Consulting insights

I'm a salaried employee in one firm, and proprietor in another. Which ITR form should I select?

31 December 2021
Weekly Tax Queries with LiveMint:  As per the provisions of Section 139(1) of the Income Tax Act, 1961, every individual whose total income exceeds the basic exemption limit, is mandatorily required to file the relevant ITR within the prescribed due date.

RBI Monetary Policy

31 December 2021
In this Money9 video, Dr. Suresh Surana, Founder, RSM India, alongwith other experts, explains that as investors who invest in fixed-income instruments like fixed deposits and other fixed-income instruments what should they do? What should be their course of action? How it will impact them?  

Changes to ITR rules you must know about as deadline nears

31 December 2021
The extended due date to file income tax returns for the assessment year 2021-22 is less than three weeks away. Every year, there are certain changes in rules or in the forms issued, which the taxpayer should know about. Dr. Suresh Surana, Founder, RSM India, discusses these changes, in this Business Standard article  

Changes in Income Tax return filing that you must know before setting out

31 December 2021
The extended due date to file income tax returns for the assessment year 2021-22 is less than three weeks away. Every year, there are certain changes in rules or in the forms issued, which the taxpayer should know about.   Dr. Suresh Surana, Founder, RSM India, discusses these changes, in this Business Standard article:  

Key Aspects Of Taxes You Should Know For The Next Financial Year

31 December 2021
In India, there are more than 60 million personal income-tax return filers and the total personal tax collection for the financial year 2021-22 is budgeted at $74 billion.    The entire process of ITR filing, processing by the tax authorities, reasons for selection of cases for assessment and issuance of refunds has undergone a massive change.

Tax Queries

31 December 2021
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 2021 issue.   Click here to download

Tax Queries

31 December 2021
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 2021 issue.   Click here to download

Select correct tax form and regime while filing returns

31 December 2021
If you have not filed your income-tax return (ITR) yet, you must get on with the task at once. Due to Covid-19, the deadline for filing returns for the financial year 2020-21 has been pushed back several times, and now stands at December 31.  

My employer declared partial HRA in Form 16. Can I put actual amt in ITR filing?

31 December 2021
Weekly Tax Queries with LiveMint:    If an individual fails to declare the actual HRA to the employer or which is not reflected properly in Form 16, he can still declare the same while filling his tax return ITR.  

Analysis of GST on Hybrid Annuity Model

31 December 2021
In this article with Taxguru, Mr. Siddharth Surana, Director-GST, discusses the GST implications on the Hybrid Annuity Model which is popular now with most road construction companies.  He also discusses the recent changes in GST that had created ambiguity regarding the taxability of HAM contracts.  

Things to remember as you rush to file your return ahead of December 31

30 December 2021
If you have not filed your income-tax return (ITR) yet, you must get on with the task at once. Due to Covid-19, the deadline for filing returns for the financial year 2020-21 has been pushed back several times, and now stands at December 31.  

Failure to include all incomes in ITR can lead to penalty

30 December 2021
Some early Income-Tax Return filers have received notices from the tax department for not reporting various incomes. This leads to an incorrect filing and under-reporting of income, with adverse consequences.  

Capital gains or rent: All income must be reported in Income Tax Return

30 December 2021
Some early Income-Tax Return filers have received notices from the tax department for not reporting various incomes. This leads to an incorrect filing and under-reporting of income, with adverse consequences.  

My son in US sends me money to repay loan. Should I show it in my ITR?

30 December 2021
Weekly Tax Queries with LiveMint: Money received from overseas from your son towards repayment of education loan is not in the nature of income and this there is no reporting required in IT returns.  

USIBC Held 2021 West Coast Digital Summit

30 December 2021
USIBC held the West Coast Digital Summit, a flagship event where we connected Indian leaders in various technology sectors to their counterparts on the American West Coast, which boasts the world’s crown innovation and technology hub in Silicon Valley.

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