India

income tax

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).

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 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   Union Budget 2021 Dr. Suresh Surana, founder, RSM India, shares his insights on the targeted measures that would help to boost the activity in the real estate sector with CanIndia.

Affordable Housing gets shot in the Arm

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 Socialnews.xyz.

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 The Siasat Daily.

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.

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. 

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.

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.

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.

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.

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.

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.

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.

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

Transfer pricing - CBDT notifies rules for range & multiple year data; sets range at 35th-65th percentile

10 November 2015
Analysis of Final Rules issued by CBDT on ‘Range Concept’ & ‘Multiple year data’