Whether the expenditure made for increase in Authorized share capital of a private limited company (NBFC) after the guideline OF RBI will be allowable (whole expenses) as revenue expenditure in INCOME TAX in F.Y. ending 31.3.2016 or allowable as deferred expenditure which could be write off in subsequent years.
|
AS On |
Authorized Share Capital |
As On |
Paid-up Share Capital |
Expenses of ROC for increase in Authorized Share Capital |
|
|
Roc fees |
Stamp duty |
||||
|
31.3.2015 |
30 Lac |
31.3.2015 |
30 Lac |
- |
- |
|
11.05.2015 |
47 Lac |
31.07.2015 |
47 Lac |
45900 |
8500 |
|
07.09.2015 |
2.25 Crore |
31.3.2016 |
1.15 crore |
152750 |
35600 |
The above authorized capital as well as paid up capital was enhanced due to following guidelines of RBI.:
RBI/2014-15/299
DNBR (PD) CC.No.002/03.10.001/2014-15 November 10, 2014
All NBFCs (excluding Primary Dealers)
Revised Regulatory Framework for NBFC
4. Requirement of Minimum NOF of Rs. 200 lakh
4.1 NBFCs are required to obtain a Certificate of Registration (CoR) from the
Bank to commence/carry on business of NBFI in terms of Section 45-IA of the RBI
Act, 1934. The said section also prescribes the minimum Net Owned Fund (NOF)
requirement. In terms of Notification No.DNBS.132/CGM(VSNM)-99 dated April
21, 1999, the minimum NOF requirement for new companies applying for grant of
CoR to commence business of an NBFC is stipulated at Rs. 200 lakh. Although
the requirement of minimum NOF at present stands at Rs. 200 lakh, the minimum
NOF for companies that were already in existence before April 21, 1999 was
retained at Rs. 25 lakh. Given the need for strengthening the financial sector and
technology adoption, and in view of the increasing complexities of services offered
by NBFCs, it shall be mandatory for all NBFCs to attain a minimum NOF of Rs.
200 lakh by the end of March 2017, as per the milestones given below:
• Rs. 100 lakh by the end of March 2016
• Rs. 200 lakh by the end of March 2017
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