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Ca Rohit Kapoor

Latest Posts by Ca Rohit Kapoor

Open Letter to NFRA Chairman opposing Consultation Paper for Abolishing Statutory Audit

October 3, 2021 8643 Views 11 comments Print

what NFRA wants to convey is that since fee charged by auditors is less than Cost so Audit should be abolished. What kind of baseless conclusion is that?? Also, another criteria for this conclusion is the % Indebtedness. So, if a company is Debt free so that Company can’t commit financial fraud. Is that so??

Suggestions for Committee for Review of Education and Training (CRET) set up by ICAI

May 23, 2021 1671 Views 0 comment Print

ICAI has set up Committee for Review of Education and Training (CRET) and members of committee have invited suggestions. Following are my suggestions Article ship period should be bifurcated into 2 parts. 2 years of Articleship, then 1 year time for preparation for CA Final and 9 months of mandatory Industrial training Post Qualifying Institute […]

TCS on Sale of Goods- FAQs | Section 206C(1H) | Tabular Presentation

October 3, 2020 41601 Views 9 comments Print

Article explains Who is Liable for TDS on Goods under Section 206C(1H), From whom tax shall be collected, Timing of Collection of TCS, What is the Definition of Goods, Whether Transactions in securities through RSE is liable to TCS, TCS on Motor vehicle, TCS on Transaction in electricity, TCS on sale of Software, TCS on […]

TCS on sale of Goods – Illustrations- Section 206C(1H) wef 01.10.2020

September 27, 2020 53436 Views 14 comments Print

TCS on sale of Goods- Section 206C(1H) w.e.f. 01.10.2020 : Overview with Illustrations To widen and deepen the scope of early collection of revenue to the Government, Finance Bill, 2020 brought in levy of TCS (0.1% or 1% in case PAN/Aadhaar not provided by Buyer) on sale of goods for which sales consideration. Sub section 1H […]

No Extension of Due Dates of ITRs & Tax Audit Due Dates

September 21, 2020 121287 Views 10 comments Print

The Taxation And Other Laws (Relaxation And Amendment Of Certain Provisions) Bill, 2020 (Bill)  is introduced in Lok Sabha on 18th September 2020 and was having lot of Drafting mistakes fr which it subsequently issued Errata. This bill was passed in Lok Sabha on 19th September 2020 and it replaces Taxation and other Laws (Relaxation […]

GST Due Dates falling in September 2020

September 3, 2020 50394 Views 1 comment Print

1)  GSTR-1 GSTR-1 is a monthly or quarterly return that should be filed by every registered dealer. It contains details of all outward supplies i.e sales. The return has a total of 13 sections. The due dates for GSTR-1 are based on your turnover. Businesses with sales of upto Rs. 1.5 crore have an option to […]

Indian Economy’s GDP Tested (-VE) | GDP & Methods of Calculation

September 2, 2020 2856 Views 1 comment Print

What is Gross Domestic Product?? Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period, often annually. The Gross Domestic Product measures the value of economic activity within a country.The growth rate of real GDP is often used as an […]

CBIC Launches GSTR-2B (29th August 2020): Key Features

August 30, 2020 15066 Views 1 comment Print

The government has decided to continue the existing GST (Goods and Services Tax) return filing system for the time being. The new GST return filing system with forms ANX-1, ANX-2, RET-1 and RET-2 as proposed by the government for the launch has been put on hold until further notice. In place of launching the new GST […]

Breach of Trust by Government- Notification No 63/2020 Dated 25.08.2020

August 26, 2020 1449 Views 0 comment Print

As per Sec 50 (1) of the CGST Act 2017 Every person who is liable to pay tax in accordance with the provisions of this Act or the rules made there under, but fails to pay the tax or any part thereof to the Government within the period prescribed, shall, for the period for which the tax or any part thereof remains unpaid, pay, on his own, interest at such rate, not exceeding eighteen per cent, as may be notified by the Government, on the recommendation of the Council.

Aadhaar or Physical premises verification mandatory for GST registration

August 22, 2020 10293 Views 0 comment Print

Aadhaar verification or Physical verification of premises mandatory for GST registration from 21.08.2020 (Notification 62/2020) 1) CBIC has issued Notification No 62/2020-Central Tax dated 21st August 2020 which seeks to make Tenth amendment to the CGST rules. These rules may be called the Central Goods and Services Tax (Tenth Amendment) Rules, 2020. 2) These shall be […]

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