NBFC Compliance Services – Tax Pal Solutions
Stay Ahead with Complete Compliance
Tax Pal Solutions ensures seamless NBFC compliance with end-to-end support for RBI filings, statutory requirements, and regulatory submissions. We simplify the complex framework of compliance so your NBFC can focus on growth without worrying about penalties or license issues.
Why NBFC Compliance is Essential
- Ensures smooth operations under RBI guidelines
- Protects credibility and builds customer trust
- Avoids penalties, license suspension, and disruptions
- Enhances financial transparency and governance
- Strengthens long-term sustainability of the NBFC
Difference Between Banks & NBFCs
| Feature |
Banks |
NBFCs |
| Primary Regulation |
Banking Regulation Act, RBI Act |
Companies Act, RBI Master Directions |
| Deposit Acceptance |
Can accept demand deposits |
Cannot accept demand deposits |
| Payment System Access |
Allowed (cheques, drafts, settlements) |
Not allowed |
| Deposit Insurance |
Covered under DICGC |
Not covered under DICGC |
| Credit Creation |
Permitted through fractional banking |
Not permitted |
| CRR/SLR Maintenance |
Mandatory |
Not required |
| Target Audience |
Broad – retail, business, institutional |
Often underserved markets, MSMEs, niche areas |
| Loan Interest Rates |
Usually lower |
May be higher (higher risk) |
Categories of NBFCs in India
- Asset Finance Companies (AFCs) – Financing for vehicles, machinery, equipment
- Loan Companies – Personal, housing, business loans
- Infrastructure Finance Companies (IFCs) – Long-term project funding for roads, power, telecom
- Microfinance Institutions (MFIs) – Collateral-free loans to low-income households
- Investment Companies – Investment in shares, bonds, and securities
- Core Investment Companies (CICs–SI) – Investments in group companies
- P2P Lending Platforms – Connecting borrowers and lenders online
NBFC Compliance Checklist
Registration & Licensing
- Valid RBI Certificate of Registration (CoR)
- Maintain minimum Net Owned Fund (NOF)
- Adequate Capital Adequacy Ratio (CAR)
Reporting & Regulatory Frameworks
- File annual returns such as NBS-7, NBS-9
- Submit audited financial statements to RBI
- GST compliance (GSTR-1, GSTR-3B, GSTR-9/9C)
- FEMA & FDI reporting where applicable
- Implement Fair Practices Code (FPC)
- Maintain grievance redressal mechanism
Risk & Internal Controls
- Effective risk management framework
- Internal audit and control systems
- Cybersecurity measures for customer data
- Asset quality monitoring (NPAs, provisioning)
NBFC Compliance Calendar (FY 2025-26)
Monthly
| Compliance |
Due Date |
Governing Act |
| TDS/TCS Payments |
7th of next month |
Income Tax Act, 1961 |
| GST Return (GSTR-1) |
11th of next month |
CGST Act, 2017 |
| GST Return (GSTR-3B) |
20th of next month |
CGST Act, 2017 |
| CKYC Uploads |
Within 3 days |
PML Rules, 2005 |
| CRILC Reporting (DNBS-08) |
15th of next month |
RBI Supervisory Returns |
Quarterly
| Compliance |
Due Date |
Governing Act |
| DNBS-01, DNBS-02, DNBS-03 |
21st July/Oct/Jan/Apr |
RBI Supervisory Returns |
| Advance Tax Installments |
15th June/Sept/Dec/Mar |
Income Tax Act, 1961 |
| Board Meetings |
4 times per year |
Companies Act, 2013 |
Annual
| Compliance |
Due Date |
Governing Act |
| AOC-4, MGT-7 (Financial Filings) |
30 days of AGM |
Companies Act, 2013 |
| DNBS-10 (Auditor’s Certificate) |
31st Dec |
RBI Directions |
| Income Tax Return (Audit cases) |
31st Oct |
Income Tax Act, 1961 |
| GST Annual Returns (GSTR-9, 9C) |
31st Dec |
CGST Act, 2017 |
| Director KYC (DIR-3 KYC) |
30th Sep |
Companies Act, 2013 |
RBI’s Prudential Norms for NBFCs
- Asset Classification – Loans classified as standard, substandard, doubtful, or loss assets
- Provisioning Requirements – Adequate provisions for NPAs
- Income Recognition – Recognize income only when realized
- Capital Adequacy – Maintain minimum CRAR as per RBI norms
- Scale-Based Regulations – Tiered framework for NBFCs based on size and risk
Other Compliances
- Companies Act, 2013 – Annual filings, meetings, director appointments
- Income Tax & GST Laws – Advance tax, TDS/TCS, GST returns
- FEMA Regulations – Foreign investment reporting, FLA return
- PMLA, 2002 – KYC, Anti-Money Laundering compliance, FIU-IND reporting
Why Choose Tax Pal Solutions?
- 500+ Certified Compliance Experts
- 2500+ Monthly Client Onboardings
- Transparent Pricing Model
- End-to-End Digital Process
- Trusted by NBFCs, Fintechs, and Lending Startups
