserting conditions with respect to availment of Input Tax Credit and also released Standard Operating Procedure (SOP) to be followed in case of non-filers of return. The key changes have been discussed in the newsflash enclosed herewith and we would be pleased to clarify any pertinent aspects.

Extension of last date for Sabka Vishwas Scheme

6 January 2020
The Government has extended the last date to opt for Sabka Vishwas- (Legacy Dispute Resolution) Scheme, 2019 from 31st December 2019 till 15th January, 2020. The Highlights of the said scheme are as under: The Scheme covers disputes prevailing under Central Excise Act, 1944 and Service Tax.

CBDT Notifies specific/ prescribed electronic modes of payment for Section 269SU

1 January 2020
The Finance (No. 2) Act, 2019 had introduced Section 269SU which required every person with a business turnover, sales or gross receipts exceeding Rs. 50 crores to mandatorily provide facilities for accepting payments through prescribed electronic modes. The CBDT vide its Notification [No.105/2019/F. No.

Highlights of the 38th GST Council Meeting’s outcome

20 December 2019
The 38th GST Council meeting held on 18th December 2019 was concluded with certain decisions:

Clarificatory Circular on Set off of losses and MAT credit in Section 115BAA

15 December 2019
Circular No. 29/2019 dated 2nd October 2019 issued by Central Board of Direct Taxes (‘CBDT’). The CBDT has stated that representations have been received from the stakeholders seeking clarification on issues relating to exercise of option under section 115BAA: (a) Allowability of brought forward loss on account of additional depreciation; and

Key Highlights of Taxation Law Amendment Ordinance 2019 - September 2019

15 December 2019
Newsflash on the Taxation Laws (Amendment) Ordinance 2019 promulgated by the President of India on 20th September 2019. The said ordinance has made certain amendments in the Income-tax Act 1961 (‘IT Act’) and the Finance (No. 2) Act 2019. Some salient features include:

Highlights of 37th GST Council meeting

15 December 2019
The  37th GST Council meeting was held on 20th September 2019 to address some crucial issues and provide their recommendations. Following are key highlights of the GST Council Meeting:

Corporate tax rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies and other fiscal reliefs

15 December 2019
The Government has brought in the Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act 1961 and the Finance (No. 2) Act 2019. Some salient features include:

Amendments in Finance Bill (No.2) of 2019

15 December 2019
The Finance Bill (No. 2) of 2019 (“the Bill”) was tabled in the Lok Sabha by the newly elected government on 5 July 2019 along with the Union budget/ full budget. The Lok Sabha passed the Bill with certain amendments.

Lok Sabha passes the Companies (Amendment) Bill, 2019

15 December 2019
The Lok Sabha has passed the Companies Amendment Bill,2019 on 25 July,2019. While the Amendment Bill has 44 sections in all, 32 sections of the same are already in force with effect from 2 November,2018, by way of an Ordinance promulgated earlier.

India ratifies BEPS - MLI

15 December 2019
The Indian Union Cabinet has approved ratification of Multilateral Convention to implement Tax Treaty related measures to prevent base erosion and profit shifting (‘Multilateral Convention’ or ‘MLI’ or ‘the Convention’). In this regard, Press Information Bureau had issued a Press release dated 12 June 2019.

GST-Introduction to new return

15 December 2019
GST Council in its 31st meeting decided that a new GST return system will be introduced to facilitate taxpayers from October 2019 onwards. The GST Council has issued a Press Release on 11 June 2019 regarding  the same. We have attached the press release for your reference. The gist of Press release is as follows:-

India deposits instrument of ratification of MLI with OECD

15 December 2019
Post approval of ratification of MLI by India, the instrument of ratification along with the list of reservations to the MLI provisions and list of covered tax agreements was deposited with OECD on 25th June, 2019.  So far, 89 jurisdictions have signed the MLI, out of which 28 countries including India have already ratified this convention.

Outcome of 35th GST Council's Meeting

15 December 2019
The  35th GST Council meeting was held on 21 June 2019 at New Delhi to address some crucial issues and provide their recommendations. Following are key highlights of the GST Council Meeting :

36th GST Council meeting's outcome

15 December 2019
The  36th GST Council meeting was held on 27 July 2019 to decide GST rate on certain goods/services and also changes in certain due dates. Following are some key recommendation made by Council-

Union Cabinet approves the Proposal to Amend the Insolvency and Bankruptcy Code

15 December 2019
The Union Cabinet has on 17th July, 2019, approved the proposal to introduce a Bill in the Parliament to carry out 8 amendments to the Insolvency and Bankruptcy Code, 2016 (‘IBC’).

Clarification on doubts related to supply of Information Technology enabled services

15 December 2019
Clarification issued by the Central Board of Indirect Taxes and Customs (CBIC) regarding to doubts related to supply of Information Technology enabled services.

Maharashtra Amnesty Scheme - 2019

15 December 2019
Government of Maharashtra has passed an Ordinance to provide for settlement of arrears under various Acts which were in existence during pre- GST regime.  Salient features of the same are mentioned below:

Clarification in respect of goods sent outside India for Exhibition

15 December 2019
Newsflash in respect of clarification issued by the Central Board of Indirect Taxes and Customs (CBIC) wherein procedure to be followed in respect of goods sent/ taken out of India for exhibition or on consignment basis for export promotion has been clarified. The major points covered in the clarification issued are as follows:

Key Highlights of Rajasthan State Budget 2019-20

15 December 2019
Highlights of Additional Budget of Rajasthan State presented by Finance Minister, Shri. Ashok Gehlot on 10 July 2019. Some of the main highlights are as under :- Commercial Taxes: To give relief to dealers in pending demands, following new provisions are added through amendments in Rajasthan GST Act:

Clarification on Annual Returns (GSTR 9) and Reconciliation Statement (GSTR 9C)

15 December 2019
Newsflash on the press release issued by the Central Board of Indirect Taxes and Customs, wherein certain issues being faced by the taxpayers regarding Annual Return (FORM GSTR-9 / FORM GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) have been clarified in view of numerous representations made.

