RSM India

Tax

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.

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.

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.

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”.

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.

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.

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?

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.

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.

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: New Corporate Tax regime and IndAS – Implications

27 January 2020
The corporate tax rate for a domestic company doing business in India ranges from 26% to 34.944% for Financial Year 2019-2020. Taxation Laws (Amendment) Ordinance 2019 (‘Taxation Ordinance’) has made certain path breaking amendments in relation to taxation of domestic companies.

Extension of last date for Sabka Vishwas Scheme

6 January 2020
The Government has extended the last date to opt for Sabka Vishwas- (Legacy Dispute Resolution) Scheme, 2019 from 31st December 2019 till 15th January, 2020. The Highlights of the said scheme are as under: The Scheme covers disputes prevailing under Central Excise Act, 1944 and Service Tax.

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.

Introduction of country-by-country reporting (CbCR) for companies in UAE

15 December 2019
We are pleased to share our newsflash on the press release issued by the Central Board of Indirect Taxes and Customs, wherein certain issues being faced by the taxpayers regarding Annual Return (FORM GSTR-9 / FORM GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) have been clarified in view of numerous representations made.

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    

New External Commercial Borrowings Regulations / Framework - Consolidation and Liberalisation

14 December 2019
As a part of on-going effort, the Reserve Bank of India (RBI) has consolidated and liberalized the regulatory provisions dealing with borrowing and lending in foreign exchange as well as Indian Rupees (INR).

Key Recommendations of 31st GST Council Meeting

14 December 2019
The Central Board of Indirect Taxes and Customs issued a press release, wherein certain issues being faced by the taxpayers regarding Annual Return (FORM GSTR-9 / FORM GSTR-9A) and Reconciliation Statement (FORM GSTR-9C) have been clarified in view of numerous representations made.

Transfer Pricing - CBDT prescribes 31 March 2019 deadline for entities in jurisdictions not having CbCR-exchange agreement

14 December 2019
Central Taxes (CBDT) had prescribed 12 month time period under Rule 10DB(4) for furnishing Country by Country Reporting (CbCR) by constituent entity of an international group resident in India under specified circumstances u/s 286(4).

UK - OECD delivers game changing tax measures

4 November 2015
UK - OECD delivers game changing tax measures

Tax implications of buying property abroad

3 November 2015
Indians nowadays are increasingly buying properties overseas, particularly in London, New York, Singapore and Dubai. It is critical for them to study foreign exchange regulations and tax provisions of the relevant country as well as India before they make buying decisions.