Select Your Location
XBRL means e-xtensible business reporting language for the electronic communication of business and financial data, which is revolutionizing business reporting across the globe. The Reserve Bank of India mandated all NBFCs to file NBFC returns in XBRL mode beginning from FY 19-20. In this article, we will discuss filing of XBRL returns for NBFC.
Table of Contents
XBRL provides various benefits at all steps of business reporting and analysis. The advantages can be witnessed in:
Moreover, XBRL helps producers and consumers of financial data to switch resources away from the manual process which is costly. They can concentrate effort on analysis with the help of software that can validate and process XBRL info. It is a flexible language with an aim to support all present aspects of reporting in various countries and industries. The extensible nature allows it to meet special business requirements, even at the individual organizational level.
It is applicable to NBFCs even if assets size is 2 crore. There are various types of XBRL return which are filed by different NBFCs falling under different assets size.
TYPE OF XBRL RETURN
DNBS- 02 (Important Financial Parameters)
For NBFCs with below 100 crore assets size
DNBS- 10 (Statutory Auditor Certificate)
DNBS- 13(Overseas Investment Detail)
For NBFCs with more than 100 crore and less than 500 crore assets size
DNBS- 4A (Short Term Dynamic Liquidity)
DNBS- 4B (Structural Liquidity and interest rate sensitivity)
Small NBFCs with assets size of 2/5 crore
NBFCs need to obtain login ID and password from the reserve bank. NBFCs needs to create maker and checker login ID and password to file NBFC return. An automated email will be sent to the maker and checker. NBFCs should also create the statutory auditor ID in the XBRL system. Once the statutory auditor ID is made, an automated email will be sent to the statutory auditor through the XBRL system by which the auditor must upload DNBS 10 return.
The XBRL return should be filed within the prescribed period of submission. Below we have discussed the due dates.
The following points should be considered before filing the return:
Different XBRL Returns shall apply to different NBFCs as per their assets size. The XBRL returns for NBFC should be filed within the prescribed period of submission. The use of XBRL is revolutionizing business reporting across the globe.
Read our article:Significance of NBFC Registration in the Indian Financial Market
Ashish M. Shaji has done his graduation in law (BA. LLB) from CCS University. He has keen interests in doing extensive research and writing on legal subjects especially on corporate law. He is a creative thinker and has a great interest in exploring legal subjects.
Black money has been the subject of heated political debate in India for a long time. Successiv...
The Apex Court pronounced a judgement in the case titled Tata Motors Vs The Brihan Mumbai Elect...
Since economies are moving towards digitalisation and making it feasible to conduct transaction...
The Alternative Investment Funds (AIFs) Pro-rata and Pari-Passu Rights Proposal Consultation Pa...
The Financial Action Task Force, i.e. FATF (the Force), is the global money laundering and terr...
Advance tax refers to the payment of the tax liability before the end of the relevant financia...
On 11.12.15, the Hon’ble Delhi High Court (HC) pronounced a landmark judgement in the case ti...
Money laundering can be defined as the process of illegal concealment of the origin of money ob...
Every assessee in India is obligated to file an income tax return and make the timely payment o...
In the recent past, India has seen burgeoning demand for internet and smartphones. The rapid ri...
Are you human?: 4 + 8 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
The NBFCs (Non-Banking Financial Companies) have come a long way in terms of their operation, size, technology and...
30 May, 2017
The Reserve Bank of India has modified the data format for furnishing credit information to credit information comp...
17 Mar, 2021
Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 2000 privately financed companies each year in the Asia. Since 1996, Red Herring has kept tabs on these up-and-comers. Red Herring editors were among the first to recognize that companies such as Google, Facebook, Kakao, Alibaba, Twitter, Rakuten, Salesforce.com, Xiaomi and YouTube would change the way we live and work.
Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.
Stay updated with all the latest legal updates. Just enter your email address and subscribe for free!
Chat on Whatsapp
Hey I'm Suman. Let's Talk!