GIA US gem grading services through GIA India will not constitute PE in India

15 December 2019
The Mumbai ITAT in the case of Gemological Institute of America Inc. (‘GIA US’) [ITA No.

Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019

15 December 2019
As a move towards expeditious disposal of cases under erstwhile indirect tax laws, a dispute resolution cum amnesty scheme called “Sabka Vishwas Legacy Dispute Resolution Scheme, 2019” has been introduced. The proposed Scheme shall cover past disputes of taxes which have got subsumed in GST namely Central Excise, Service Tax and Cesses etc.

CBDT relaxes CbCR furnishing deadline for entities from countries having systemic failure

15 December 2019
CBDT had prescribed 12 month time period under Rule 10DB(4) for furnishing CbCR by constituent entity of an international group resident in India under specified circumstances u/s 286(4).

Introduction of country-by-country reporting (CbCR) for companies in UAE

15 December 2019
We are pleased to share our newsflash on the press release issued by the Central Board of Indirect Taxes and Customs, wherein certain issues being faced by the taxpayers regarding Annual Return (FORM GSTR-9 / FORM GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) have been clarified in view of numerous representations made.

Maharashtra Budget June 2019

15 December 2019
We are pleased to release the highlights of Additional Budget of  Maharashtra State presented by Finance Minister, Shri. Sudhir  Mungantiwar on 18 June 2019.  Main Highlights are as under :- 1.     Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Ordinance, 2019    

Companies Significant Beneficial Owners Amendment Rules, 2019

14 December 2019
The recent changes to Section 90 of the Companies Act, 2013, pertaining to Beneficial Owners, is to determine the identity of the person behind the curtain having a significant ownership of the company and is essentially controlling the management and daily affairs of the company; with a view to promote corporate transparency and prevent misuse of corporate vehicle

New External Commercial Borrowings Regulations / Framework - Consolidation and Liberalisation

14 December 2019
As a part of on-going effort, the Reserve Bank of India (RBI) has consolidated and liberalized the regulatory provisions dealing with borrowing and lending in foreign exchange as well as Indian Rupees (INR).

Key Recommendations of 31st GST Council Meeting

14 December 2019
The Central Board of Indirect Taxes and Customs issued a press release, wherein certain issues being faced by the taxpayers regarding Annual Return (FORM GSTR-9 / FORM GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) have been clarified in view of numerous representations made.

Transfer Pricing - CBDT prescribes 31 March 2019 deadline for entities in jurisdictions not having CbCR-exchange agreement

14 December 2019
Central Taxes (CBDT) had prescribed 12 month time period under Rule 10DB(4) for furnishing Country by Country Reporting (CbCR) by constituent entity of an international group resident in India under specified circumstances u/s 286(4).

Internal Audit – The Changing Landscape

7 February 2019
Internal Audit function plays a very crucial role in an organisation’s corporate governance framework, internal processes and controls, risk management, regulatory compliance, financial reporting and overall assisting the board of directors (BOD) and senior management help fulfil their responsibilities towards the organisation and its stakeholders.

RSM India White Paper - Risk Management in E-Wallet Companies

29 January 2019
“In today’s digital world, money is being substituted by its digital form and stored in Electronic Wallets or E-Wallets. In India, the concept of E-wallets saw a significant surge owing to demonetisation which took place in 2016.

RSM India White Paper - Optimising Supply Chain Cost - Road Transportation

9 January 2019
We are pleased to release our White Paper 'Optimising Supply Chain Cost- Road Transportation.'

White Paper - Analysis of GST on Construction of Roads and Highways

5 September 2018
We are pleased to release for your kind reference the White Paper developed by our indirect taxes practise on “Analysis of GST on Construction of Roads and Highways.”

White Paper - Whether non-resident foreign companies are required to file Return of Income in India

22 August 2018
Taxation of non-residents has been a vexed issue for a long time. Applicability of tax laws of different countries makes it difficult to ascertain taxability of non-residents who have global presence.

White Paper - GST Impact on Non-banking Finance Companies

16 July 2018
Non-Banking Finance Companies (NBFCs) are companies which are, as per RBI guidelines, allowed to lend money but cannot accept deposits from the public. NBFCs are subject to several guidelines issued by the Reserve Bank of India and are a highly regulated industry.

Concept Note on GST implications for Pharmaceuticals Industry

16 July 2018
The pharmaceutical industry has been one of the engines of growth for India.

White Paper - ISD and Cross Charge Mechanism under GST regime

16 July 2018
GST was introduced on 1 July 2017 replacing multiple Indirect Taxes with a single tax. However, lot of concepts from the erstwhile law have also been carried forward in GST. Input Service Distributor “ISD” is one such concept. Further, with GST in place, a new concept of cross charge was also introduced.

Ind AS Application, MAT and Next Wave of Changes

12 June 2018
Most of the Indian corporates are in the process of transitioning to Ind AS, during the financial years ending 31 March 2016-2018 in phase, thus aligning the financial reporting framework in India with the globally followed financial reporting standards making it easier for Indian companies to access global investors and lenders as well as facilitate mergers and ac

GST Council releases FAQs on Banking Sector

5 June 2018
We are pleased to release our GST newsflash, highlighting certain clarifications provided by the Central Government in relation to Banking Sector, as under: ·       Clarifications on time of supply and place of supply in different scenarios.

GST – A Leap Forward

4 June 2018
The implementation of GST with effect from 1 July 2017 covering almost 1 crore tax filers, (with an estimated annual tax collection of Rs. 10 lakh crores) has been undoubtedly the most prolific indirect tax reform in India.

OVERHAULING THE COMPANIES ACT Incorporating Key Changes - Companies Amendment Act, 2017

26 April 2018
The Companies Act, 2013 has substituted the Companies Act, 1956 with most provisions becoming effective as on 1 April 2014.

