Whether serving public sector organisations, owner managed businesses, private individuals or listed companies with overseas operations, our goal is to help our clients achieve their ambitions.
Whether serving public sector organisations, owner managed businesses, private individuals or listed companies with overseas operations, our goal is to help our clients achieve their ambitions.
How to save tax without fresh investments
'The month of March marks the end of the financial year and is the time when taxpayers needs to evaluate their tax liability taking into account eligible deductions, based on their income for that financial year (FY). Not availing certain eligible deductions can result in higher tax outflow.'
LTC benefit on life insurance: Confusion prevails over GST rate
With the confusion prevailing over the effective GST rate on life insurance premium and endowment plans, accounts departments are refusing to allow the premium as eligible benefit under the LTC Scheme.
Planning isn’t all about men alone
Cover Story | Women's Day Special
As per the survey, over 53 per cent of life goals remain unfulfilled for most of the women in India even today because financial planning is still a man-thing.
Your family can help you save on Income Tax
It's tax planning season, and most know about common tax-saving deductions under Section 80C.
In this Business Standard article, Dr. Suresh Surana, Founder, RSM India, explains the clubbing provisions under Section 64 of I-T Act.
Mutual Fund Investment: How will a US citizen PIO residing in India be taxed?
Unlike India, where the tax on gains is payable only on redemption or transfer, in the US the taxpayer has an alternative option of paying the taxes.
Dr. Suresh Surana, Founder, RSM India, explains the taxation in detail to Financial Express.
Pay your family's insurance premiums and PPF contributions to save tax
It's tax planning season, and most know about common tax-saving deductions under Section 80C.
Tax Guru
Dr. Suresh Surana, founder, RSM India, answers readers' queries on various issues pertaining to taxes that need to be paid by the jewellers in AOJ, February 2021 issue.
NRIs determination of residential status again in limelight
Union Budget 2021
The NRIs have always played an enormous role in India’s growth and economic progress due to investments in India and remittances made to India.
Remember to avail of tax benefit on health check-up under Section 80D
It’s that time of the year when your employer asks you to submit proof of investment in income-tax (I-T) saving products, so that it can deduct the correct amount of tax deducted at source (TDS).
Three questions you may still have related to new rule around Ulip taxation
Union Budget 2021
The gains from Ulips are not exempted under Section 10(10D) in case the sum assured is less than10 times the annual insurance premium of the policy
Dr. Suresh Surana, founder, RSM India, discusses some of the measures with Livemint.
Tax Guru
Dr. Suresh Surana, founder, RSM India, answers readers' queries on various issues pertaining to taxes that need to be paid by the jewellers in AOJ, January 2021 issue.
Affordable Housing gets shot in the Arm
Union Budget 2021
Dr. Suresh Surana, founder, RSM India, shares his insights on the targeted measures that would help to boost the activity in the real estate sector with Taxmann.
Affordable Housing gets shot in the Arm
Union Budget 2021
'A host of measures have been proposed in the Finance Bill 2021, which is targeted to provide relief to both the affordable house buyers as well as the developers of affordable housing projects.'
Affordable Housing gets shot in the Arm
Union Budget 2021
Dr. Suresh Surana, founder, RSM India, shares his insights on the targeted measures that would help to boost the activity in the real estate sector with CanIndia.
Affordable Housing gets shot in the Arm
Union Budget 2021
Dr. Suresh Surana, founder, RSM India, shares his insights on the targeted measures that would help to boost the activity in the real estate sector with Socialnews.xyz.
Affordable Housing gets shot in the Arm
Union Budget 2021
Dr. Suresh Surana, founder, RSM India, shares his insights on the targeted measures that would help to boost the activity in the real estate sector with The Siasat Daily.
Affordable housing gets shot in the arm
Union Budget 2021
Dr. Suresh Surana, founder, RSM India, shares his insights on the targeted measures that would help to boost the activity in the real estate sector with IANS.
Budget 2021 – Expected government reduce non-resident status period from 182 to 120 days didn’t happen
Union Budget 2021
For NRIs stuck in India due to COVID-19, the tax problem persists. But mismatch in taxation period and retirement benefit funds will be addressed.
No residency rules tax relief for NRIs stranded due to Covid for FY 2020-21 in Budget 2021
Union Budget 2021
NRIs stuck in India due to the coronavirus pandemic have not been given any relaxation in residency criteria for FY 2020-21 by Budget 2021.
