Capital adequacy requirements for NBFCs require enhanced CRAR and recurring reporting obligations under RBI prudential norms.
Registration under the Companies Act and formal RBI registration are required; NBFC activities include lending, investments, hire purchase, insurance related and collective money mobilising schemes. Systemically important non deposit taking NBFCs must meet enhanced Capital Adequacy measured by CRAR, apply exposure norms, limit perpetual debt within Tier capital, and comply with regular reporting and disclosure obligations including ALM and capital/risk statements under RBI prudential directions. (AI Summary)

Direct tax changes: higher personal exemptions, corporate surcharge cuts, MAT expansion and new compliance obligations.
Direct tax amendments raise individual exemption limits and senior citizen reliefs, extend an investment deduction for long term infrastructure bonds, and exempt certain salaried taxpayers from filing when employers discharge tax. Corporate measures reduce surcharge rates, tax dividends from foreign subsidiaries at a concessional rate, increase the MAT rate and extend MAT to LLPs, and alter weighted deductions for payments to universities and laboratories. Sectoral changes affect power project deductions, SEZ tax benefits and mutual fund distribution taxation, while nonresident measures impose concessional withholding on infrastructure debt interest and introduce mandatory annual information filing for foreign entities and reporting obligations for tax authorities. (AI Summary)