Consulting insights

Tax Planning that benefit taxpayers not illegal, rules ITAT

8 October 2021

Tax Planning that benefit taxpayers not illegal, rules ITAT The issue of setting off losses from shares against gains from the sale of property rose to prominence recently.

Salaried or earning from business and profession? Not everyone can change Income Tax regimes every year

8 October 2021

Salaried or earning from business and profession? Not everyone can change Income Tax regimes every year As per the Tax Regime changed rules, taxpayers, now have the option to choose between the New and Old Tax Regimes for filing ITR.

Glitches remain on IT portal ahead of finance ministers deadline.

8 October 2021

Glitches remain on IT portal ahead of finance ministers deadline The Income Tax portal remains a festering worry for taxpayers scrambling to file their returns. In Nagpur Today, Dr. Suresh Surana, Founder, RSM India, and other tax experts, talk about the glitches that still remain in the portal.

What is Income Clubbing under taxation?

8 October 2021

What is Income Clubbing under taxation? Income clubbing refers to earnings on investments made by you on behalf of a family or close relative. These earnings are combined, and you are ultimately taxed on your overall earnings.

Glitches remain on IT portal ahead of finance ministers deadline.

8 October 2021

Glitches remain on IT portal ahead of finance ministers deadline The Income Tax portal remains a festering worry for taxpayers scrambling to file their returns. In The Hindu, Dr. Suresh Surana, Founder, RSM India, and other tax experts, talk about the glitches that still remain in the portal.

New vs Old Tax Regime for ITR filing (AY 2021-2022): What should salaried employees choose?

8 October 2021

New vs Old Tax Regime for ITR filing (AY 2021-2022): What should salaried employees choose? The due date of ITR filing has been extended till 31st December 2021. The Income Tax Act provides you with an option to shift from the old tax regime to the new tax regime and vice versa on an annual basis.

Senior citizens above 75 years can avoid filing ITR from next year

8 October 2021

Senior citizens above 75 years can avoid filing ITR from next year The Finance Act, 2021, has inserted Section 194P in the Income-Tax Act, 1961, exempting senior citizens of 75 years or above from filing ITR, provided they fulfil certain conditions.

Senior citizens above 75 years can avoid filing ITR from next year

8 October 2021

Everything you need to know about ITR filing

8 October 2021

Everything you need to know about ITR filing The ITR filing deadline for individual taxpayers is now December 31. In this episode of Money Money Money, Dr. Suresh Surana, Founder, RSM India, along-with other expert discusses everything you need to know about filing your returns.

From this fiscal year, individual need to keep two separate accounts with the EPF

30 September 2021

From this fiscal year, individual need to keep two separate accounts with the EPF According to a statement from the CBDT, if an individual's contribution to the EPF surpasses Rs 2.5 lakh in a financial year, the individual would be obliged to keep two separate accounts from this fiscal i.e., 2021-22.

ITR filing of deceased person: Documents required, steps to be taken by legal heirs

30 September 2021

ITR filing of deceased person: Documents required, steps to be taken by legal heirs A person cannot be absolved of his tax liability, even after death. It's important that legal heirs should be aware of their responsibility of filing the income tax return pertaining to the settlement of dues of the deceased taxpayer.

Tax on Provident Fund: Know how PF contributions, interest will be taxed

30 September 2021

Tax on Provident Fund: Know how PF contributions, interest will be taxed CBDT has issued a notification on August 31, 2021, to make PF contributions over certain threshold limits and the interest on such excess contributions taxable from April 1, 2022.

Sold unlisted shares? Know the tax implications

30 September 2021

Sold unlisted shares? Know the tax implications Compared to a listed company, shares of an unlisted company face lower market risks due to lack of exposure in the capital market, but they do face higher default risk.

Your EPF account will now show taxable and non-taxable balance

30 September 2021

Your EPF account will now show taxable and non-taxable balance The new due date for filing the returns is September 30, 2021. In this Business Standard article, Dr. Suresh Surana, Founder, RSM India informs why taxpayers need to report all the bank accounts held by them & details of certain investments.

Filing your income tax returns? Check your form 26AS details first

30 September 2021

Filing your income tax returns? Check your form 26AS details first As of today, the last date to file your income-tax return is September 30. It is likely that the deadline will be extended, given the glitches in the new income-tax return-filing portal.

Income Tax Return: With glitches in e-filing site yet to be removed, due date extension looks inevitable

29 September 2021

Income Tax Return: With glitches in e-filing site yet to be removed, due date extension looks inevitable Even after two months of its launch on June 6, 2021, the new Income Tax e-filing portal is facing technical glitches that is preventing taxpayers from completing several activities.

Make all mandatory disclosures while filing income-tax returns

29 September 2021

Make all mandatory disclosures while filing income-tax returns The new due date for filing the returns is September 30, 2021. In this Business Standard article, Dr. Suresh Surana, Founder, RSM India informs why taxpayers need to report all the bank accounts held by them & details of certain investments.

