Real estate and construction

Our service offerings for the Real Estate and Construction industry

The Indian infrastructure (construction) and real estate industry is playing key role in the nation’s progress towards achieving the status of ‘developed nation’ from a ‘developing nation’. However, there is a consensus that infrastructure inadequacies would constitute a significant constraint in realising our growth potential.

An ambitious program of infrastructure investment has therefore been evolved for strengthening and consolidating recent infrastructure and real estate related initiatives. To supplement the estimates of Gross Capital Formation in infrastructure, the Planning Commission has made projections of public-private investments in each sector, basing these on a detailed review of sectoral trends and projected expenditures.

The Indian real estate sector plays a significant role in the country's economy, which is second only to agriculture in terms of employment generation and contributes heavily towards the gross domestic product (GDP). About five per cent of the country's GDP is contributed to by the housing sector.

Almost 80 per cent of real estate developed in India is residential space, the rest comprising of offices, shopping malls, hotels and hospitals. According to the Tenth Five-Year-Plan, there was a shortage of 22.4 million dwelling units. Thus, over the next 10 to 15 years, 80 to 90 million housing dwelling units will have to be constructed with a majority of them catering to middle- and lower-income groups.

Between April 2000 and about end of 2014, the construction development sector received about $24 bn, constituting 10 per cent of the overall FDI into the country during the period.

How we can help:

RSM provides a wide range of professional services to the real estate and construction industry in the following areas:

  • Techno-commercial and / or concurrent internal audits for the real estate sector
  • Internal, special audits to ensure improved efficiency, internal processes and controls
  • IT and IT security advisory services and related audits of hardware, connectivity and software
  • Designing and setting up enterprise wide Standard Operating Processes (SOPs) and systems for uniform working
  • Direct and indirect tax advisory and representation services
  • Concurrent audits of toll plazas (even if they are located at remote places) with focus on cash collection, vehicular movements, security aspects, etc.

Advantage RSM:

  • RSM in India is consistently ranked amongst India’s top six accounting and consulting groups and RSM globally is the seventh largest network of audit, tax and consulting firms
  • Extensive experience in catering to the real estate and construction industry in advisory, taxation and accounting matters across functions and borders
  • Multi-disciplinary team of professionals comprising of Chartered Accountants, Management Graduates, Engineers, Company Secretaries, Cost Accountants and Law Graduates

RSM India: Giving back to the local community

1 December 2022
RSM India: Giving back to the local community   Goal 3 – Good health and well-being To give back to local communities, RSM India has engaged in a number of fundraising activities such as donating to worthwhile causes or volunteering to help the underprivileged and society at large.

Encouraging well-being and sustainable practices at RSM India

1 December 2022
Encouraging well-being and sustainable practices at RSM India   Goal 12 – Responsible consumption and production RSM India has committed to a number of initiatives in order to reduce the Firm’s carbon footprint and wastage, as well as to promote well-being.

Whitepaper - GIFT City - International Financial Services Centre - Fiscal Incentives

28 September 2022
The Gujarat International Finance Tec-City ("GIFT City") is the first and only International Financial Services Centre (“IFSC”) currently operational in India and was operationalised by the Government in 2015. GIFT City is developed as a planned global financial and IT Services hub.

Salary Income - Certain Tax and Legal Aspects 2022

27 September 2022
The phenomenal growth of the Indian economy has resulted in a large number of salaried income tax filers. In India, we are estimated to have 8.50 crore tax-filers and the salaried employees and managerial personnel constitute the largest segment out of the same.

Research Publication: Accounting Implications of Rupee Devaluation, Inflation and Current Geo-Political Scenario

27 September 2022
The current geo-political scenario across the world has given rise to disruption in global supply chain, rise/volatility in prices of crude oil and several commodities, disruption in capital markets, and foreign exchange volatility and so on. Several countries around the world are facing economic crisis and/or recessionary trend.

Research Publication: Accounting Implications of Rupee Devaluation, Inflation and Current Geo-Political Scenario

27 September 2022
The current geo-political scenario across the world has given rise to disruption in global supply chain, rise/volatility in prices of crude oil and several commodities, disruption in capital markets, and foreign exchange volatility and so on. Several countries around the world are facing economic crisis and/or recessionary trend.

Highlights of Recent Key Changes in Overseas Investment Rules Regulations 2022

26 September 2022
The Government with the aim of enhancing the 'ease of doing business' and simplifying the existing framework for overseas investment by persons resident in India to cover wider economic activity and significantly reduce the need for seeking specific approvals has issued new overseas investment rules and regulations.

Karnataka High Court Rules - No TDS on reimbursement of seconded employees’ salary and directs Revenue to issue Nil TDS certificate

26 September 2022
Secondment of employees of foreign entity to Indian subsidiaries has been followed consistently as a general practise to support the Indian operations of the multinational enterprises. The taxability of secondment arrangements and corresponding payments have been subject to judicious examination under direct and indirect tax law over the past many years.

47th GST Council Meeting's Outcome

26 September 2022
The GST Council headed by Finance Minister conducted its 47th meeting on 28 June 2022 and 29 June 2022 in Chandigarh.

CBDT Extends Safe Harbour Rules to AY 2022-23

26 September 2022
On 17 June 2022, Central Board of Direct Taxes (‘CBDT’) issued Notification No. 66 /2022/F. No. 370142/26/2022-TPL. Vide this Notification, the CBDT has extended the Safe Harbour Rules (‘SHR’) to Assessment Year (‘AY’) 2022-23 relevant to the previous year 2021-22. 

CBDT Notifies Books and Records to be maintained by Charitable Trusts and Institutions

26 September 2022
The Finance Act, 2022 had amended Section 12A(1)(b) and tenth proviso to Section 10(23C) of the IT Act so as to mandatorily provide for maintaining books of account and other documents in a prescribed form and manner and at a prescribed place where the total income of certain Trust or Institution, without giving effect to the provisions of Section 10(23C) or sectio

Summary of Recently notified Changes in GST Rates

26 September 2022
In accordance with the recommendations made by the GST Council in its 47th meeting, Central Board of Indirect Taxes and Customs (CBIC) has given effect to several changes in GST rates applicable to supply of various goods/services. All rate changes would be made effective from 18 July 2022.  

Mandatory requirement for Electronic Furnishing of Form 10F in case of Foreign Remittance

26 September 2022
In order to claim benefit of any Tax treaty in respect of any income earned in India, a non-resident is required to furnish certain details in Form 10F alongwith the Tax Residency Certificate (TRC), as per Section 90(5) of the Income Tax Act, 1961 read with Rule 21AB of the Income Tax Rules, 1962.

Summary of recent Circulars issued under GST

26 September 2022
In accordance with the recommendations made by the GST Council in its 47th meeting, Central Board of Indirect Taxes and Customs has issued several clarificatory circulars on prevalent issues under GST. The gist of the said circulars is summarized in the Newsflash.  

Summary of GST Circulars clarifying GST applicability on Liquidated damages, Notice pay recovery etc. and Clarifications on several rate related aspects

26 September 2022
The Central Board of Indirect Taxes and Customs has issued circulars dated 3 August 2022 clarifying applicability of GST on payments in the nature of liquidated damages, notice pay recovery from employees, cancellation charges, etc. and several taxability and rate related aspects as well.  

Pages