RSM INDIA
Mandatory scrutiny of ITR: Income tax dept reveals the criteria how the ITRs will be selected for the scrutiny
Income tax return: The tax department has released a circular which outlines the criterias and procedure to be followed if a particular income tax return (ITR) is to be selected for scrutiny. These guidelines also includes the procedure and criteria to be followed for section 142 (1) income tax notice.
No tax exemption on concessional or interest free loan from the employer, not even for bank employees, says SC
Tax on concessional interest rate loan: The Supreme Court of India has stated that bank employees have to have income tax if they have availed loan from their employers at concessional interest rate or interest free rate. However as per our calculations, even if bank employees pay income tax on this loan, they will still have some savings.
Taxpayer is entitled to claim benefit of exempted income in revised ITR if it is filed within the deadline
Income tax return: The Supreme Court of India has refused to accept a petition wherein the tax department's assessing officer (AO) contested that a individual be denied the benefit of exempted income which he claimed by filing a revised ITR. The reason behind this denial was that the AO received information from 'entry operators'.
India presence imperative as part of worldwide expansion: CLA Global
CLA Global is among the non-Big Four professional services networks, such as RSM, Baker Tilly, HLB, Mazars and Nexia, which, driven by the significant opportunities presented by India's growing economy, are rapidly scaling up their presence in the country.
Concessional corporate tax rate of 15% for eligible ‘start-ups’ has not been extended beyond March 31, 2024
No extension of concessional tax rate: Interim Budget 2024 has disappointed the manufacturing start-up companies by not extending the sunset date for concessional corporate tax rate of 15% beyond March 31, 2024. Some industry experts are of the opinion that this non-extension might impact the government's Make In India initiative.
How NRI can transfer NRO account money out of India
There are usually two types of bank accounts that are operated by an NRI in India. These are NRE and NRO bank accounts. The money lying in NRE bank account is easily remitted by an NRI outside India. However, the same cannot be said for the NRO bank account. There are certain rules that an NRI must comply with before making transfer either to overseas bank account or to NRE account.
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ET explainer: What is the available solvency margin for an insurance company?
ASM indicates financial soundness of an insurance company, a necessary condition for it to make due payments. An inadequate ASM means the insurer may not be able to honour its commitment. Therefore, while seeking insurance cover, it is necessary to select insurers with high ASM.
Income tax payable on winnings from online, offline games of chance
E-commerce websites like Amazon, CRED, others oftentimes runs free to play gaming contests like spin-the-wheel and others. For the purpose of income tax these games are a game of chance and are taxed at flat 30% rate plus cess, etc. Nonetheless there are some things to consider if an individual has won prizes by playing similar offline or online games.
Does your insurance company have money to pay claims easily? Find out here
Solvency ratio of insurance companies: We buy insurance policies to financially secure the future of our loved ones in the time of unexpected and untimely events such as loss of life, loss of property, etc. Therefore, as a policyholder, it is important for you to know about the company’s overall financial health and capability to pay the claims. The solvency ratio is one of the key determinants that suggests whether an insurer can stay solvent in the long run or not. Let’s understand what it is and how it works.
What are the new rules for determining NRI status in India and how income will be taxed
Till the end of FY 2019-20, NRIs (including Indian citizens and PIOs) included those who visited India for less than 182 days in an FY. The Union Budget 2020 reduced this period to 120 days for NRIs whose taxable Indian income exceeds Rs 15 lakh in a financial year. Here is a look at the amendments to the criteria determining 'residential status' applicable for the current financial year.
Non-tax filers may move to NCDs, debt mutual funds on high TDS fears
Wealth advisors and tax consultants said many of these individuals will now consider these debt products as a replacement to fixed deposits because of the likelihood of a higher tax outgo.
RBI's norms pit Indian auditors against MNCs
On April 27, the central bank had issued guidelines for appointment of statutory auditors in commercial banks, non-banking financial companies and housing finance companies that included a cap on the number of audits by an audit firm, joint audits in some businesses, a cooling off period, non-audit restrictions, and a reduced three-year audit tenure.
Taxman looks at startup valuations via rarely-used provision
Startups that, despite losing money, sell stocks at steep premiums based on growth projections, being asked to explain valuations
Insurance penetration in India below 4%, need to expand beyond cities: IRDAI chairman Khuntia
“The total premium that we collect is only 3.76% of GDP (gross domestic product). The world average insurance penetration is a little higher than 7%,” Khuntia said on Thursday, addressing a conference hosted by the Federation of Indian Chambers of Commerce and Industry.
GST: The challenges before India's largest indirect tax reform
GST was supposed to untangle the indirect tax regime and facilitate economic growth.
Mazars to enter consulting, advisory business in India
As per the Indian regulations, multinationals cannot directly audit Indian companies. So, they operate in the country through affiliate firms.
India’s best companies to work for and why
Only 19 out of India's 100 Best Companies to Work For 2018 are new entrants into the list, the rest are either old organisations or re-entries that have been on the list in the past.
Bhilai Steel records its best ever loading for dispatch to Indian Railways
The Plant loaded 27 rakes of 260 metre long rails from its Rail & Structural Mill (RSM) and Universal Rail Mill (URM) for despatch to Indian Railways .
Golf-U.S. PGA Tour RSM Classic scores
GOLF-PGA/SCORES:Golf-U.S. PGA Tour RSM Classic scores
Golf-U.S. PGA Tour RSM Classic scores
GOLF-PGA/SCORES:Golf-U.S. PGA Tour RSM Classic scores
Golf-U.S. PGA Tour RSM Classic scores
GOLF-PGA/SCORES:Golf-U.S. PGA Tour RSM Classic scores
Golf-U.S. PGA Tour RSM Classic scores
GOLF-PGA/SCORES:Golf-U.S. PGA Tour RSM Classic scores
Sensex tanks over 100 points on Korea nuke test, oil price drop
Japan's government spokesman said there was a high possibility the seismic event indicated that Korea had conducted a nuclear test, Reuters reported.
RSM Astute Consulting plans acquisition to gain from change in Companies Act
The group, which employs around 1,200 people across top 12 cities, is looking to expand to at least five other cities through mergers and acquisitions.
Auditing firm RSM forays into energy services, acquires majority stake in General Carbon
RSM in India has taken a strategic stake in General Carbon, which now becomes a subsidiary of RSM in India and will be called RSM GC Advisory Services, RSM Group said.
Budget 2013: 1 per cent TDS on properties valued above Rs 50 lakh might hurt demand
“To avoid TDS, property transactions may see a spurt till May 31, 2013 as the new tax law is only effective from June 1, 2013,” the brokerage said.
7 Habits of effective tax planners
Time is running out for tax-payers looking to make investments to save taxes. Here are tips to avoid the typical mistakes made during tax-planning exercise.
Know the difference between tax planning & tax avoidance
The interface between tax planning and tax avoidance has been a constant subject matter of debate between taxpayers, tax authorities.
JFE plans to take its stake in JSW beyond 14.9% to meet corporate norms
India has amended the Takeover Code and has increased the threshold limit for an open offer to 25%. But the govt is yet to notify it.
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