Scrutinise costs before investing in ULIPs

29 September 2021

Scrutinise costs before investing in ULIPs The demand for unit-linked insurance plans (Ulips) is on the upswing. In this Business Standard article, RSM India, helps us understand how ULIPs are taxed.

Let's talk abut WFH salaries, the pay cuts and the evolving compensation strategies

29 September 2021

Let's talk abut WFH salaries, the pay cuts and the evolving compensation strategies As remote work becomes increasingly common, many large companies are rapidly changing their compensation models, which includes the location-based pay model.

Attractive though they are, scrutinise costs before you invest in ULIPs

29 September 2021

Attractive though they are, scrutinise costs before you invest in ULIPs The demand for unit-linked insurance plans (Ulips) is on the upswing. In this Business Standard article, RSM India, helps us understand how ULIPs are taxed.

NRI should apply to I-T dept for relief from double taxation

29 September 2021

NRI should apply to I-T dept for relief from double taxation While the deadline for filing an Income Tax Return is approaching, NRIs who were forced to overstay in India because of the pandemic are worried about whether they should file their tax return as ‘resident’ or ‘non-resident’.

NRIs should apply to I-T dept for relief from double taxation: Experts

29 September 2021

NRIs should apply to I-T dept for relief from double taxation: Experts While the deadline for filing an Income Tax Return is approaching, NRIs who were forced to overstay in India because of the pandemic are worried about whether they should file their tax return as ‘resident’ or ‘non-resident’.

Income Tax Portal : Redefining tax compliance and assessment

29 September 2021

Income Tax Portal : Redefining tax compliance and assessment The Finance Minister has said that the new income tax portal 2.0 (incometax.gov.in) would soon be fully functional.

GIFT City route to international equities promises greater security

29 September 2021

GIFT City route to international equities promises greater security Indian investors will soon be able to invest in international stocks via NSE, subsidiary exchange in GIFT City called NSE International Exchange

The pros and cons of withdrawing from your PF for home loan down payment

29 September 2021

The pros and cons of withdrawing from your PF for home loan down payment In this MoneyControl exclusive, Dr. Suresh Surana, Founder, RSM India, shares the pros and cons of withdrawing the PF amount from your EPF for the down-payment of the home loan.

Taxpayers now need to file a quarter-wise breakup of the dividend income

29 September 2021

Taxpayers now need to file a quarter-wise breakup of the dividend income Reporting quarterly is mandatory to claim relaxations of interest exposure on payment of advance tax on dividend income.

If you want to save tax on investment under 80C, then do not make these mistakes

29 September 2021

If you want to save tax on investment under 80C, then do not make these mistakes Section 80C of the Income Tax Act 1961 allows for a deduction of up to Rs 1,50,000 on specific investments, reducing the taxpayer’s tax liability.

Investing in section 80C to save tax? Avoid these common mistakes

29 September 2021

Investing in section 80C to save tax? Avoid these common mistakes Section 80C of the Income Tax Act 1961 allows for a deduction of up to Rs 1,50,000 on specific investments, reducing the taxpayer’s tax liability.

Morning Trade UK: Eye on India — Inflation nation —Power play

29 September 2021

Morning Trade UK: Eye on India — Inflation nation —Power play A new geopolitical calculus involving Brexit and China is driving India and Britain to restart long-dormant trade negotiations this year. The change means a high chance of striking a deal, says Dr. Suresh Surana, Founder, RSM India in this UK based media – Politico.

New Withholding Tax Provisions: Where to Use and How to Use

29 September 2021

New Withholding Tax Provisions: Where to Use and How to Use In this exclusive article in Outlook Money, Dr. Suresh Surana, founder, RSM India provides an overview of the applicability of TDS/TCS provisions as applicable with effect from July 1, 2021.

Make all mandatory disclosures while filing income-tax returns

29 September 2021

Don't forget mandatory disclosures while filing your income-tax returns

27 August 2021

Don't forget mandatory disclosures while filing your income-tax returns The new due date for filing the returns is September 30, 2021. In this Business Standard article, Dr. Suresh Surana, Founder, RSM India informs why taxpayers need to report all the bank accounts held by them & details of certain investments.

Recent Changes – Residential Status for Indian Tax Purposes – NRIs

27 August 2021

Recent Changes – Residential Status for Indian Tax Purposes – NRIs The Finance Act, 2020 and the Finance Act 2021 have made far reaching changes regarding the determination of residential status of NRIs for financial year ended 31 March 2021 and 31 March 2022.

Claiming TDS credit will be difficult if bank doesn’t have PAN data

27 August 2021

Claiming TDS credit will be difficult if bank doesn’t have PAN data If you have not submitted your permanent account number (PAN) to your bank, the bank can deduct TDS at a higher rate of 20% on interest you have earned on deposits. Dr. Suresh Surana, Founder, RSM India, advises on claiming TDS credit in such cases.

Tax Guru

27 August 2021

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 2021 issue.