Newsflash: Ind AS 115: Revenue from Contracts with Customers - Overview and Impact on Key Sectors

26 April 2018
On 29 March 2018, the Ministry of Corporate Affairs (MCA) notified Ind AS 115, Revenue from Contracts with Customers applicable for companies following Indian Accounting Standards (Ind AS). Ind AS 115 is based on IFRS 15, under IFRS and ASC 606, under US GAAP.

Transfer Pricing Regulations in India - In Sync with the World

24 April 2018
Multi-national enterprises (MNE) now represent a large proportion of global GDP. Also, intra-firm trade represents a growing proportion of overall trade.

Newsflash - US Tax Reforms Highlights - At a Glance

13 December 2017
We are pleased to attach our Newsflash on “The US Tax Cuts & Jobs Law - Certain Key Aspects” for your reference and perusal. The US economy is the largest economy in the world and India’s largest trade partner.

Newsflash: GST - Anti-profiteering measure by Government of India

13 December 2017
Government of India has introduced certain measures to toughen its stance on the anti-profiteering provisions by introducing certain measures. We are pleased to release newsflash on the captioned subject. The key highlights are

Newsflash: GST - Manual filing and processing of refund claims in respect of zero-rated supplies

27 November 2017
Due to the non-availability of the refund module on the common GST portal, the GST Council has recommended the applications/documents/forms pertaining to refund claims on account of zero-rated supplies to be filed and processed manually till further orders are issued. In this regard, notification no.

Newsflash: CBDT clarifies the scope of prima facie adjustments by tax authorities - Based on receipt / income appearing in Form 26AS / Form 16A / Form 16

27 November 2017
Section 143 (1) of the Income Tax Act, 1961 (‘the Act’) provides for prima facie adjustments to a return of income filed by the assessee, while processing the return of income. The ambit of prima facie adjustment was expanded by the Finance Act, 2016.

Newsflash - DTAA with Hong Kong Soon - Union Cabinet gives its approval

27 November 2017
On 10th November 2017, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi gave its approval for entering into a Double Taxation Avoidance Agreement (DTAA) with Hong Kong.

Newsflash - ITAT Deletes Sec. 271G Transfer Pricing Penalty for diamond merchants

16 November 2017
The Mumbai ITAT in the case of ACIT V/s M/S D.

Newsflash: DTAA with Hong Kong Soon - Union Cabinet gives its approval

16 November 2017
On 10th November 2017, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi gave its approval for entering into a Double Taxation Avoidance Agreement (DTAA) with Hong Kong.

Newsflash: Highlights of the 23th GST Council Meeting

13 November 2017
The 23rd GST council meeting was held on 10 November 2017 at Guwahati. The following are the key highlights of said meeting: -    Proposed revised GST rates for certain goods -    Proposed revised GST rate for restaurants. -    Relaxation in GST return filing -    Certain other aspects

Newsflash - Certain clauses of ICDS found contrary to the binding judicial precedents and thus, held unconstitutional - Delhi High Court

13 November 2017
In a path breaking judgment, the Hon’ble Delhi High Court on 8 November 2017 has ruled that certain clauses of various Income Computation and Disclosure Standards (ICDS) are unconstitutional and also suffers from the vice of excessive delegation.

Newsflash - Income Tax - Final Rules with respect to Country-by-Country reporting and furnishing of master file

13 November 2017
We are pleased to release our newsflash on the captioned subject. Background:

Newsflash - Income Tax - Regional Headquarter of Foreign Multinationals in India would not create POEM exposure where activities are of routine nature

13 November 2017
The new tax residency rule for foreign companies based on the concept of Place of Effective Management (‘PoEM’) has been effective since 1st April, 2017, i.e., Assessment Year 2017-18 onwards.

Highlights of the 22nd GST Council Meeting

13 November 2017
We are pleased to release our newsflash on the captioned subject. The 22ND GST council meeting was held on 6 October 2017 at New Delhi. The following are the key highlights of said meeting: -   Proposed revised GST rates for certain services

Newsflash - Draft Rules with respect to Country-by-Country reporting and furnishing of master file

13 November 2017
Under the Finance Act 2016, the Central Board of Direct Taxes (CBDT) had inserted section 286 in the Income Tax Act, 1961 to implement the recommendation of 2015 Final Report on Action 13, titled “Transfer Pricing Documentation and Country-by-Country Reporting”, identified under the OECD Base Erosion and Profit Shifting (BEPS) Project.

Newsflash - Restriction on number of layers of subsidiaries for certain classes of holding companies

4 October 2017
Section 2(87) of the Companies Act, 2013 (Act) defines a subsidiary company as under: Subsidiary company or subsidiary, in relation to any other company (that is to say the holding company), means a company in which the holding company- i. controls the composition of the Board of Directors; or

Newsflash: Form 67 enabled on Income tax e-filing portal for claiming foreign tax credit Relief

4 October 2017
A Resident taxpayer (Individual, Companies, Partnership firms, etc.) who have already paid tax in another country on amounts of foreign income and gains, may claim Foreign Tax Credit Relief in India to avoid being taxed twice on the same income.

Newsflash - CBDT Draft Notification on Self-reporting of Estimated Income, Tax Liability and Payment of Taxes

26 September 2017
In one of the recent developments, it is proposed by the Central Board of Direct Taxes (CBDT) (released for public comments) to create a mechanism for self-reporting of estimates of current income, tax payments and advance tax liability by certain taxpayers viz. companies and tax audit cases, on voluntary compliance basis.

Newsflash- Coverage of Gems and Jewellery sector under Prevention of Money Laundering Act, 2002

9 September 2017
The Prevention of Money-laundering Act, 2002 (PMLA) aimed at combating money laundering in India with three main objectives – to prevent and control money laundering, to confiscate and seize the property obtained from laundered money, and to deal with any other issue connected with money laundering in India, came into force with effect from  1st July, 2005.