Nothing more nothing less mixed budget for taxpayers
Union Budget 2021
Senior citizens, who are above 75 years of age or above and don’t have any income apart from pension and interest bank from the same bank, do not need to file their income tax return (ITR).
Budget 2021: Residency problem persists for NRIs, but retirement fund glitches removed
Union Budget 2021
For NRIs stuck in India due to COVID-19, the tax problem persists. But mismatch in taxation period and retirement benefit funds will be addressed.
What tax experts expect for individuals in Budget 2021
Union Budget 2021
Due to the impact of the covid-19 pandemic on the economy, the finance minister has little room to provide any big relief for individuals in the Union Budget.
10 terms you should track and decipher in the Budget 2021-22 document
Union Budget 2021
Experts say the terms mirror the govt's intentions, priorities and policies and provide a hint of financial resources among various sectors.
Budget 2021 Wishlist: Focus on corporate taxation
Union Budget 2021
As the nation emerges from the pandemic and its economic aftermath, it is expected that the primary focus of the 2021 Union Budget will be on reviving growth and employment and laying down the roadmap for restoring the fiscal discipline in a phased manner.
Tax relief will help manage covid pain
Every year, the government introduces some tax measure either to lower the tax burden or to ease tax compliance for taxpayers.
Dr. Suresh Surana, Founder, RSM India, and other experts suggest that it will be good if important deductions are made available in the new tax regime.
Out, You Taxing One!
When normalcy prevails, you try to maximise tax benefits by spreading your investments through the year. That steady, planned approach helps you mop up the Rs 1.5 lakh deduction under Section 80C. The special set of situations you witnessed in 2020 threw that out of gear in specific ways.
Income tax refund of this amount will not be paid by tax dept
As per government press note, if the amount of tax refund or tax payable is less than Rs. 100, then you are neither liable to pay such tax demand amount nor will you receive such refund amount in your pre-validated bank account.
Senior citizens: Strike a balance between tax saving and liquidity
The government offers several benefits to senior citizens in the matter of income-tax (I-T). Such benefits come either in the form of enhanced deductions or relaxations in tax-filing procedures.
Faceless penalty scheme to help boost transparency, compliance
To further digitize the interaction between the taxpayers and the income tax authorities, the government notified the “faceless penalty scheme" (FPS) last week.
Covid-19 impact: Companies bolster risk handling after a year of bouncers
After the Covid-19 pandemic, companies are carrying over their learnings in managing unforeseen risks, following the events of 2020.
Read more in this Business Standard article, with views by Dr. Suresh Surana, Founder, RSM India.
Why timelines to get Sections 54, 54F tax benefit need to be longer
Union Budget 2021
With the budget around the corner, the Mint Money team has zeroed in on some pain points in taxation that the government may want to address.
Dr. Suresh Surana, Founder, RSM India, among other experts, discusses these with Livemint today
Avoid filing revised income tax returns for faster processing under the Jhatpat scheme
The Jhatpat processing facility helps in new return filings through ITR1 and ITR4. But filing revised returns will lead to scrutiny.
Tax return filing deadlines extended: Complete the process quickly to save on interest and penalty
On account of the disruption due to the COVID-19 pandemic, the Income Tax Return filing deadline for the assessment year 2020-21 has been extended for the third time to January 10, 2021.
De-jargoned: Buyback vs open offer
This financial year, buybacks were mostly done to reward shareholders. Buybacks are voluntary unlike open offers which are automatically triggered based on Securities and Exchange Board of India (Sebi) guidelines.
Last-minute filers can expedite tax return processing with Jhatpat scheme
There is good news for last-minute ITR filers, who have yet to file their returns for fiscal year 2019-20.
The I-T department has introduced Jhatpat processing for quick processing of tax returns.
Filed income tax returns months ago and still await refunds? Here’s what you must do
Though the tax-filing deadline has been moved to December 31, 2020, the non-receipt of tax refunds is worrying those who filed their returns way back in June-July 2020.
Income Tax Return: Whether to show pending salary, contributions in ITR or not
Once the salary is actually received, the employer's contribution to NPS is also treated as received, even if it is not deposited into the NPS account.
Read Dr. Suresh Surana, Founder, RSM India, views in this article with Financial Express.