Taxpayers may find it tough to claim TDS credit if bank doesn’t have pan data

26 August 2021

Taxpayers may find it tough to claim TDS credit if bank doesn’t have pan data If you have not submitted your permanent account number (PAN) to your bank, the bank can deduct TDS at a higher rate of 20% on interest you have earned on deposits. Dr. Suresh Surana, Founder, RSM India, advises on claiming TDS credit in such cases.

How is your investment in the stock market taxed?

26 August 2021

How is your investment in the stock market taxed? How is your investment in the stock market taxed? – A column by Dr. Suresh Surana, Founder, RSM India.

What will be the impact on you if EPF and EPS are separated? What experts have to say?

19 August 2021

What will be the impact on you if EPF and EPS are separated? What experts have to say? As Covid relief measures, the government allowed subscribers to withdraw advances from their PF accounts subject to certain terms and conditions.

Tax-saving fixed deposits. Is it worth investing it anymore?

19 August 2021

Tax-saving fixed deposits. Is it worth investing it anymore? Investments are perceived by investors in a combination of trust, safety, returns, liquidity, while also considering the convenience of transacting.

What are the tax benefits for first-time home buyers?

19 August 2021

What are the tax benefits for first-time home buyers? Financial experts advise that one should start saving early. For many individuals, home buying is the common goal.

Retirement planning: Choosing the right financial instruments is most important for good retirement planning

19 August 2021

Retirement planning: Choosing the right financial instruments is most important for good retirement planning Many fund houses are currently offering retirement funds with a variety of variants. Hence, selecting the correct financial instrument that can augment your wealth after your retirement is of prime importance.

Duration funds can be tricky. Know where to invest in.

11 August 2021

Duration funds can be tricky. Know where to invest in. Investors can choose from a variety of short-term to long-term duration funds, depending on their objectives and risk tolerance. So, what are the best duration funds investors can invest in the current scenario?

Know how to curate a perfect asset allocation with debt instruments

11 August 2021

Know how to curate a perfect asset allocation with debt instruments A 100% allocation in any single category of funds, be it debt or equity, can be detrimental and might result in hefty losses.

Everything you need to know on taxation of NRIs

11 August 2021

Everything you need to know on taxation of NRIs The Finance Act, 2020 and the Finance Act, 2021 made significant changes and clarifications, resulting in considerable confusion regarding the determination of NRIs’ residential status for the fiscal year ended 31 March 2021 and the fiscal year ended 31 March 2022.

Non-tax filers may move to NCDs, debt mutual funds on high TDS fears

11 August 2021

Non-tax filers may move to NCDs, debt mutual funds on high TDS fears Individuals who have not filed their Income Tax in the last few years will now consider the debt products in replacement of fixed deposits because of the likelihood of a higher tax outgo.

Non-tax filers may move to NCDs, debt mutual funds on high TDS fears

11 August 2021

Know these rules before filing ITR if you had pay cuts or withdrew PF

11 August 2021

Know these rules before filing ITR if you had pay cuts or withdrew PF Due to the pandemic, many people have faced unprecedented situations such as pay cuts, pay deferments and job losses, which have created certain tax blind spots.

Opt for REITs if residential rental prices are a downer

11 August 2021

Opt for REITs if residential rental prices are a downer The Securities and Exchange Board of India (Sebi) board has approved the amendment to the Sebi Real Estate Investment Trusts Regulations, 2014. This will make REITs more accessible to the retail investor.

Haven't been issued Form 16? Here is how you can still file your tax return

11 August 2021

Haven't been issued Form 16? Here is how you can still file your tax return The last date to file your income tax return (ITR) for financial year 2020-21 has been extended till September 30, 2021. Keeping in mind the Covid-19 situation, the tax department has extended a few deadlines.

Should you dip into your EPF to make the down payment for your home

9 August 2021

Should you dip into your EPF to make the down payment for your home Due to their competitive and low interest rates, experts believe that home loans are an ideal way to fund your real estate dream over an EPF.

Should you dip into your EPF to make the down payment for your home

9 August 2021

Investors can lock in interest rates for long term with G-secs: Analysts

9 August 2021

Investors can lock in interest rates for long term with G-secs: Analysts Earlier, retail investors could invest in government securities (G-secs) via their broker and stock exchanges. Now, they have the option to open a retail direct gilt (RDG) account with the RBI and participate in both the primary and the secondary market for gilts.

Retirement funds – Check out ways you can ensure healthy returns

9 August 2021

Retirement funds – Check out ways you can ensure healthy returns Many fund houses are currently offering retirement funds with a variety of variants. Hence, selecting the correct financial instrument that can augment your wealth after your retirement is of prime importance.

Should you dip into your EPF to make the down payment for your home

9 August 2021

Should you dip into your EPF to make the down payment for your home

9 August 2021

Don't find residential rental yields attractive enough? Opt for REITs

31 July 2021

Don't find residential rental yields attractive enough? Opt for REITs The Securities and Exchange board of India (SEBI) board has approved the amendment to the SEBI Real Estate Investment Trust Regulations, 2014. This will make REITs more accessible to the retail investor.