Newsflash - GST: Extension of due date for filing GST Returns for July and August 2017

7 September 2017
The Government of India has further extended the due date of furnishing GST return for the month of July and August 2017. In said regards please find attached our newsflash. We trust you will find the same useful.

White Paper - Exemption to Private Companies under Companies Act, 2013

31 August 2017
The Companies Act, 2013, which was introduced in a phased manner, with effect from 12 September 2013, resulted in severe hardships to private limited companies. There were various provisions which were made applicable to such private companies just like listed public companies.

Newsflash – Amendment in GST Rates

31 August 2017
The following are the key highlights of amendments:

Extension of Due Date for furnishing GSTR 3B return for July 2017 - RSM India newsflash

22 August 2017
The Government of India has extended the due date of furnishing GSTR 3B return for the month of July 2017 from 20 August 2017 to 25 August 2017. In said regards please find attached our newsflash. We trust you will find the same useful.

Clarification regarding availability of Transitional credit in relation to GST - RSM India Newsflash

22 August 2017
The Government of India has issued clarification regarding availability of Transitional credit in relation to GST. We are pleased to release our newsflash on the captioned subject and trust you will find the same useful.

Newsflash- Extension in Due date of GST returns for the period July and August 2017

11 August 2017
We are pleased to release our newsflash on the captioned subject. The Government has notified the extended due date for furnishing the Goods and Services Tax (GST) returns for July 2017 and August 2017 under GST. We trust you will find the same useful.

Newsflash - Companies Amendment Bill 2017

11 August 2017
The Companies (Amendment) Bill, 2016, (Old Bill) was introduced in Lok Sabha on 16 March, 2016. It was then referred to the Standing Committee on Finance on 12 April 2016.

Amendment to Central GST Rules, 2017 - RSM India Newsflash

11 August 2017
The Government has amended certain Central GST Rules, 2017 by Notification no.17/2017- Central Tax dated 27 July 2017, The Key Highlights of the said notification are:

GST - THE JOURNEY BEGINS - Updated 7 July 2017

10 August 2017
We are delighted to enclose our latest GST publication viz. ‘GST – The Journey Begins (Updated 7 July 2017)’. This publication comprises of all the enacted & updated GST regulations up to 7 July 2017 and analysis of significant regulations.

Ind AS - Application, Analysis & MAT Financial Year ended 31 March 2017

2 August 2017
Traditionally and for several decades, Indian companies have been following Indian Accounting Standards which were not in full alignment with the global financial reporting standards.

Clarifications on computation of book profit for the purpose of levy of MAT under section 115JB of the Income-tax Act for Ind AS compliant companies

28 July 2017
The Finance Act, 2017 introduced tax provisions under Minimum Alternate Tax (MAT) provisions for Indian Accounting Standards (Ind AS) compliant companies. The provisions resulted in most Ind AS adjustments, including transition impact, being taxed under MAT provisions.

No TDS on GST component comprised in the payments made to residents - RSM India Newsflash

21 July 2017
We are pleased to release our newsflash on the captioned subject.

Newsflash - Introduction of Legal Identity Identifier Number for OTC Derivatives Market Participants - RSM India Newsflash

20 July 2017
The Reserve Bank of India had issued a Notification dated 1st of June 2017 “Introduction of Legal Entity Identifiers for OTC derivative markets” (RBI/2016-17/314 FMRD.FMID No.14/11.01.007/2016-17)” which requires creation of LEI (Legal Entity Identifier) number for participating into OTC Derivative market for all entities.

Newsflash - The OECD's Multilateral Instrument and its Impact on Indian Tax Treaties

20 July 2017
In October 2015, the Organization for Economic Co-operation and Development (‘OECD’) had issued the final Base Erosion and Profit Shifting (BEPS) reports and released  multilateral instrument (MLI) in November 2016 to swiftly implement treaty measures on hybrid mismatch arrangements, treaty abuse, permanent establishment, and mutual agreement procedures by modifyin

Newsflash: Income Tax - Secondary Adjustments in Transfer Pricing

20 July 2017
Recently, the Central Board of Direct Taxes (CBDT) has issued rules to support the implementation of Secondary Adjustments in Transfer Pricing by prescribing the time limit for repatriation and method for computing interest on excess money.

Newsflash: Supreme Court Judgement - Section 40(a) (ia) of the IT Act covers not only those cases where the amount is payable but also when it is paid for disallowance purposes

20 July 2017
Section 40(a)(ia) of the Income-tax Act, 1961 provides that any specified payment (interest, commission, etc.) to a resident from which tax is deductible at source will not be allowable as a deduction if (a) the tax had not been deducted or (b) after deduction, had not been paid in time as provided therein.

Newsflash: Final Rules notified for valuation of unquoted equity share for the purposes of Section 56 and Section 50CA of the IT Act

19 July 2017
Recently, the Finance Act, 2017 inserted Section 56(2) (x) so as to widen the scope of taxability of receipt of sum of money or property without/inadequate consideration.

Tally Solutions partners with RSM India for GST Ready ERP Software

10 July 2017
Nation's biggest accounting software partners with one of India's top accounting firms for GST Ready ERP Solutions  (news article)

Study on Shareholder Returns of Great Workplaces 2017

6 July 2017
‘Study on Shareholder Returns of Great Workplaces 2017’ by RSM India Foreword: The objective of the above study is to substantiate whether the great workplaces identified by Great Place to Work® Institute in India consistently outperform major stock indices in total shareholder return. This is being sought to be established by:

Newsflash - Export Procedure and Sealing of Containerized Cargo

6 July 2017
Vide its Circular no. 26 / 2017 - Customs, dated 1 July 2017, Government of India has prescribed the procedure for export and for sealing of containerized cargo,

The Dawn of GST Era – Updated 3 June 2017

29 June 2017
On 3 June 2017, the GST Council fixed the GST rates of certain items, including the Rates for Rough Diamonds, Gold, Gems and Jewellery. Also the GST Rules in respect of the following were announced:

Petya/Petwrap Ransomware Attack - Newsflash

28 June 2017
Newsflash: ‘Petya/Petwrap’ Ransomware Attack

Newsflash: Companies Act, 2013 - Rotation of auditors for Private Companies

24 June 2017
Kindly find herewith our newsflash on the amendment to the Rule 5 of the Companies (Audit and Auditors) Rules, 2014 which specifies the companies to which provisions of section 139(2) of the Companies Act, 2013 (Rotation of Auditors) apply.

