Income Tax - Nidhi Company

    Posted By : damini / Published on : 11-Feb-2020 06:28 AM / View : 63 / Comment : 1
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    Hi

    Any One having Exposure in Nidhi Company Post Incorporation Compliances for Income Tax , GST etc..

    Also if any Nidhi Company is formed in Feb Mid can we take provision of 18 Months into consideration...?



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    Read more on : company nidhi income

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      Financial year for ROC filing will be same as considered under co act but compliances for Nidhi will be according to Nidhi rule.

       

      Exemptions and privileges under the Companies Act,2013:
      Accordingly certain provisions of the Companies Act,2013 shall not apply to the Nidhi Company and Nidhi would be exempted from certain provisions of the same.


      Service of documents to Nidhi members may be done by sending it to him by post or by registered post or by speed post or by courier or by delivering the same at his office or by such electronic or othermode as may be prescribed.
      A Nidhi Company is free to make a private placement to any number of persons and it shall not be deemed to be an offer to the public.

      Nidhi Company offers a lot of advantages to its members, however it is not aloof from certain drawbacks also which are mentioned below.

       

      Limited Fund Raising:
      The Nidhi company accepts deposits of the members only hence the funds of the Nidhi company are very limited as compared to other finance companies.

      Limited credit availability:
      As the funds raised are limited the availability of the credit will also be limited as compared to the other finance companies.

      RBI vigilance:
      Though the Nidhi Companies are free from the strict compliance of the RBI regulations, their deposit acceptance operations are governed by the RIB

      Other Regulations:
      The central government issues rules and directions governing Nidhi Companies from time to time. Therefore, they are not totally exempt from the regulatory framework.

      The financial Markets are very vast in India and the financial needs are also increasing day by day. And here the Nidhi Company sets a new trend in the financial Market. Its benefits are such that a lot of people from all over India are attracted to the idea and now are registering the Nidhi company.

      11-02-2020 / 11:33:39 AM
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