RSM India

Consulting insights

Calculate Tax From Your Investments In Mutual Funds And Stocks

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

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

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

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

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

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

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

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

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

Tax Guru

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

Changing Role and Responsibility of CFOs – A Checklist

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

Filing Tax Returns

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

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

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

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

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

Stimulus Package, With Conditions Apply

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

Reviving Indian Economy - Bold Tax Measures Required

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

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

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

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

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

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

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

Lower tax collected at source rate on funds remitted for education

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

TCS on education loan makes getting a foreign degree more expensive

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

Newsflash - Overview of the New Labour Codes

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

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

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

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

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

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

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

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

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

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

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

Newsflash on Overview of Companies Amendment Bill, 2020

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

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

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

Newsflash on Schemes for Development of Pharmaceuticals Industry

25 September 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

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

Raising Capital, Removing Tax Barriers for Businesses

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

Last date to pay your advance tax | The Money Show

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

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

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

How RIL and Jio platforms raised billions without paying any tax

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

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

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

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

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

How to respond to income tax notice online

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

Tax Guru

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

Equipping Enterprises with Cyber Threat Intelligence in COVID Times

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

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

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

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

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

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

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

Widening the scope of SFT can affect taxpayers in many ways

7 September 2020
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.

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

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

The Dash For Cash In Times Of Corona

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

India Widens Taxation of Cross Border E-Commerce Transactions

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

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

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

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

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

Tax Guru

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

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

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

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

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

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

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

Improve FD returns with tax deferral

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

SEBI shortlists six 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.

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.

White Paper on GST Implications for FMCG Industry

15 April 2020
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.

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 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

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.

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.

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.

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’).

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:

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.

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    

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.

Pharma and Lifesciences Industry – Certain Tax, Regulatory and Governance Aspects

7 February 2019
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.

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.'

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

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.

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 - 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.

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.

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.

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)

Petya/Petwrap Ransomware Attack - Newsflash

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

Highlights of 17th GST Council Meeting & Notifications issued under GST

21 June 2017
https://www.rsm.global/india/sites/default/files/media/rsm_india_newsflash-highlights_of_17th_gst_council_meeting_and_notifications_issued_under_gst.pdf

Newsflash - Changes in Import Export Code with the introduction of GST

15 June 2017
https://www.rsm.global/india/sites/default/files/media/newsflash_-_chang...  

Newsflash - Service Tax Liability Shifted on Importer in case of Ocean Freight

14 June 2017
https://www.rsm.global/india/sites/default/files/media/newsflash_-_servi...  

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 - 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.

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.

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.

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 – 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.

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.   

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.

Network security in the digital age

3 November 2015
Need for Network Security / IT Security and IT Systems Audit:  Majority of the businesses have invested heavily in IT. The purchase of IT or network equipment continues to be the largest category of industry spending for all types of capital equipment. Almost all IT applications are dependent on network for variety of basic business activities.

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