Can LGBTQIA persons buy insurance, nominate each other, invest in MFs, take a home loan?

31 July 2021

Can LGBTQIA persons buy insurance, nominate each other, invest in MFs, take a home loan? Transgender couples suffer due to fewer tax benefits and lack of financial products. While some institutions are sensitive and want to offer help, a grey area would exist until Courts in India permit same-sex marriages.

Bharat Bond ETF gave over 6 return. Is it right time to invest?

31 July 2021

Bharat Bond ETF gave over 6 return. Is it right time to invest? Investors who do not wish to take any credit risk and are not looking for a regular income can look at these Bharat Bond ETF funds.

Tax Queries

31 July 2021

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 2021 issue.

File past year returns, avoid higher taxes as new tax provisions kick in

31 July 2021

File past year returns, avoid higher taxes as new tax provisions kick in The CBDT has provided a new functionality — compliance check for Sections 206AB and 206CCA. These sections contain special provisions for TDS/ TCS at a higher rate under certain conditions.

Plan to retiring soon? Here’s how you can boost your savings.

31 July 2021

Plan to retiring soon? Here’s how you can boost your savings. In the case of early retirement, it is necessary for the investor to choose such investment products that generate higher returns within the investment horizon.

Banks to check if you have filed ITR when income crosses TDS limit from July 1, levy 2X TDS if not

31 July 2021

Banks to check if you have filed ITR when income crosses TDS limit from July 1, levy 2X TDS if not As per the announcement made during Budget 2021, taxpayers might have to pay higher TDC/TCS from July 1, 2021, if they have not filed their ITR or do not file their ITR.

Glitches in new e-filing site halt ITR filing: How to kickstart the filing process?

31 July 2021

Glitches in new e-filing site halt ITR filing: How to kickstart the filing process? While the Finance Ministry officials meet today to look into the glitches of the newly launched e-filing site, tax experts including

Separation of EPF and EPS accounts will help in building better retirement fund: Says Experts

31 July 2021

Separation of EPF and EPS accounts will help in building better retirement fund: Says Experts As Covid relief measures, the government allowed subscribers to withdraw advances from their PF accounts subject to certain terms and conditions.

Buying property from an NRI is not as simple as it might seem

31 July 2021

Buying property from an NRI is not as simple as it might seem Tax compliances and calculations in property deals involving NRI sellers are more complex than in regular ones

Filing ITR this year? keep these points in mind

31 July 2021

Filing ITR this year? keep these points in mind Every year, the income tax department introduces certain changes in the tax-filing process or the tax forms. It is important for a taxpayer to know these changes in order to file an error-free income tax return (ITR).

Reverse Mortgage Loan: All you need to know

31 July 2021

Reverse Mortgage Loan: All you need to know The scheme of reverse mortgage has been introduced for the benefit of senior citizens owning a house but having inadequate income to meet their needs. It is not a very popular product in India primarily due to low awareness about it.

3-year lock in period in ELSS: Can a nominee redeem the units early?

31 July 2021

3-year lock in period in ELSS: Can a nominee redeem the units early?

Four things to keep in mind while filing income tax return this year

30 July 2021

Four things to keep in mind while filing income tax return this year Every year, the income tax department introduces certain changes in the tax-filing process or the tax forms. It is important for a taxpayer to know these changes in order to file an error-free income tax return (ITR).

A Last Resort

30 July 2021

A Last Resort Wondering if you should take a covid advance from your EPF Kitty? In this The Telegraph article, Dr. Suresh Surana, Founder, RSM India discusses why and how the withdrawal of EPF money during covid should be treated as a last resort.

Sale of joint property at a loss: How to take maximum tax advantage

30 July 2021

Sale of joint property at a loss: How to take maximum tax advantage

Succession Planning for SMEs

30 July 2021

Succession Planning for SMEs “The majority of SMEs in India are family-owned firms, either first-generation or managed by different generations of the same family over a number of years. It is vital to take deliberate actions to secure the business's survival and continuity." Dr. Suresh Surana, Founder, RSM India.

https://www.outlookindia.com/outlookmoney/tax/glitches-in-income-tax-return-portal-stoke-confusion-complaints-7629

30 July 2021

Review GST SOPs timings; Urges industry The GST Council meets today to discuss tax cuts on critical COVID-19 related material. Industry donors urge a rethink on the timing for the applicability of the IGST exemption.

https://www.money9.com/news/retirement/planning-retirement-at-40-dont-ignore-these-factors-43959.html

30 July 2021

Glitches in income tax return portal stoke confusion complaints In this Outlook Money article, Dr. Suresh Surana, founder, RSM India along with other experts, shares how the glitches in new e-filing portal might derail the ITR deadlines:

Retirement Planing at 40: Don’t ignore these factors

29 July 2021

Retirement Planing at 40: Don’t ignore these factors The objective behind making any particular investment is a crucial factor in determining the investment horizon. The need to create retirement corpus to take care of sunset year has become all the more important.