Tax Guru
Dr. Suresh Surana, founder, RSM India, answers readers' queries on various issues pertaining to taxes that need to be paid by the jewellers in AOJ, December 2020 issue.
RSM India – “Building A Home-Grown World-Class Institution”
The prestigious Dun & Bradstreet publications ‘Leading SMEs of India 2020’ and ‘Leading Mid-Corporates of India 2020’, released recently, feature our firm and talk about our service areas, culture and key growth drivers.
How Viviana Mall Reinvented Itself And Bounced Back Post Lockdown?
Keeping up with current shift, Viviana Mall has been reworking its business model, coming up with strategies to provide a safe and convenient shopping environment.
Got lots of gifts on Diwali? Know tax implications
During the Diwali festival, people share their happiness by way of exchanging gifts. However, there are chances that such gifts may unknowingly attract income tax provisions.
Number of CERT-In empanelled cybersecurity auditors reduced to 33
The number of Indian Computer Emergency Response Team (CERT-In) empanelled information security organisations has been reduced from 90 to 33. RSM India is now among the 33 CERT-In empanelled auditors until October 31, 2023.
Delay in LTC Cash Voucher Scheme notification may make it difficult to claim full benefit
Although it has been almost a month since the scheme was announced, many private sector companies are waiting for the final notification CBDT before extending the benefit to its employees.
Tax Guru
Dr. Suresh Surana, founder, RSM India, answers readers' queries on various issues pertaining to taxes that need to be paid by the jewellers in AOJ, November 2020 issue.
Calculate Tax From Your Investments In Mutual Funds And Stocks
It has become imperative to understand the tax obligations attached to income earned from trading or investing in stocks and MFs.
Dr. Suresh Surana, Founder, RSM India, shares his thoughts in this Outlook Money story.
Planning to buy a house? Do it within 7 months to gain from FM's largesse
To boost real estate demand this festive season, the finance ministry recently announced income-tax relief for home buyers and developers.
In this Business Standard story, Dr. Suresh Surana, founder, RSM India, explains what this means for developers.
Work from Home? Here is how reimbursements and allowances will be taxed
The work from home mode has made many employees offer newer allowances, but has rendered certain existing ones redundant. Find out how these allowances will be taxed. Dr. Suresh Surana, Founder, RSM India, among others, share their views with Moneycontrol.
Receiving pricey diwali gifts from your non-relatives will attract taxes
Taxation of Diwali gifts
In Business Standard today, Dr. Suresh Surana, Founder, RSM India, discusses tax liabilities on gifts received during Diwali.
LTC Scheme: Can you take LTC advance, auto loan to buy a car?
Planning to buy a car to avail the benefit of the LTC Cash Voucher Scheme?
Dr. Suresh Surana, founder, RSM India explains how you can avail the benefit of the LTC scheme on the goods purchased or services availed, in Financial Express.
Tax Guru
Dr. Suresh Surana, founder, RSM India, answers readers' queries on various issues pertaining to taxes that need to be paid by the jewellers in AOJ, October 2020 issue.
Changing Role and Responsibility of CFOs – A Checklist
Covid-19 and the impact on businesses has increased the responsibilities of CFOs manifold due to the heightened risk of corporate failures, defaults in meeting financial and statutory obligations and litigation.
Filing Tax Returns
With the deadline for filing income tax returns (ITR) approaching, Business Today takes a look at the significant changes in the process this year.
Dr. Suresh Surana, Founder, RSM India, discusses options for the individual taxpayer
New tax regime doesn't allow LTC cash voucher tax benefit: Experts
The government had on Monday announced an LTC cash voucher scheme, in Economic Times, Dr. Suresh Surana, Founder, RSM India, explains why the scheme offers an alternate opportunity to taxpayers to claim LTC benefits in times of pandemic.
Will Sebi’s New Norms For Debenture Trustees Benefit Investors?
As per the new norms for Debenture Trustees (DT) issued by Securities and Exchange Board of India (Sebi) on October 13, 2020, there would be a process to be followed during default by issuers of the listed debt securities.
Stimulus Package, With Conditions Apply
The government had on Monday announced an LTC cash voucher scheme, which allows full payment of leave encashment along with tax free fare payment by government employees
Reviving Indian Economy - Bold Tax Measures Required
The government has acted decisively to counter both Covid 19 crisis and protecting national sovereignty but needs to act similarly on the economic front.
