Applicability of act to nbfc gor tds

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Querist : Anonymous

Querist : Anonymous (Querist)

16 August 2014 how to get information from specific site which make us confirm the applicability of act to NBFC "the Banking Regulation Act, 1949 (10 of 1949)" or if not which act is applicable to it.

IS THIS ACT IA APPLICABLE TO ALL NBFC?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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16 August 2014 The Banking Regulation Act is not applicable to NBFC's.

Laws governing the Non-Banking Finance Companies :-
 Companies Act, 1956 (Now Companies Act 2013)
 Reserve bank of India Act, 1934
 NBFC (Acceptance of Public Deposits) Directions, 1998
 NBFC (Deposit Accepting or Holding) Prudential Directions, 2007
 NBFCs Auditors Directions, 2008
 Guidelines, directions and instructions issued by RBI through notifications
and circulars

Nikhil Kaushik

Nikhil Kaushik (Expert)
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17 August 2014 I believe you wished to know the applicability of Banking regulation act for TDS purposes. Please note that NBFCs are not covered as banks and TDS is to be deducted on payments made to them under section 194A

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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17 August 2014 Since the Banking Regulation Act is not applicable the question of applicability of of TDS was answered itself and the remaining part is the answer of next question which is "Which Act is applicable to NBFC".

Querist : Anonymous

Querist : Anonymous (Querist)

22 August 2014 thank u for advicing

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