Newsflash - Ongoing Cyber Attack 'WannaCry Ransomware' & Steps to Prevent

15 May 2017
In the newsflash we would like to mention certain steps to prevent such attacks in your organization. The malicious software behind the major cyber attack is known as ‘WannaCry’. Following are the synopsis of what you need to know about 'WannaCry', the malicious software behind the ongoing worldwide hacking attack  

Newsflash - Certain Significant Amendments Made to the Finance Bill, 2017

28 March 2017
The object of the Finance Bill (‘the Bill’), as you know, is to give effect to the financial proposals of the Central Government for the financial year 2017-18. The Bill was introduced in the Lok Sabha on 1 February 2017 and it was passed by the Lok Sabha recently on 22 March 2017 .

Newsflash: GST - Latest Developments

28 March 2017
Union cabinet has approved four crucial GST bills. 1.      The Central Goods and Services Tax Bill 2017 (The CGST Bill) 2.      The Integrated Goods and Services Tax Bill 2017 (The IGST Bill) 3.      The Union Territory Goods and Services Tax Bill 2017 (The UTGST Bill)

Ind AS – Applicability & Sector-wise Analysis

10 February 2017
Financial year 2016-17 has been a year of monumental change in the financial reporting landscape in India. From 1 April 2016, Indian Accounting Standards (Ind AS), converged with International Financial Reporting Standards (IFRS) is new accounting norm for listed and unlisted companies with net worth in excess of Rs. 500 crores (phase I).

Newsflash - Rationalization of MAT provisions under Ind AS, in lines with CBDT committee recommendations, with certain changes

8 February 2017
With the Ministry of Corporate Affairs (MCA) notifying (Indian Accounting Standards) Ind AS implementation in a phased manner from financial years commencing on or after 1 April 2016, the Central Board of Direct Taxes (CBDT) set up Accounting Standards Committee in June 2015 with a direction to suggest framework for Minimum Alternate Tax (MAT) in view of transition

Newsflash - Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana 2016

20 January 2017
The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 (Scheme) provides an opportunity to persons having undisclosed income in the form of cash or deposit in an account maintained with a specified entity to declare such income and pay tax, surcharge and  penalty totaling in all to 49.9 per cent.

Newsflash - Changes to Accounting Standards under Indian GAAP - Effective FY 2016-17 onwards

20 January 2017
The MCA vide notification dated 30 March 2016 issued the Companies (Accounting Standards) Amendment Rules, 2016 , amending the Companies (Accounting Standards) Rules, 2006 for companies following Indian GAAP accounting standards. These changes are relevant for companies that will prepare financial statements for FY 2016-17 under Indian GAAP.

Newsflash - Key changes in the new protocol to amend India-Singapore tax treaty

5 January 2017
With the revision to the India-Mauritius tax treaty to phase out capital gains tax exemption, it was only a matter of time before the Government turned its attention to the India- Singapore tax treaty. On 30th December 2016, India and Singapore signed a Third Protocol to amend their bilateral tax treaty. Two changes which stand out are:

Newsflash - Clarifications on Direct Tax Dispute Resolution Scheme, 2016

29 December 2016
The Direct Tax Dispute Resolution Scheme, 2016, (‘Scheme’)  which provides an opportunity for dispute settlement, can be availed up to 31st December, 2016.  The Central Board of Direct Taxes (CBDT)  issued its first set of clarification with regards to the Scheme on 12 September 2016 ( vide Circular no. 33 of 2016)

Newsflash - Clarifications on Indirect Transfer of Capital Asset under the Income-tax Act, 1961

29 December 2016
Under Section 9 of the Income-tax Act, 1961 (the IT Act), income arising from indirect transfer of assets situated in India is deemed to accrue or arise in India.

Newsflash - Income Tax - SC decision - Stage of deduction of sec10A would be while computing the gross total income of the eligible undertaking

23 December 2016
The Supreme Court (SC) has finally cleared the air about the true effect of the    provisions of section 10A of the Income Tax Act, 1961. Earlier there was a lot of  confusion as to whether amended section 10A is a deduction section or an exemption  section.

Newsflash - Key Aspects of Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana 2016

23 December 2016
Post demonetization of the currency on 8 November 2016, a scheme namely, ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016’ (‘the Scheme) was introduced by the Taxation Laws (Second Amendment) Act, 2016 which came into force on 15 December, 2016.

Newsflash: Ind AS Transition Facilitation Group (ITFG) issues Clarifications – Bulletin 6

6 December 2016
We summarise the ICAI’s ITFG clarifications on Ind AS applicability Ind AS Transition Facilitation Group (ITFG) formed by ICAI has issued Bulletin 6 that provides the following clarifications on Ind AS applicability:

Newsflash - Service tax payable by foreign entities on cross-border B2C OIDAR services

6 December 2016
The Central Government has amended Service Tax regulations to make foreign entities without presence in India providing B2C OIDAR services in India liable to Service Tax and comply with Service Tax regulations. This appears to be a first time that Central Government has made a non-resident person as a person liable to pay Service Tax.