Retirement Planning at 40: Guarding against various risks

29 July 2021

Retirement Planning at 40: Guarding against various risks The current pandemic situation has highlighted the importance of having a medical cover in times of such crisis situations

Webinar 6th July

22 June 2021

Webinar (Tuesday 6 July 2021: 4.00 pm to 5.00 pm) on “Production Linked Incentive (‘PLI’) Scheme - An Overview” Hosted by: RSM India experts from Indirect Taxation practice.

Tax Guru

9 June 2021

Tax Guru Dr. Suresh Surana, founder, RSM India, answers readers' queries on various issues pertaining to taxes that need to be paid by the jewellers in AOJ, May 2021 issue.

Income Tax Return: Know the key changes in ITR Forms, filing processes before you start

9 June 2021

Income Tax Return: Know the key changes in ITR Forms, filing processes before you start There are some changes made in the ITR Forms for the Assessment Year (AY) 2021-22 in comparison to the last AY (2020-21). The changes are also made in the process of filing your return of income over the last year.

ITR due date extension: Will you get interest relief on payment of tax during the extended period?

9 June 2021

ITR due date extension: Will you get interest relief on payment of tax during the extended period? Due to the disruption in economic and financial activities caused by second Covid wave, the government has announced extension in various tax related compliance dates, including the due date of filing Income Tax Return (ITR).

New tax portal to make self-filing a breeze but proceed with caution

3 June 2021

New tax portal to make self-filing a breeze but proceed with caution The income-tax (I-T) department will launch its new tax e-filing portal incometax.gov.in on June 7. It will replace the existing one — incometaxindiaefiling.gov.in. Not only will the new portal be mobile friendly, a mobile application (app) will also be provided.

Income Tax Return: From mobile app to new payment options – know benefits of new e-filing site

3 June 2021

Income Tax Return: From mobile app to new payment options – know benefits of new e-filing site The new e-filing site incometax.gov.in will be launched on 6 June 2021.

India: Pension fund regulator injects clarity about NPS fund managers

1 June 2021

India: Pension fund regulator injects clarity about NPS fund managers The PFRDA of India has further streamlined the regulations for the eligibility criteria of fund managers of the NPS, bringing in clarity on the net worth and the minimum capital requirement. Read more in this Asia Insurance Review article:

Pension fund regulatory and development authority of India further streamlines regulations for eligibility of NPS fund managers

1 June 2021

Pension fund regulatory and development authority of India further streamlines regulations for eligibility of NPS fund managers The PFRDA of India has further streamlined the regulations for the eligibility criteria of fund managers of the NPS, bringing in clarity on the net worth and the minimum capital requirement.

RBI's norms pit Indian auditors against MNCs

1 June 2021

RBI's norms pit Indian auditors against MNCs Top multinational auditing firms in the country are at loggerheads with their Indian peers once again, with the former lobbying to make the Reserve Bank of India to reconsider its latest auditing regulations that open up new opportunities for smaller Indian firms.

Types of Listed Securities You Can Invest In

28 May 2021

Types of Listed Securities You Can Invest In To make any investment in the stock markets, a thorough understanding of the investment options available is necessary. In this article, Dr. Suresh Surana, Founder RSM India helps in understanding the various types of listed securities you can invest in.

5 Factors to Consider When Investing In Stocks-

28 May 2021

5 Factors to Consider When Investing In Stocks- RSM India Exclusive Series on FORBES ADVISOR INDIA

On top of GST councils to do list covid relief states cash woes

28 May 2021

On top of GST councils to do list covid relief states cash woes Ahead of the GST Council meeting this Friday, experts moot urgent relief on certain taxes levied on Covid-19 vaccines and medical supplies, and also rationalisation of GST rates.

Form 16 delayed till July 15, deadline for self assessment tax over Rs 1 lakh remains July 31

28 May 2021

Form 16 delayed till July 15, deadline for self assessment tax over Rs 1 lakh remains July 31 Due to the second wave of the coronavirus, the government has extended several income tax related deadlines. However, the deadline for paying self-assessment tax for FY20-21 has not been extended for some individuals.

Indian GST council set to reconsider waiver on covid-19 vaccine

28 May 2021

Indian GST council set to reconsider waiver on covid-19 vaccine Insightful article by ITR (International Tax Review), with inputs from Siddharth Surana, Advisor - Strategy & Business Transformation, RSM India.

Taxpayers fret over GST deadline relief

25 May 2021

Taxpayers fret over GST deadline relief

Received income tax notice? No need to panic, suggest experts

25 May 2021

Received income tax notice? No need to panic, suggest experts Income tax department has become quite vigilant about our spending (both cash and digital). Even the slightest mismatch in your ITR filing is enough for IT department to slap an Income Tax notice on you.

