Nandukumar Kamat
28 May 2018 at 17:17
Dear Sir,
Our Company Kadam Financial Pvt. Ltd.(NBFC) having total turnover of Rs. 140 lacs for the FY 2016-17 & 147 lacs for the FY 2017-18 needs to get its books audited u/s 44AB of the Act as turnover has exceeded Rs. 1 crore.
The all income as Divided income from Mutual Fund & Listed Company which is exempt u/s 10.
In above case the Tax Audits as per income tax act under section 44AB is applicable or not.
Please provide your reply in above matters .
NK
Nandukumar Kamat
20 April 2018 at 15:38
Dear Sir,
In Limited company, the bank account closed and the balance amount of cheque issued in director name.
Any violation of law regarding the cheque received in director name after closing the company Bank Account.
Violation of Law as per Section 185 of Companies Act, 2013 – Loan to Directors.
Now cheque received in director name for Rs.3420/- can show as reimbursement of Expenses.
Please advise in above matters
Thanks & Regards
NK
Nandukumar Kamat
13 March 2018 at 18:11
Dear Sir,
1.As per RBI, for a company to be classified as an NBFC, to decide on its principal business, it will have to satisfy the two tests of assets and income. The financial assets should be more than 50% of total assets) and the income from financial assets should be more than 50% of the gross total income. Both these need to be satisfied for a company to be regarded as an NBFC.
2.Our Company carrying Investment business (Only Purchase & Sells of Shares & Mutual Funds) without obtaining the certificate of registration from the RBI. Last 7 years the Company invests in only shares & Mutual Fund & Total Gross Income of company from only Financial Assets Only. Now our company received notice from RBI regarding the Registration of NBFC. In this notice they are given three option :
1) Apply for COR 2)Merge company with another NBFC 3)Wind up the Business of NBFI.
Our Company Paid up Shares Capital is 24 Lacs & reserve is 1.03 Crores.
Net Owned Fund calculation as per RBI Formula is Rs.17.07 Lacs.
Clarifications required:
We have a investment company whose main objects clause includes investments activities. If they invest more than 51% of total assets in Investments and their 51% of total income comes from dividend & Capital Gain income. The company is not accepting any public deposits and investments are made for long term purpose and not for trading- Will it be treated as an NBFC company? Since their Net Owned Funds (NOF) are less than 2 crores(17.07 Lacs as per Calculations). Can we continue the investment activity without taking RBI registration?
Please provide me a simple letter which has to be given to RBI in respect of Notice received from RBI for Registration of NBFC.
Please advise the same in above matters.
Thanks & Regards
N. K.
Nandukumar Kamat
06 March 2018 at 14:47
Dear Sir,
1.As per RBI, for a company to be classified as an NBFC, to decide on its principal business, it will have to satisfy the two tests of assets and income. The financial assets should be more than 50% of total assets) and the income from financial assets should be more than 50% of the gross total income. Both these need to be satisfied for a company to be regarded as an NBFC.
2.Our Company carrying Investment business (Only Purchase & Sells of Shares & Mutual Funds) without obtaining the certificate of registration from the RBI. Last 7 years the Company invests in only shares & Mutual Fund & Total Gross Income of company from only Financial Assets Only. Now our company received notice from RBI regarding the Registration of NBFC. In this notice they are given three option :
1) Apply for COR 2)Merge company with another NBFC 3)Wind up the Business of NBFI.
Our Company Paid up Shares Capital is 24 Lacs & reserve is 1.03 Crores.
Net Owned Fund calculation as per RBI Formula is Rs.17.07 Lacs.
Clarifications required:
We have a investment company whose main objects clause includes investments activities. If they invest more than 51% of total assets in Investments and their 51% of total income comes from dividend & Capital Gain income. The company is not accepting any public deposits and investments are made for long term purpose and not for trading- Will it be treated as an NBFC company? Since their Net Owned Funds (NOF) are less than 2 crores(17.07 Lacs as per Calculations). Can we continue the investment activity without taking RBI registration?
Please provide me a simple letter which has to be given to RBI in respect of Notice received from RBI for Registration of NBFC.
Please advise the same in above matters.
Thanks & Regards
N. K.
Nandukumar Kamat
26 December 2017 at 18:46
Dear Sir,
I am taken loan of rs.5 lacs from my boss. (Year-March-2012)
But my boss given loan from his relatives bank account.
i given 5 cheques of Rs.1 lacs each to his relative name as security purpose.
& i given in writing on Rs.20/- stamp papers with notarised.
Matter mention in the stamp papers -- Rs.5 lacs is interest free & will repayment of Rs.8500/-per month in Five Years.