Newsflash Income Tax Rate of depreciation brought down to 40 percent for all assessees

23 November 2016
Recently, the CBDT has made changes in the Income Tax Rules to restrict the rate of depreciation maximum up to 40% for block of assets which are currently eligible for depreciation at a higher rate ( 50%, 60%, 80%, 100%).

Newsflash - Revised ICDS notified-Applicable from AY 2017-18 onwards

12 October 2016
The Central Government had notified 10 Income Computation and Disclosure Standards (‘ICDS”) to be applicable to all assessees following mercantile system of accounting for computing business income and income from other sources from AY 2016-17 and onwards.

Newsflash - Electronic filing of MVAT Return in new automation processes and changes in procedures

30 August 2016
On 25th February 2016 the Maharashtra Sales Tax Department (hereinafter referred to as "MSTD") had issued Trade Circular No 7 T of 2016 which explains the new automation process of filing of returns for the periods from April 2016.

Newsflash - Stand-by arrangement for issuance of e-CST declarations in State of Maharashtra

30 August 2016
The Maharashtra Sales Tax Department (MSTD) is in the process of implementing SAP based New Automation System. Retums for periods after 1 April 2016, under Maharashtra Value Added Tax Act (MVAT) and Central Sales Tax Act (CST) will be started in the new automation system in due course.

Limited Liability Partnerships in India - The NewAge Business Vehicle

29 August 2016
The dynamic business environment we live in today calls for constant change and upgradation. In order to remain relevant, there is need for a business structure that appeals to business and service sectors alike with lesser restrictions and government intervention.

Newsflash - Fourth set of clarifications on the Income Declaration Scheme 2016

22 August 2016
The Income Declaration Scheme, 2016 came into effect on 1st June, 2016. So far the Central Board of Direct Taxes has issued three sets of FAQs vide Circular Nos. 17, 24, 25 & 27 of 2016. In order to address further queries received from the public relating to the Scheme, CBDT has further issued fourth set of clarifications on 18 August 2016.

Newsflash – FAQs on Goods and Services Tax

9 August 2016
The newsflash summarises certain frequently asked questions (FAQs) on the Goods and Services Tax (GST) law.

White Paper "The Direct Tax Dispute Resolution Scheme, 2016- An opportunity to resolve pending litigation"

8 August 2016
Rising tax dispute has been a matter of serious concern for taxpayers. The Direct Tax Dispute Resolution Scheme (‘the Scheme’) which has  been introduced as a part of the Finance Act, 2016 provides an opportunity to taxpayers to settle their pending tax disputes at the level of the First Appellate Authority i.e.

Transfer Pricing Regulations in India – In harmony with the world

21 July 2016
The Indian economy is estimated to have grown at 7.6% in Financial Year 2015-16 and is expected to grow at 7% to 7.75% in FY 2016-17, making it the fastest growing major economy in the world.

Newsflash - Income Tax - ICDS deferred by one year, applicable from FY 2016-17 (i.e. AY 2017-18)

7 July 2016
We are pleased to share with you the newsflash on the captioned subject.

NF-CBDT Notifies Rules regarding "Indirect Transfer" Provisions-Fair Market Value & Reporting Requirement for Indian concern

6 July 2016
Presently, any capital gains arising to a non-resident on Indirect transfer of shares is deemed to accrue or arise in India on account of ‘retrospective amendment’ carried out through Finance Act, 2012.

Newsflash: Third set of clarifications on the Income Declaration Scheme, 2016

5 July 2016
The CBDT has since received further queries from stakeholders seeking clarifications about various provisions of the Income Declaration Scheme. The issues raised have been examined and the third set of 11 FAQs have been issued on 30 June 2016 vide Circular No.25 of 2016.  

Newsflash: CBDT notifies final Foreign Tax Credit Rules on 27 June 2016

5 July 2016
Recently, the CBDT vide its Notification No. 54 of 2016 dated 27.06.2016 notified final foreign tax credit rules by introducing new Income Tax Rule 128 and new Form 67.  In this newsflash, we have provided an overview of the final Foreign Tax Credit rules for your ready reference and perusal.

NF:Relief from higher withholding tax under section 206AA to a non-resident-new tax rule prescribes alternative documents to PAN

5 July 2016
Recently, the Central Board of Direct Taxes (CBDT) vide its Notification dated 24 June 2016 introduced a new rule 37BC to the Income Tax Rules, 1962 requiring a non-resident to furnish alternative documents to PAN so that the higher withholding tax under section 206AA shall not be applicable.

Newsflash - Second set of clarifications on the Income Declaration Scheme 2016 - CBDT Circular No. 24 of 2016

5 July 2016
The Income Declaration Scheme, 2016 (the Scheme’) incorporated as Chapter IX of the Finance Act, 2016 provides an opportunity to persons who have not paid full taxes in the past to come forward and declare the undisclosed income and pay tax, surcharge and penalty totaling in all 45% of such undisclosed income declared.

Newsflash - Radical changes in FDI policy regime

5 July 2016
Amidst the global slowdown, India has emerged as the frontrunner in attracting Foreign Direct Investment (FDI). In 2015-16, India received its highest ever FDI, which has given a big push to many key sectors including Railways, Defence, Insurance and Medical devices.

Newsflash – Indirect Taxes Exemptions - Krishi Kalyan Cess and ST exemption to Ocean Freight Services

27 June 2016
CBEC vide Notification No. 35/2016- Service Tax dated 23 June 2016 has granted exemption from levy of KKC on the invoices which were issued before 1 June 2016, subject to condition that the provision of service has been completed before the 1 June 2016.

Newsflash - Model GST Law in India - Key Highlights

27 June 2016
The indirect taxes comprising of additional countervailing customs duty, excise duty, service tax, state level VAT laws and CST which are proposed to be subsumed within the GST account for 15% to 25% of the turnover for most businesses.

