RSM India

📒 𝐑𝐒𝐌 𝐈𝐧𝐝𝐢𝐚: 𝐐𝐮𝐚𝐫𝐭𝐞𝐫𝐥𝐲 𝐃𝐢𝐠𝐞𝐬𝐭 : 𝐉𝐚𝐧𝐮𝐚𝐫𝐲 𝐭𝐨 𝐌𝐚𝐫𝐜𝐡 2025 We are pleased to present the #GST Quarterly Digest, summarizing the significant amendments, clarifications, case laws, notifications and circulars released during January 2025 to March 2025.   📊 The report incorporates key highlights under the Indirect Tax, providing a concise overview of the important updates during this period. The report also provides updates on the Input Service Distributor mechanism.   #Accounting #Taxes #TaxLaws #RSM #RSMIndia

📄 𝐑𝐒𝐌 𝐈𝐧𝐝𝐢𝐚 𝐍𝐞𝐰𝐬𝐟𝐥𝐚𝐬𝐡: 𝐂𝐁𝐃𝐓 𝐢𝐬𝐬𝐮𝐞𝐬 𝐅𝐀𝐐𝐬 𝐨𝐧 𝐑𝐞𝐯𝐢𝐬𝐞𝐝 𝐆𝐮𝐢𝐝𝐞𝐥𝐢𝐧𝐞𝐬 𝐟𝐨𝐫 𝐂𝐨𝐦𝐩𝐨𝐮𝐧𝐝𝐢𝐧𝐠 𝐨𝐟 𝐎𝐟𝐟𝐞𝐧𝐜𝐞𝐬 The CBDT issued Revised Guidelines for Compounding of Offences under the Income-Tax Act, 1961 on 17 October 2024, which superseded all existing guidelines on the subject and are applicable to all pending as well as new applications from the date of their issuance. ➡️ The revised guidelines have been simplified as compared to the earlier guidelines, inter alia, by eliminating the categorisation of offences, removing the limit on number of occasions for filing applications, allowing fresh applications upon curing of defects, removing the existing time limit for filing applications which was previously set at 36 months from the date of filing of complaint, etc. Following the issuance of revised guidelines, the CBDT recently issued Circular No. 04/2025 in the form of FAQs and Press Release dated 17 March 2025, which provides necessary clarification to stakeholders on various provisions, such as scope of the guidelines, eligibility for filing applications, mode of filing compounding applications and payment of fees, terms for compounding, compounding charges and procedures for payment, time limits, and other related aspects. In our newsflash, we have provided an overview of the said Circular dated 17 March 2025. Hope you would find the same useful. #Economy #Finance #Taxes #CBDT #RSMIndia

🔊 𝐇𝐢𝐫𝐢𝐧𝐠 𝐚𝐥𝐞𝐫𝐭! We are seeking dynamic professionals in Mumbai with 2-5 years of experience in #TransferPricing and Corporate Tax, preferably in a consultancy environment.   If you have a strong background in #TransferPricing, exceptional analytical skills, and are looking to build a career with impact and purpose at #RSM, we would love to hear from you.   More details regarding the role can be found in the link.   Apply here: https://lnkd.in/dZv8gPw4   OR   Mail us at: hr10@rsmindia.in #Hiring #Consulting #Accounting #Taxes #Careers #RSMIndia

🔊 *𝐑𝐒𝐌 𝐈𝐧𝐝𝐢𝐚 𝐏𝐮𝐛𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 - 𝐓𝐡𝐞 𝐋𝐨𝐠𝐢𝐬𝐭𝐢𝐜𝐬 𝐍𝐚𝐯𝐢𝐠𝐚𝐭𝐨𝐫 - 2025* India's logistics sector is rapidly evolving, driven by economic growth, policy reforms, and technological advancements. India's Logistics Performance Index continues to improve, reflecting enhanced infrastructure and trade efficiency. 📈 As India moves toward becoming the world's fourth-largest economy by 2026, a modern, efficient, and sustainable logistics ecosystem will be essential for maintaining global trade competitiveness. Our publication gives an in-depth overview of Ports, ICD, CFS, Inland Waterways, MMLP, Railways & Commercial EVs etc. 🧭 This comprehensive navigator aims to provide users with a holistic understanding of India's current logistics and transportation network, performance metrics and upcoming infrastructures. We hope it proves valuable to you! #Economy #India #Logistics #SupplyChain #RSM #RSMIndia

