Sec 372a on nbfc
This query is : Resolved
Chandrashekhar
(Querist)
16 March 2012
Dear All,
The following is a query with regard to sec 327A that –
The NBFC is engaged in providing business loans and advances. Now whether Section 372A of the Companies Act, 1956 applicable to an NBFC?
Thanks in advance
Regards
Chandrashekhar
The following is a query with regard to sec 327A that –
The NBFC is engaged in providing business loans and advances. Now whether Section 372A of the Companies Act, 1956 applicable to an NBFC?
Thanks in advance
Regards
Chandrashekhar
Ajay Mishra
(Expert)
16 March 2012
Hi
Sub Section (8) of Section 372A does not exclude the non banking financial institution from the purview of section 372A as an NBFC is different from that of a Banking company, as defined in the Banking Regulation Act, 1949.
So, section 372A will not apply to NBFC company.
Regards
Sub Section (8) of Section 372A does not exclude the non banking financial institution from the purview of section 372A as an NBFC is different from that of a Banking company, as defined in the Banking Regulation Act, 1949.
So, section 372A will not apply to NBFC company.
Regards
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Nursery business
- GST input credit on commercial property
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- GSTR-9C filing
- Import Order Cancelled.
- TDS on Dashcam rent and allied services
- Capital Gains Tax on Inherited Mutual Fund
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- Form 144 TDS Return Validation Error – Mandatory Fields
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