White Paper - Disallowance us 14A - Expenditure in respect of Exempt Income - Recent Amendment to Rule 8D - June 2016

13 June 2016
Recently, the Central Board of Direct Taxes (CBDT) vide official gazette dated 2 June 2016 notified the amendment made to Rule 8D of the Income Tax Rules 1962 (IT Rules).  One of the most litigative issues in direct taxation faced by business entities pertains to disallowances made under section14A of the Income Tax Act 1961 (IT Act) read with

Newsflash - Newsflash Draft Rules for Determination of Fair Market Value and Reporting Requirement - Indirect Transfer of Shares

30 May 2016
Post the retrospective amendment introduced by the Finance Act, 2012, India taxes the capital gains arising to a non-resident on transfer of shares of a foreign company if such shares derives its value substantially from the assets located in India ( i.e.  the fair market value (FMV) of  assets located in India exceeds Rs.

Newsflash - India and Mauritius sign protocol amending the tax treaty

11 May 2016
The Protocol for amendment of the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains between India and Mauritius was signed by both countries today at Port Louis, Mauritius. The key features of the Protocol are summarized in this newsflash.

Newsflash - Certain significant amendments made to the Finance Bill, 2016

11 May 2016
The Finance Bill, 2016 was introduced in the Lok Sabha on 29 February 2016 and it was passed by the Lok Sabha recently on 5th May 2016. We are pleased to release our newsflash which covers some of the significant amendments made during the passage of the Finance Bill in the Lok Sabha

RSM India - Compliance Calendar 2016-17

26 April 2016
RSM India is pleased to upload the Direct Taxes and Service Tax Compliance Calendar for the year 2016-17. The compliance calendar covers the most relevant due dates, applicable forms and other compliances applicable to Companies, Partnership firms / LLPs and Individuals / HUFs.

Newsflash - Overview of the Draft Foreign Credit Rules released by CBDT

22 April 2016
For companies and other business entities having cross-border transactions, wherein they are eligible to claim credit of foreign tax against their taxable income in India, there did not exist a mechanism for availment of such credit.

Implications on CSR spending of the proposed amendment to the definition of Foreign Source under the FCRA Regulation

12 April 2016
One of the major proposals in the Finance Bill 2016 pertain to amendment to be brought in the Foreign Contribution Regulations Act, 2010 (‘FCRA’) by amending the definition of ‘foreign source.’ Pursuant to the proposed change, which if legislated would facilitate smoother movement of funds by the Indian companies (which are foreign owned), which are required to man

THE NEW AXIS OF FINANCIAL REPORTING - IND AS AND ICDS

4 April 2016
The publication 'The New Axis of Financial Reporting - Ind AS and ICDS' is prepared by RSM Astute Consulting Pvt. Ltd. (the Indian member of RSM) to provide readers a broad understanding of applicability of Ind AS and Income Computation and Disclosure Standards (ICDS) and some key differences with IFRS and Indian Standards.

White Paper - Income Computation and Disclosure Standards (‘ICDS’)

4 April 2016
The Central Government has notified 10 income computation and disclosure standards vide Notification No. 32/2015 dated 31 March 2015. The notified tax standards are likely to create a substantial impact in the approach and methodology of computing and offering the income to Income-tax.

Newsflash - New ITR forms notified for A.Y. 2016-17 - Schedule ICDS inserted

4 April 2016
Recently, the CBDT has notified new ITR forms Forms Sahaj (ITR-1), ITR-2, ITR-2A, ITR-3, Sugam (ITR-4S), ITR-4, ITR-5, ITR-6, ITR-7 for AY 2016-17 vide Notification no.24/2016 dated 30 March 2016.

Newsflash – Karnataka State Budget 2016-17

29 March 2016
Karnataka Value Added Tax  KVAT, 18 March 2016  Entertainment Tax Click here to download  

Newsflash – Central Excise Duty on Articles of Jewellery - Certain key aspects of the Finance Bill, 2016

28 March 2016
Through its Finance Budget, 2016, the Government of India has re-introduced Excise Duty on articles of jewellery with effect from 1 March 2016. This newsflash attempts to summarise some of the significant implications, on account of the said levy on the manufacture and sale of Jewellery.

Newsflash-Maharashtra State Budget 2016-17 - Key Highlights

23 March 2016
On 18 March 2016 Maharashtra Finance Minister has presented the State budget for the year 2016-17. The changes effected in various regulations shall be effective from a date to be notified unless otherwise specified . This newsflash brings to you certain key aspects of the Maharashtra State Budget 2016-17.

White Paper - Base Erosion and Profit Shifting

23 March 2016
The integration of national economies and market has increased substantially in recent years putting a strain on the international taxes, which were devised many years ago.

Newsflash – State VAT Updates

10 March 2016
Various States have issued VAT notifications and during the period February and March 2016.  This newsflash summarises certain relevant circulars / notifications issued by various States in respect of their VAT laws, for the period 1 February 2016 till 8 March 2016.

Budget buzz on Dalal Street: Investors fear changes in STT, DDT, capital gains tax

17 February 2016
Views of Dr. Suresh Surana (Founder, RSM Astute Consulting) Government is committed to reducing litigation and has recently taken certain measures, such as setting up of tax simplification committee and acceptance of the judicial rulings in the case of Vodafone/Shell, etc. 

Budget Expectations 2016 – Corporate Taxes

17 February 2016
Article by Dr. Suresh Surana (Founder, RSM Astute Consulting)  

Non-filing of income tax return invites penalty

17 February 2016
In today’s busy life, many people may fail to file income tax returns. However, it is imperative that every person who has taxable income above the basic exemption files tax return in time.

This is how you can save tax this year

17 February 2016
With the end of financial year just around the corner, it is time to save certain amount of taxes by investing in prescribed instruments which are eligible for deductions. Chapter VI-A of the Income-tax Act primarily provides for deduction on certain payments and deduction on certain incomes.

