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

Webinar 11th March

10 March 2022
E-Workshop - Audit for FY 2021-22 - Schedule III templates for additional requirements and disclosures including ICAI Guidance   You are requested to attend the Virtual Workshop on "Schedule III to the Companies Act, 2013 and CARO 2020: Preparing for the New Disclosure Requirements".  

Applicability of E-invoicing for a person with a turnover of Rs.20 crores or above w.e.f. 1 April 2022

1 March 2022
E-invoicing provisions under GST had been made effective from 1 October 2020 for persons whose aggregate annual turnover exceeds Rs.500 crores. The exemption limit was reduced from Rs.500 crores to Rs.100 crores with effect from 1 January 2021 and further brought down to Rs.50 crores with effect from 1 April 2021.

Valuation and Accounting Estimates under Ind AS Sector-Wise Analysis

1 March 2022
Indian Accounting Standards (Ind AS), the IFRS-converged financial reporting framework, is extensively based on fair valuation measurement base. Ind AS has extensive application of fair valuation, management judgements and accounting estimation, most of which often have a significant effect on the reported financial results and financial position.

Key Highlights of Rajasthan State Budget 2022-23

1 March 2022
The Rajasthan State Budget for financial year (FY) 2022-23 was presented by the State Chief Minister, Shri. Ashok Gehlot on 23 February 2022.   The Budget proposals cover various aspects of the economy, viz. Infrastructure Development, Investment & Economic Growth and Social Development.  

Gujarat High Court allows Condonation Application for Filing Form 10-IC

1 March 2022
The purpose of this newsflash is to highlight the recent judgment in the case of Rajkamal Healds and Reeds Pvt. Ltd. v/s ADIT pronounced by Hon’ble Gujarat High Court (R/SPECIAL CIVIL APPLICATION NO.

New Faceless Appeal Scheme, 2021

1 March 2022
In order to provide efficiency, transparency and accountability by eliminating the interface between taxpayers, Income-tax authorities and Commissioner of Income-tax (Appeals), Central Board of Direct Taxes (‘CBDT’) had notified Faceless Appeal Scheme, 2020 vide Notification nos.

Budget 2022 Impact on Select Industries - Real Estate and Infrastructure Industry

1 March 2022
The Union Budget 2022 is a very progressive budget with focus on growth, investment, and employment as well as stability of tax regime. As per the Economic Survey, GDP for FY 2021-22 is expected to grow by 9.2% and for FY 2022-23 by 8% to 8.5% in real terms making India the fastest growing economy in the world.

Extension of Timelines for Electronic Filing of Various Forms

28 February 2022
The Government has vide Circular no. 16/2021 dated 29th August, 2021 has provided relaxation in making various compliances under the Income Tax Act, 1961 considering the difficulties faced by taxpayers and other stakeholders in Electronic filing of certain Forms  

Changes in Regulatory Provisions related to Independent Directors

28 February 2022
The Securities and Exchange Board of India (SEBI) has at its meeting held on 29th June, 2021,  approved certain amendments to Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (LODR Regulations) pertaining to regulatory provisions related to Independent Directors (IDs).

CBDT extends applicability of Safe Harbour rules to Assessment Year 2021-22

28 February 2022
On 24 September 2021, Central Board of Direct Taxes (‘CBDT’) has issued Notification No.

OECD Statement on a Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy

28 February 2022
On October 8, 2021, Organization for Economic Co-operation and Development (‘OECD’)/G20 Inclusive Framework (‘IF’) has issued statement on Two-Pillar solution to Address the Tax Challenges Arising from the Digitalisation of the Economy.

Key Proposals of The Taxation Laws (Amendment) Bill, 2021

28 February 2022
The Finance Minister presented the Taxation Laws (Amendment) Bill, 2021 (herein referred as ‘the Bill’) in the Lower House of Parliament on 5 August 2021.

Webinar 18th January

14 January 2022
Knowledge sharing webinar on “US Business Operations of Indian Companies – Key Tax & Regulatory Aspects”, hosted by RSM India with the US Tax & Regulatory Experts from RSM USA.   18 January 2022 – Tuesday (6.30 pm to 8.00 pm India Time i.e. 7.00 am to 8.30 am US Central Time)  

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