In this backdrop, what should be India’s response?
Cash in lieu of LTC to provide part reimbursement, tax benefits on spending by employees
Is the LTC Cash Voucher Scheme creating a demand pool for the beaten down sectors?
Dr. Suresh Surana, Founder, RSM India, explains what the scheme entails, in this exclusive on Financial Express.
Tax returns: Made high-value transactions or large investments? The new Form 26AS captures it all
Before you start your return filing process, go through Form 26AS to verify the tax deducted from your income. This year, a new format with details on high-value financial transactions came into effect from June 1, 2020.
Imposition of TDS/TCS: What would be the impact on online transactions?
From 1 October 2020, section 194-O has also been introduced under the I-T act, which imposes 1% concession tax on e-commerce transactions and 5% in absence of PAN card and Adhaar card.
Lower tax collected at source rate on funds remitted for education
Dr. Suresh Surana, Founder, RSM India talks about the new Income-tax (I-T) rule on foreign exchange transactions that has come into effect from October 1, through the Finance Act 2020, Government of India.
TCS on education loan makes getting a foreign degree more expensive
The overall cost of pursuing foreign education shall increase for students due to the applicability of TCS. Apart from foreign education, the TCS rule will make foreign tour packages expensive as well.
Widening of TCS, TDS Net: Know where taxes to be collected, deducted
Section 194-O has been introduced in the Finanace Act 2020, wherein e-commerce operators are now required to deduct tax at source for facilitating any sale of goods or providing services through and e-commerce participant.
With Covid restrictions gone, demonetisation cash deposits back under the taxman's scanner
In Economic times today, Nirav Jogani, RSM Astute Consultech, the Directorate General of GST Intelligence talks about the investigation wing of the GST department and notices for cash deposit during demonetization.
How tax will be collected at source from individuals on these transactions from Oct 1
From October 1, TCS will be levied on foreign remittances made through the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India (RBI) and for buying foreign travel packages.
The Finance Act 2020 widened the scope of Section 206C of the Income-tax Act, 1961 which deals with the collection of tax at source to cover within its ambit transactions of foreign remittance through Liberalised Remittance Scheme (LRS), selling of overseas tour package as well as TCS on sale of goods over a limit.
The Government has notified the last date from benefits under Merchandise Exports from India Scheme (MEIS) and also fixed a ceiling for maximum benefits available during period 1 September 2020 to 31 December 2020. For more details refer to our attached newsflash on captioned subject.
Continuing our endeavor to keep you updated with the regulatory changes on a near real-time basis, we are now pleased to share our newsflash on the ‘Companies (Amendment) Bill, 2020.’
The Department of Pharmaceuticals released four schemes in relation to development of bulk drugs and medical device parks to promote domestic manufacturing in pharmaceutical industry.
Investors must prepare tax-filing checklist early to avoid hiccups
In Business Standard today, Dr. Suresh Surana, founder, RSM India advises investors who engage in frequent share transactions to compile their tax-filing data early, for Assessment Year 2020-2021.
Raising Capital, Removing Tax Barriers for Businesses
It is imperative that companies are able to raise funds to survive and grow their businesses, in order to overcome the unprecedented financial and economic challenges due to the COVID-19 crisis. However, there are certain tax provisions that are acting as major roadblocks in raising funds.
RIL announced the largest, fastest fund-raise so far in India Inc.
Dr. Suresh Surana, founder, RSM India, discusses with Communications Today, how smart deal structuring helped them achieve multiple objectives
How RIL and Jio platforms raised billions without paying any tax
Between April 22 and July 15 this year, Reliance Industries Ltd (RIL) announced the largest, fastest fund-raise so far in India Inc – more ₹1.5-lakh crore through a stake sale of about 33 per cent in its subsidiary Jio Platforms to 13 marquee foreign investors.
Income for FY 2019-2020, below taxable limit? You may still need to file ITR
The Finance Act, 2019, has made it mandatory for certain categories of taxpayers to pay tax.
Dr. Suresh Surana, founder, RSM India discusses the applicable threshold limits as per amendments of the Act.
No taxable income, but you may still have to file ITR
In Rediff, Dr. Suresh Surana, founder, RSM India discusses the applicable threshold limits as per amendments of the Act, to file an ITR.