By carefully planning finances, individuals can take a micro-retirement confidently, enjoy their break without stress, and smoothly transition back into their careers when ready. 🏕️ Consider these key financial factors before making this decision: 𝐄𝐬𝐭𝐢𝐦𝐚𝐭𝐞 𝐏𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐄𝐱𝐩𝐞𝐧𝐬𝐞𝐬 𝐃𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐁𝐫𝐞𝐚𝐤 Before taking a career break, it is essential to calculate all necessary expenses. 𝐁𝐮𝐢𝐥𝐝 𝐚 𝐃𝐞𝐝𝐢𝐜𝐚𝐭𝐞𝐝 𝐌𝐢𝐜𝐫𝐨-𝐑𝐞𝐭𝐢𝐫𝐞𝐦𝐞𝐧𝐭 𝐅𝐮𝐧𝐝 Having at least 6-12 months' worth of savings in a liquid, low-risk investment ensures financial security during the break. 𝐀𝐬𝐬𝐞𝐬𝐬 𝐏𝐚𝐬𝐬𝐢𝐯𝐞 𝐈𝐧𝐜𝐨𝐦𝐞 𝐒𝐨𝐮𝐫𝐜𝐞𝐬 Exploring alternative income streams like rental income, dividends, or part-time freelancing. 𝐇𝐞𝐚𝐥𝐭𝐡 𝐚𝐧𝐝 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞 Losing employer-provided insurance during a career break can pose a risk, so securing a reliable health insurance plan in advance is crucial. 𝐌𝐚𝐧𝐚𝐠𝐞 𝐃𝐞𝐛𝐭 𝐎𝐛𝐥𝐢𝐠𝐚𝐭𝐢𝐨𝐧𝐬 Clearing high-interest debts, such as credit card loans or personal loans, before taking a break prevents financial strain. For long-term loans like home or education loans, have a structured repayment plan to avoid financial stress. 𝐏𝐥𝐚𝐧 𝐟𝐨𝐫 𝐂𝐚𝐫𝐞𝐞𝐫 𝐑𝐞-𝐄𝐧𝐭𝐫𝐲 A well-thought-out plan for returning to work is just as important as preparing for the break. Keeping an emergency fund for a few months after resuming work can act as a financial cushion in case job hunting takes longer than expected. #PersonalFinance #Consulting #Retirement #Management #RSMIndia

🌙 Eid Mubarak to all our colleagues, clients and friends around the world. 🌹 #EidMubarak #RSM #RSMIndia

𝐑𝐞𝐦𝐨𝐯𝐚𝐥 𝐎𝐟 𝐇𝐢𝐠𝐡𝐞𝐫 𝐓𝐃𝐒/𝐓𝐂𝐒 𝐅𝐨𝐫 𝐍𝐨𝐧-𝐅𝐢𝐥𝐞𝐫𝐬 𝐎𝐟 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱 𝐑𝐞𝐭𝐮𝐫𝐧𝐬 📈 According to the current provisions, Section 206AB requires that, under certain conditions, a higher rate of deduction will apply when the deductee does not file an income tax return. Similarly, Section 206CCA stipulates that someone who is supposed to collect TCS and who has not yet paid income tax returns pays tax at a higher rate.   There have been concerns raised about practical difficulties that deductors or collectors may face at the time when tax is deducted or collected. This led to higher TDS being applied in certain cases unnecessarily, which led to capital blockage and increased compliance burden for the taxpayer. 𝐄𝐱𝐞𝐦𝐩𝐭𝐢𝐨𝐧 𝐅𝐫𝐨𝐦 𝐏𝐫𝐨𝐬𝐞𝐜𝐮𝐭𝐢𝐨𝐧 𝐅𝐨𝐫 𝐃𝐞𝐥𝐚𝐲𝐞𝐝 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐎𝐟 𝐓𝐂𝐒 ✔️ To provide relief and ease compliance, Budget 2025 proposed to amend Section 276BB to specify that prosecution shall not be initiated against a person for failure to deposit TCS, provided the tax is paid to the credit of the Central Government on or before the due date for filing the quarterly TCS statement, as prescribed under the proviso to Section 206C(3).   This amendment, which will take effect on April 1, 2025, aims to lessen the legal repercussions for actual TCS remittance delays as long as the payment is made within a reasonable amount of time. #Taxes #Accounting #PersonalFinance #Law #RSMIndia