Companies Act 2013 – Summary Note on Borrowings by Private Companies

9 February 2016
The objective of this summary note is to give an indicative list of persons / entities whom a private limited company generally approaches to raise funds by way of borrowings and the terms and restrictions on making such borrowings as prescribed under the Companies Act, 2013.

Newsflash – Section 135 of the Companies Act, 2013 - FAQs on Corporate Social Responsibility

1 February 2016
Section 135 of the Companies Act, 2013, Schedule VII of the Act and Companies CSR Policy Rules, 2014 read with General Circular dated 18 June 2014    issued by the Ministry of Corporate Affairs (MCA), provide the broad contour within which eligible Companies are required to formulate their CSR policies  including activities to be undertaken and implement the same i

Newsflash – Significant Highlights of Draft Recommendations of Income Tax Simplification Committee

28 January 2016
On 27 October, 2015, the Government of India had constituted a 10-member Committee under the Chairmanship of Justice R.V Easwar, former Judge of the Delhi High Court with a view to simplify the provisions of the Income Tax Act, 1961.

Newsflash – Startup Revolution in India

28 January 2016
Startup India is a flagship initiative of the Government of India, intended to build a strong eco-system for nurturing innovation and Startups in the country that will drive sustainable economic growth and generate large scale employment opportunities. The Government through this initiative aims to empower Startups to grow through innovation and design.

Taxpayers should not worry about the tighter PAN norms

20 January 2016
The income-tax department, recently, changed the regulations that require individuals to quote their permanent account number (PAN) for certain high value transactions. The rules, applicable from 1 January 2016, rationalises the earlier law and benefits taxpayers in many ways.   This write-up includes Dr. Suresh Surana’s views on the same.

Why this POEM spooks corporate India

20 January 2016
The Finance Act, 2015, amended the provisions of the provisions of income tax act relating to determination of residence of a company. According to the amended provisions, a company would be said to be resident in India in any previous year, if it is an Indian company, or its Place of Effective Management (POEM) in that year is in India.

NF-Employees PF and Miscellaneous Prov. Act,-Removal of grace period of 5 days for payment of contribution by employers

18 January 2016
Vide its Circular dated 8 January 2016 EPF Authorities have removed the grace period of 5 (five) days for payment of PF contribution by Employers. Hence, the employer is now required to pay the contribution within 15 days of close of every month without any grace period.   

Taxability Of Income And Wealth Of Minor On Completing 18

18 January 2016
From the wealth tax perspective, it is important to note that the clubbing provisions shall still be applicable and the parent shall be subject to wealth tax in case where the asset has been transferred to a minor child without any consideration.

‘Myths and misunderstandings – Wrong perceptions regarding gift tax on residential properties.’

18 January 2016
There is a myth that there is no Gift Tax in India. Although there is no separate Gift Tax Act prevailing in India, the receiver of the gift may be subject to tax on the amount of the gift received under the Income Tax Act, 1961. However, there are certain exemptions by which the receiver shall be exempt from the applicable tax without any upper limit.

Why compiling tax-saving investment proofs is important’

18 January 2016
Employees are asked to submit the investment proofs towards the end of the financial year by the employers to verify and calculate the actual income tax liability. Submission of timely accurate details of investment to the employer makes sure that no heavy TDS is made in the later part of the financial year

Are you an HNI? here are 5 ways to save your tax

8 January 2016
In taxation parlance, pursuant to the recent Finance Act 2015 which has been legislated, 2 per cent additional surcharge has been proposed on individuals having a taxable income of Rs 1 crore (Rs 10 million) and above. Therefore, the individuals falling under this category of tax payers, can be perceived as the high net worth investors, or HNIs, class.

Newsflash - Significant Changes effected under the Payment of Bonus (Amendment) Act, 2015

6 January 2016
The Government of India has notified the Payment of Bonus (Amendment) Act,2015 on 31 December,2015, which provides for the annual payment of bonus to employees of factories with 10 or more persons and  establishments employing 20 or more persons and such other establishments that may be notified by the appropriate government.

Newsflash - Draft Guiding Principles for Determination of 'Place of Effective Management' of a Company

30 December 2015
Draft guiding principles for determination of place of effective management of a company; place of effective management, foreign company will be treated as resident in India if its place of effective management; Location of Head Office; Use of modern technology in conducting meeting.

No Form 5CA and Form 15CB required in case of payment for import - CBDT Notification dated 16th December 2015

23 December 2015
Currently, a person making foreign remittance has to obtain a certificate from a Chartered Accountant in Form 15CB and electronically furnish an undertaking in a Form 15CA.

India - US Cross Border Business - A Guide to Indian Tax & Regulatory Aspects

23 November 2015
India is considered to be the fastest growing economy in the world, with an estimated growth rate of 7.3% for the current financial year 2015-16 inspite of uncertain global outlook.

Newsflash - Significant Highlights - Liberalization of the FDI Policy in India

17 November 2015
India’s macroeconomics variables have improved considerably in the past year and significant measures have been taken recently to revisit the Foreign Direct Investment (FDI) policy, with a view to further ease of foreign investments into the country.

Transfer pricing - CBDT notifies rules for range & multiple year data; sets range at 35th-65th percentile

10 November 2015
Analysis of Final Rules issued by CBDT on ‘Range Concept’ & ‘Multiple year data’

UK - OECD delivers game changing tax measures

4 November 2015
UK - OECD delivers game changing tax measures

Tax implications of buying property abroad

3 November 2015
Indians nowadays are increasingly buying properties overseas, particularly in London, New York, Singapore and Dubai. It is critical for them to study foreign exchange regulations and tax provisions of the relevant country as well as India before they make buying decisions.

Network security in the digital age

3 November 2015
Need for Network Security / IT Security and IT Systems Audit:  Majority of the businesses have invested heavily in IT. The purchase of IT or network equipment continues to be the largest category of industry spending for all types of capital equipment. Almost all IT applications are dependent on network for variety of basic business activities.