How to respond to income tax notice online
An ITR filed but not verified is treated as an invalid return by the income tax department. An invalid return would mean that you have not filed the ITR for a particular assessment year.
Tax Guru
Dr. Suresh Surana, founder, RSM India, answers readers' queries on various issues pertaining to taxes that need to be paid by the jewellers in AOJ, August 2020 issue.
Equipping Enterprises with Cyber Threat Intelligence in COVID Times
Cyberattacks can potentially disrupt business and can lead to derailment of the company for an hour, a day, a month, a year or forever. Experts predict that by 2021 cybercrimes will cost trillions of dollars.
Can't fill Section 80C limit? Use NPS Tier-II tax saver scheme
The PFRDA has released operational guidelines for the NPS Tier-II Account Tax Saver Scheme, 2020. Dr. Suresh Surana, founder, RSM India explains how this scheme provides a good investment avenue for generating long term returns.
You may have to file ITR this year even if your income is below taxable limit
Here's the criteria to keep in mind to find out if you are liable to file ITR or not. Dr. Suresh Surana, founder, RSM India discusses this and more with Livemint today.
I-T dept to keep a closer watch on your financial transactions
SFT, a government initiative under which institutions report specified transactions to the IT department in order to catch evaders.
Dr. Suresh Surana, Founder, RSM India, explains how this can impact you on Livemint Podcast, today.
Widening the scope of SFT can affect taxpayers in many ways
MINT's Expert Speak on SFT today, 24 Aug 2020, features an opinion by Dr. Suresh Surana, Founder RSM INDIA on how citizens may face hardship if govt. keeps thresholds low.
The Dash For Cash In Times Of Corona
A recent RBI report (July 2020) stated that “COVID-19 related uncertainties have resulted in an outflow from mutual funds and a flight to currency (cash) holdings”.
You may have to file ITR even though your income might not be taxable
You may have to file ITR even though your income might
The Finance Act, 2019, has made it mandatory for certain categories of taxpayers to do so.
Tax Benefits u/s 80D: How to divide health insurance premium to claim deduction for more than 1 year
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
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
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
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
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
Can tax deferrals help?
Dr. Suresh Surana, founder, RSM India explains how tax deferrals can enhance your investment returns, in The Hindu Business Line.
SEBI shortlists six consulting firms for IT and risk overhaul
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
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.
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
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:
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.
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.
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
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
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
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
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
Dr. Suresh Surana, founder, RSM India, answers readers' queries on various issues pertaining to taxes that need to be paid by the jewellers in AOJ, June 2020 issue.
Opted for moratorium on home loan EMIs? Here's what will happen to your tax-savings
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
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
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
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
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
In ET Wealth online today, Dr. Suresh Surana, Founder, RSM India, explains how salaries will be taxed as per income tax laws.
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?
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
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
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
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
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
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
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
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 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.
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
Dr. Suresh Surana, Founder, RSM India discusses some of the provisions to save taxes on capital gains through adjustments/investments.
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
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
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?
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
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
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 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.
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.
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.
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.
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
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.
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
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.
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.
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:
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.
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.
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.
The FMCG sector has been one of the engines of growth in India and is poised to become the fourth largest sector in the Indian economy. Also, the FMCG industry is one of the most regulated industry and there are various regulations and food safety and product safety standards that are applicable to it.
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.
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
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.
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:
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:
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:
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.
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
Read RSM India views on how IT department might ask for ‘bloated’ income, EconomicTimes.com
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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
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
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
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
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
Common queries of NRI homebuyers answered on Livemint.com by Dr. Suresh Surana, Founder, RSM India
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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.
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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
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.
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.
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’).
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:
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.
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
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.
The pharmaceutical industry in India ranks 3rd in the world in terms of volume and 14th in terms of value according to Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers. Indian drugs are exported to more than 200 countries in the world, with the U.S. as the key market.
“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.
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
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.
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
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.
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.
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.
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
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.
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.
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.
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.
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
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.
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.
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.
Need for Network Security / IT Security and IT Systems Audit: Majority of the businesses have invested heavily in IT. The purchase of IT or network equipment continues to be the largest category of industry spending for all types of capital equipment. Almost all IT applications are dependent on network for variety of basic business activities.