➡️ Key tax and tax-saving investment steps you should know about before this financial year 📈 :   1) 𝐂𝐡𝐞𝐜𝐤 𝐘𝐨𝐮𝐫 𝐓𝐚𝐱 𝐋𝐢𝐚𝐛𝐢𝐥𝐢𝐭𝐲   2) 𝐂𝐨𝐧𝐬𝐢𝐝𝐞𝐫 𝐓𝐚𝐱 𝐒𝐚𝐯𝐢𝐧𝐠 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 (𝐤𝐞𝐲 𝐝𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧𝐬 𝐭𝐡𝐚𝐭 𝐜𝐚𝐧 𝐛𝐞 𝐚𝐯𝐚𝐢𝐥𝐞𝐝): - Section 80C: Investments in Public Provident Fund (PPF), Equity-Linked Savings Schemes (ELSS), and other eligible instruments. - Section 80D: Premiums paid for health insurance. - Section 80G: Donations to eligible charitable organizations   3) 𝐅𝐢𝐥𝐞 𝐔𝐩𝐝𝐚𝐭𝐞𝐝 𝐑𝐞𝐭𝐮𝐫𝐧 (𝐈𝐓𝐑-𝐔)   4) 𝐏𝐚𝐲 𝐀𝐝𝐯𝐚𝐧𝐜𝐞 𝐓𝐚𝐱 (𝐢𝐟 𝐲𝐨𝐮’𝐯𝐞 𝐦𝐢𝐬𝐬𝐞𝐝 𝐢𝐭)   5) 𝐏𝐚𝐲 𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐓𝐚𝐱 (𝐢𝐟 𝐚𝐩𝐩𝐥𝐢𝐜𝐚𝐛𝐥𝐞)   6) 𝐈𝐧𝐯𝐞𝐬𝐭𝐢𝐧𝐠 𝐢𝐧 𝐌𝐚𝐡𝐢𝐥𝐚 𝐒𝐚𝐦𝐦𝐚𝐧 𝐒𝐚𝐯𝐢𝐧𝐠𝐬 𝐂𝐞𝐫𝐭𝐢𝐟𝐢𝐜𝐚𝐭𝐞 (𝐌𝐒𝐒𝐂)   7) 𝐑𝐞𝐧𝐞𝐰 𝐇𝐞𝐚𝐥𝐭𝐡 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 (𝐟𝐨𝐫 𝐝𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧 𝐩𝐮𝐫𝐩𝐨𝐬𝐞𝐬)   8) 𝐒𝐮𝐛𝐦𝐢𝐭 𝐂𝐡𝐚𝐥𝐥𝐚𝐧-𝐂𝐮𝐦-𝐒𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭𝐬 𝐟𝐨𝐫 𝐅𝐞𝐛𝐫𝐮𝐚𝐫𝐲 𝐓𝐃𝐒 - Section 194M: TDS on payments to professionals or contractors - Section 194-IA: TDS on property sales - Section 194-IB: TDS on rent   9) 𝐅𝐨𝐫𝐞𝐢𝐠𝐧 𝐈𝐧𝐜𝐨𝐦𝐞 𝐃𝐢𝐬𝐜𝐥𝐨𝐬𝐮𝐫𝐞 𝐚𝐧𝐝 𝐂𝐥𝐚𝐢𝐦𝐢𝐧𝐠 𝐅𝐨𝐫𝐞𝐢𝐠𝐧 𝐓𝐚𝐱 𝐂𝐫𝐞𝐝𝐢𝐭   10) 𝐊𝐧𝐨𝐰 𝐒𝐩𝐞𝐜𝐢𝐚𝐥 𝐅𝐢𝐱𝐞𝐝 𝐃𝐞𝐩𝐨𝐬𝐢𝐭𝐬 #Accounting #PersonalFinance #Taxes #Finance #RSMIndia

#Inspiration #Positivity #WednesdayWisdom #RSMIndia

🏡 Under the current framework, Section 24 of the Income-tax Act, 1961 (hereinafter referred to as ‘the IT Act’) permits a deduction of up to Rs. 2 lakh for interest on home loans for self-occupied property, but this benefit is only available under the old tax regime. Taxpayers opting for the default new tax regime under Section 115BAC are unable to claim this deduction. Furthermore, losses under the head "income from house property" cannot be set off against other income or carried forward for future adjustment under the new regime.   🏢 This limitation has adversely impacted individuals who rely on housing loans for property purchases, especially in the middle-income group. Housing loan interest often exceeds any rental income earned, creating financial stress for these taxpayers.   Thus, #ICAI has proposed an amendment to allow a home loan interest deduction of up to Rs. 2 lakh under the new tax regime, along with the set-off of house property losses against other income and the carry-forward of unabsorbed losses for 8 years, which would provide substantial relief. It would also promote home ownership alongside supporting real estate investments.   Additionally, the proposed measure would simplify tax compliance and encourage more taxpayers to adopt the new regime, contributing to economic growth and increasing government revenues. #Tax #Budget2025 #Consulting #Economy #RSMIndia