Centre can cut GST rates on covid-19 vaccines critical supplies say experts

25 May 2021

Centre can cut GST rates on covid-19 vaccines critical supplies say experts On Sunday, Finance Minister took a stance that the GST exemption to vaccination would be counterproductive without benefiting consumers.

Tax Guru

21 May 2021

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 2021 issue.

Exporters fret over delay in rebate rates

21 May 2021

Exporters fret over delay in rebate rates Exclusive Column | RoDTEP In this exclusive article in The Hindu, RSM India, discusses the RoDTEP scheme that came into effect on 1 Jan 2021, and which has not been implemented yet.

Worry over FCRA registration for receiving pandemic aid

20 May 2021

Worry over FCRA registration for receiving pandemic aid

Skill vs chance: Taxman the referee in online gaming, say experts

20 May 2021

Skill vs chance: Taxman the referee in online gaming, say experts Players need to be aware of the income-tax (I-T) rules that govern winnings from online games. In this Business Standard article, Dr. Suresh Surana founder, RSM India, explains why winnings from games that involve chance are taxed under Section 115BB.

Invested in mutual funds? Here is how you need to pay tax on it

20 May 2021

Invested in mutual funds? Here is how you need to pay tax on it The tax implication on gains derived from mutual funds depends on the type of mutual fund, for instance, whether an investment is made in an Equity Mutual fund or Debt Mutual fund as well as the period of holding of the mutual fund units.

How to calculate tax on capital gains from stocks

20 May 2021

How to calculate tax on capital gains from stocks The tax implication on investments in stocks depends upon various factors such as the category of stocks and the period of holding stocks. Dr. Suresh Surana, Founder, RSM India, helps us understand the computation of tax on the transfer of both listed and unlisted shares.

Newsflash - MCA issues Amendments to Schedule III to Companies Act, 2013 and notified Companies (Accounts) Amendment Rules, 2021

17 May 2021

On 24 March 2021, the Ministry of Corporate Affairs notified amendments to Schedule III to the Companies Act, 2013.

Invest in spouse or child's name to avail of exemption, say analysts

16 April 2021

Invest in spouse or child's name to avail of exemption, say analysts Exemption under Section 54F of the Income-Tax (I-T) Act In this Business Standard article, Dr. Suresh Surana founder, RSM India, explains how you can avail exemption from capital gain tax if the gains are invested in the purchase or construction of a property:

How NRI income taxation depends on his/her period of stay according to the new Finance Act

16 April 2021

How NRI income taxation depends on his/her period of stay according to the new Finance Act In this Economic Times article, Dr. Suresh Surana, founder, RSM India, discusses how the NRI's income will be taxed based on their stay in India.

Tweak your portfolio to help it meet challenges of the new financial year

16 April 2021

Tweak your portfolio to help it meet challenges of the new financial year

Continuing A Fund Post Maturity Without Redemption Or Transfer

16 April 2021

Continuing A Fund Post Maturity Without Redemption Or Transfer Reader's Queries | RSM India In this Outlook Money piece, Dr. Suresh Surana, founder, RSM India, explains how an investor may avoid paying capital gains tax under the SWP Scheme.

NSC vs PPF – Which One to Choose

16 April 2021

NSC vs PPF – Which One to Choose Reader's Queries | RSM India In this Outlook Money piece, Dr. Suresh Surana, founder, RSM India, highlights the various aspects of NSC and PPF for tax saving:

Planning to invest in foreign stocks? Find out its tax implications

16 April 2021

Planning to invest in foreign stocks? Find out its tax implications A lot of investors have been investing in foreign stocks for the past few years. However, more often than not, they are faced with tax complications.

Know how you should show bank FD interest in your ITR to avoid income tax notice

16 April 2021

Know how you should show bank FD interest in your ITR to avoid income tax notice

Employees Provident Fund Tax Calculation: Contributing Rs 2.5 or 5 lakh? Here’s how you will be taxed now

16 April 2021

Employees Provident Fund Tax Calculation: Contributing Rs 2.5 or 5 lakh? Here’s how you will be taxed now In Finance Bill, 2021, the Income Tax Act has been amended to impose a tax on interest earned on contributions made to a provident fund in excess of Rs 2.5 lakhs in a financial year.

Investing in foreign stocks? You must be aware of these things

16 April 2021

Investing in foreign stocks? You must be aware of these things In this Financial Express article, Dr. Suresh Surana, Founder, RSM India, discusses why investment in foreign stocks is one of the best ways if one wants to diversify the portfolio and also to invest in certain high performing foreign stocks.

Seize The Day My Friend

16 April 2021

Seize The Day My Friend In this Outlook Money article, Dr. Suresh Surana, founder, RSM India along with other experts shares some financial planning strategies for a secure future after retirement. Click here to read more

Infrastructure Bond: Confusion over Tax-Saving Vs Tax-Free Bonds makes taxpayers pay more tax than benefit availed

31 March 2021

Infrastructure Bond: Confusion over Tax-Saving Vs Tax-Free Bonds makes taxpayers pay more tax than benefit availed Dr. Suresh Surana, Founder, RSM India, discusses the difference between tax-saving bonds and tax-free bonds in this Financial Express article:

New Labour Codes: How will they impact social security, take-home salary

31 March 2021

New Labour Codes: How will they impact social security, take-home salary "The new labour codes bring in significant changes and it is pertinent that businesses/organizations understand the key changes introduced under the new Codes, restructure and re-align, wherever required, to adapt to the new labour code regime."

