RSM India

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

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 entities for implementation of custom-made governance policy

23 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 The New Indian Express.

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.

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, May 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.

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.

Overview of GST implications on Developers and Contractors - Concept Note

16 June 2017
The key highlights of this Concept Note on Overview of GST implications on Developers and Contractors include:

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)

Newsflash - Foreign companies having turnover of Rs. 50 crore or less kept outside the scope of POEM

24 February 2017
Dear Sir / Madam,   We are pleased to share with you our newsflash on the captioned subject.  

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.

The REIT Way To Invest

18 January 2016
Real estate has always been the Indian investor’s preferred choice, even if it means investing in just a plot of land. The sharp rise in prices of both residential and commercial real estate over the past few years, however, has made investing in property a difficult proposition for most ordinary Indian investors.

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.

Newsflash - Certain amendments in MVAT Act, 2002

17 November 2015
Maharashtra VAT Department has issued the Notification No VAT. 1515/ CR-81/Taxation-1 dated 5 November 2015 for increase in Interest Rate for delay of VAT payment with effect from 1 December 2015. Further, Maharashtra VAT Department has issued Trade Circular No.

News flash: Certain Recent changes - proposals in Labour Laws.

10 November 2015
In India, the Employees Provident Fund is a very important and secured form of Social Security Tool for an Industrial Workers/employee.

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’

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.