Small Finance Bank license: Objectives, Rules, Key Challenges
Introduction
Small finance banks are a type of bank that helps those sections which do not get support from other banks. Small finance banks provide basic bank facilities […]
Audit Report Format: Types, Responsibilities of Auditors
Introduction
An audit report is a document prepared by the Auditor of the Company who must be a practicing Chartered Accountancy. The audit report format guides the auditor to make the report according to the government rules. All companies registered in India are required to appoint an Auditor and get the accounts audited each year. The audited financial statements […]
Defunct Company: Methods to Fast track exit
Introduction
Defunct Company is a company which does not have any asset or any liability. The Defunct company that fails to commence business in its first year of establishment.
On the 5th of April 2017, the most awaited procedure of Fast track Exit is activated. Section 248 of the Companies Act 2013 deals with the fast-track exit procedure. Strike […]
80G Certificate: Eligibility, Documents Required
80G Certificate for Individuals
80G Certificate helps you to exempt yourself from paying taxes to the government partly or fully. It became a part of the law book in 1967-68 and it still holds an important part in saving taxes. You get tax exemption on your taxes if you are making donations to:
Form MGT-8: Applicability, Compliance aspects & penalties
Introduction to Form MGT-8
Form MGT-8 is a certificate for the fulfillment of the annual return certified by a Company Secretary are as follows:
- having paid-up share capital of ten crore rupees
- or more or turnover of fifty crore rupees
- or more by a listed company, by the practicing company secretary.
According to Rule 11(2), Companies Act […]
NBFC Regulation
Overview of NBFC
A Non-Banking Financial Company (NBFC) is a financial institution. It carries on businesses under the Companies Act 2013 like:-
- receiving personal loans and advances,
- Acquisition of stocks or shares,
- Leasing,
- Hire-purchase,
- Insurance business, and
- chit fund business.
In India, the authority to control the NBFC registration is with the […]