Rejig wage structure to benefit from EPF rule change, say analysts

26 March 2021

Rejig wage structure to benefit from EPF rule change, say analysts New EPF Rules From April 1 In this Business Standard article, Dr. Suresh Surana founder, RSM India, explains who the new rules will affect.

How to get a tax deduction of up to Rs 9.5 lakh just by investing in NPS

26 March 2021

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How to get a tax deduction of up to Rs 9.5 lakh just by investing in NPS Investing in the National Pension System (NPS) can help you bring down your tax liability (subject to certain conditions). Dr. Suresh Surana, founder, RSM India discusses this in this Economic Times article today.

Not filed ITR yet? Here are the consequences that you may face on missing March 31 deadline

26 March 2021

Not filed ITR yet? Here are the consequences that you may face on missing March 31 deadline Haven't filed ITR yet? In this Financial Express article, Dr. Suresh Surana, founder, RSM India, explains the consequences one may have to face if they do not file ITR by March end.

With more information than salary, interest income, tax paid, how Form 26AS will affect ITR filing?

26 March 2021

With more information than salary, interest income, tax paid, how Form 26AS will affect ITR filing?

26 March 2021

With more information than salary, interest income, tax paid, how Form 26AS will affect ITR filing?

26 March 2021

With more information than salary, interest income, tax paid, how Form 26AS will affect ITR filing?

How to reduce your capital gains tax liability for the year

24 March 2021

How to reduce your capital gains tax liability for the year In this article with Livemint, Dr. Suresh Surana, founder, RSM India, explains how taxpayers can reduce their long-term capital gains tax liability to meet their overall financial goals.

Fractional ownership is for deep-pocketed investors, say analysts

24 March 2021

Fractional ownership is for deep-pocketed investors, say analysts Fractional Ownership versus REIT In this Business Standard article, Dr. Suresh Surana, founder, RSM India, discusses the taxation of the two vehicles

Income Tax for non-residents: Stranded in India & facing double taxation? New CBDT circular explained for you

24 March 2021

Income Tax for non-residents: Stranded in India & facing double taxation? New CBDT circular explained for you

Do you need to invest only the gain amount or entire sale value of house property to save tax?

24 March 2021

Do you need to invest only the gain amount or entire sale value of house property to save tax? Sale of house property attracts capital gains tax. In this Financial Express article, Dr. Suresh Surana, founder, RSM India, answers queries related to LTCG tax on sale of house property to help you invest better.

Newsflash- Key Highlights of Rajasthan State Budget 2021-22

19 March 2021

The Rajasthan State Budget for financial year (FY) 2021-22 was presented by the State Chief Minister, Shri. Ashok Gehlot on 24 February 2021. The Budget proposals cover various aspects of the economy, viz. Tax proposals, Infrastructure Development, Investment & Economic Growth and Human Resources & Social Development.

Newsflash- Cabinet Approves PLI Scheme for Certain Sectors

19 March 2021

In the enclosed newsflash, we are pleased to share the details of the PLI schemes approved by the Indian Union Cabinet for the below sectors in its recent meetings:

Newsflash: Corporate Social Responsibility (CSR) - The Revised Regime

19 March 2021

The MCA has notified the Companies (CSR Policy) Amendment Rules, 2021 on 22 January 2021. Along with the Amendment Rules, the amendments in section 135 of the Companies Act, 2013, that were bought in by the Companies Amendment Act, 2019 as well as Companies Amendment Act,2020, have also been notified.

Publication: Research Paper on Financial Reporting of Covid-19 Impact - Sector-wise Analysis

19 March 2021

The coronavirus COVID-19 outbreak has significantly disrupted the activities of many business entities. The impact on the banking and financial sector in terms of non-performing assets and reduced economic activity will only be known once the situation returns to normalcy.

Newsflash - Record of Cash Transactions in Gems & Jewellery over and above Rs. 10 lakhs mandatory under PMLA

19 March 2021

The Government has recently amended the Prevention of Money Laundering Act, 2002 (PMLA) in order to provide for mandatory record- keeping of Cash Transactions in Gems & Jewellery over and above Rs. 10 lakhs. We herewith provide our Newsflash on the same for your ready perusal.

Don’t miss out on the deadlines for taxation

16 March 2021

Don’t miss out on the deadlines for taxation It is the last month of the financial year and there are several income tax-related matters that you must look into, and which go beyond tax planning.

A quick and simple guide on tax compliance ahead of the March 31 deadline

16 March 2021

A quick and simple guide on tax compliance ahead of the March 31 deadline It is the last month of the financial year and there are several income tax-related matters that you must look into, and which go beyond tax planning.