But after five years my boss done the my salary accounts settle. (On Ruff Papers not any proper evidence)
I Given my 5 Years salary & deduction details :
MY total Salary & Bonus 5 Years == 1675000/-
MY salary deduction 8500/- per month ==500000/- (5.10 Lacs)
Salary/Bonus received in Cash/Cheque ==1160000/-
After settlement Final Cash Given me = 15000/-
But my repayment of loan Rs.8500/-directly taken my boss at the time of Settlement.
Actual repayment not done to his relatives. Rs.5 lacs outstanding on my name his relatives accounts with security documents.
i asked for document and he replied the document will be tear.
I resigned the job in July-2017. But still my security document not given.
In above matter any problem arise to me.
Kindly advise the same how to resolve the matters.
Thanks & Regards
NK
Nandukumar Kamat
26 December 2017 at 18:42
Dear Sir,
I worked in 9 years in one CA Firm & Pvt Ltd. The director & Proprietor of company is same person.
At the time of interview and after joining the firm they not given any interview & appointment letter.
I leave the job in February 2017 and I told them that I can not work back.
At the time of leaving job my salary if Rs.22000/- without any benefits.
But my Employer not given any compensation such as Gratuity and Leave Salary Benefit to me.
After leaving the job they not called me for Final settlement.
Now i decided to go through Union for to settle my dues for 9 years.
Please advise me the what can i do.
Thanks & Regards
Anonymous
26 December 2017 at 17:07
Dear Sir,
I am taken loan of rs.5 lacs from my boss. (Year-March-2012)
But my boss given loan from his relatives bank account.
i given 5 cheques of Rs.1 lacs each to his relative name as security purpose.
& i given in writing on Rs.20/- stamp papers with notarised.
Matter mention in the stamp papers -- Rs.5 lacs is interest free & will repayment of Rs.8500/-per month in Five Years.
But after five years my boss done the my salary accounts settle. (On Ruff Papers not any proper evidence)
I Given my 5 Years salary & deduction details :
MY total Salary & Bonus 5 Years == 1675000/-
MY salary deduction 8500/- per month ==500000/- (5.10 Lacs)
Salary/Bonus received in Cash/Cheque ==1160000/-
After settlement Final Cash Given me = 15000/-
But my repayment of loan Rs.8500/-directly taken my boss at the time of Settlement.
Actual repayment not done to his relatives. Rs.5 lacs outstanding on my name his relatives accounts with security documents.
i asked for document and he replied the document will be tear.
I resigned the job in July-2017. But still my security document not given.
In above matter any problem arise to me.
Kindly advise the same how to resolve the matters.
Thanks & Regards
MGK
Nandukumar Kamat
26 December 2017 at 16:32
Dear Sir,
In Pvt ltd Company we have debit the Director Travelling Exps in Profit & loss A/c. Director Travelling expenses include domestics & international. The company have a GSTIN. The Credit card in the name of Director not in the name of Company. The Director book flight tickets through yatra.com and not mention the GST no. of Company at the time of Booking & make the online payments. After15 days we received the Credit Card bill & make the payment from Company to Credit Card Company. The credit Card bill for only Travelling Exps. In the GST Return (GSTR-3B)-July to November-2017, we have not given in any details in GST Return. Now we want to do quarterly Return of GSTR-1 for period July To September-2017. Should I give some information about the expenses of Travelling in GSTR-1?
Telephone Exps.--Can we take the Credit of SGST & CGST in GSTR-1&3B return.
MTNL Telephone Bill on the Name of Company.
Company Received Commission against Sales/Service Provided through third party.
Company not register under GST.
Any GST impact on commission received
Company Turnover is less than 2 Lacs
Please advise in above matter as earliest.
Thanks & regards
NNK
Anonymous
26 December 2017 at 16:09
Dear Sir,
I worked in 9 years in one CA Firm & Pvt Ltd. The director & Proprietor of company is same person.
At the time of interview and after joining the firm they not given any interview & appointment letter.
I leave the job in February 2017 and I told them that I can not work back.
At the time of leaving job my salary if Rs.22000/- without any benefits.
But my Employer not given any compensation such as Gratuity and Leave Salary Benefit to me.
After leaving the job they not called me for Final settlement.
Now i decided to go through Union for to settle my dues for 9 years.
Please advise me the what can i do.
Thanks & Regards
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Legal heir certificate
Dear Sir,
I want to know how to get legal heir certificate in south mumbai. Certificate is required for transfer of equity shares.
If someone can make a certificate and give it, please contact.
Please give your valuable advice for the above issue.
Thanks and regards
NK