Should you carry forward LTA or opt for the cash voucher scheme?

12 March 2021

Should you carry forward LTA or opt for the cash voucher scheme? If you plan to carry forward LTA to the next block period, you can claim it in the first year itself. On the other hand, under LTC scheme, employees must buy goods or services worth three times the LTC benefit claimed.

Radical Reforms in Tax Administration Driven by Digitalization

11 March 2021

Radical Reforms in Tax Administration Driven by Digitalization In this article on TaxPublishers.in, RSM India summarises some of the amendment proposed by the Finance Bill, 2021 in the area of tax administration..

The big Indo-U.S. tax conundrum

11 March 2021

The big Indo-U.S. tax conundrum Business with Biden - The Big India - U.S. Tax Conundrum. Fortune India's current issue explores how India has much to gain if US President Joe Biden focuses more on expanding bilateral free trade and investment. Read views on this by Mr. Mukesh Patel, RSM U.S. - India Desk Leader

How to save tax without fresh investments

4 March 2021

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

4 March 2021

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

4 March 2021

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.

Investment basics: 4 key factors to know before investing in real estate in India

3 March 2021

Investment basics: 4 key factors to know before investing in real estate in India RSM India Exclusive Series on FORBES ADVISOR

Your family can help you save on Income Tax

3 March 2021

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?

3 March 2021

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

3 March 2021

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.

Technology Impact and Changing Dynamics of Internal Audit

3 March 2021

Technology Impact and Changing Dynamics of Internal Audit

Tax Guru

26 February 2021

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

26 February 2021

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

18 February 2021

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).

In the course or furtherance of Business-Pre GST vs. Post GST

18 February 2021

In the course or furtherance of Business-Pre GST vs. Post GST

Three questions you may still have related to new rule around Ulip taxation

18 February 2021

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

5 February 2021

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.

Tax on Provident Fund interest: Will interest on PPF, GPF, CPF contributions also become taxable?

5 February 2021

Tax on Provident Fund interest: Will interest on PPF, GPF, CPF contributions also become taxable? Union Budget 2021

Budget’s EPF tax googly: Should you rework your retirement strategy?

5 February 2021

Budget’s EPF tax googly: Should you rework your retirement strategy? Union Budget 2021

Affordable Housing gets shot in the Arm

3 February 2021

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.

BUDGET BOOSTER FOR AFFORDABLE HOUSING

3 February 2021

BUDGET BOOSTER FOR AFFORDABLE HOUSING Union Budget 2021

Affordable Housing gets shot in the Arm

3 February 2021

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

3 February 2021

Affordable Housing gets shot in the Arm

3 February 2021

Affordable Housing gets shot in the Arm

3 February 2021

Affordable housing gets shot in the arm

3 February 2021

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

3 February 2021

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

3 February 2021

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

3 February 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

2 February 2021

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.

Exemption in filing of ITR by senior citizens: How to avail the benefit

2 February 2021

Exemption in filing of ITR by senior citizens: How to avail the benefit Union Budget 2021

What tax experts expect for individuals in Budget 2021

1 February 2021

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

1 February 2021

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

1 February 2021

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.

Union Budget 2021: RSM India's founder on the corporate taxation wishlist

29 January 2021

Union Bud,get 2021: RSM India's founder on the corporate taxation wishlist Union Budget 2021

Tax relief will help manage covid pain

29 January 2021

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.

Expectations of the Real Estate sector from Union Budget 2021

29 January 2021

Key Expectations for the Real Estate Industry Union Budget 2021

Out, You Taxing One!

21 January 2021

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

21 January 2021

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

21 January 2021

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

21 January 2021

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

21 January 2021

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.

Key Expectations for the Real Estate Industry

21 January 2021

Key Expectations for the Real Estate Industry Union Budget 2021

Why timelines to get Sections 54, 54F tax benefit need to be longer

21 January 2021

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

ITR: बिना पेनल्टी अभी भी फाइल कर सकते हैं रिटर्न, चेक कर लें आखिरी तारीख

7 January 2021

ITR: बिना पेनल्टी अभी भी फाइल कर सकते हैं रिटर्न, चेक कर लें आखिरी तारीख

Income Tax Return: Missing Jan 10 due date would straightway attract double late fee

7 January 2021

Income Tax Return: Missing Jan 10 due date would straightway attract double late fee

Avoid filing revised income tax returns for faster processing under the Jhatpat scheme

5 January 2021

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

5 January 2021

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

5 January 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

5 January 2021

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

24 December 2020

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

24 December 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

19 December 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, December 2020 issue.

RSM India – “Building A Home-Grown World-Class Institution”

19 December 2020

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?

19 December 2020

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

19 December 2020

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

4 December 2020

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

4 December 2020

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

4 December 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, November 2020 issue.

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 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

Our people

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

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)

Tally Solutions partners with RSM India for GST Ready ERP Software

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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