What is gross income?
Rajesh Bhandari
(Querist) 20 February 2013
This query is : Resolved
As per the RBI Press Release dated April 8, 1999, The company will be treated as a non-banking financial company (NBFC) if its
financial assets are more than 50 per cent of its total assets (netted off by
intangible assets) and income from financial assets is more than 50 per cent
of the gross income. Both these tests are required to be satisfied as the
determinant factor for principal business of a company.
Can anybody tell me, What is GROSS INCOME? is it the Total Sales + Interest Income/ Gross Profit / Profit Before Tax?
For Example Company A is a manufacturing concern. During the year Total Sales is Rs. 500 Crores. Interest Income Rs. 100 Crore. Profit Before Tax Rs. 180 Crore. Whether it is NBFC?
Anirudh
(Expert) 20 February 2013
Before I answer this simple and straight question, first let me know from you the following:
Can you please tell me what according to you is the financial assets of your Company?
Also please tell what is the total financial assets of your company?
Guest
(Expert) 20 February 2013
Dear Rajesh,
I really wonder, if a finance professional that too at the helm of financial management affairs of a company, as an Assistant Manager-Finance, does not know about the simple term of gross income. It is not understood, how you would be managing the finances of your company?
In fact, the more crucial information, which is required of you, what actually is your finance qualification & experience based on which you have been appointed as an Assistant Manager-Finance in the company.
Raj Kumar Makkad
(Expert) 20 February 2013
I do agree with the advice of experts.
Rajesh Bhandari
(Querist) 20 February 2013
Hello Mr PS Dhingra,
You better mind your language and think practically. Dont be foolish. Try to understand the purpose for which i am asking that question. As per accounting term i know what is GROSS INCOME. For your kind information i am a Chartered Accountant. So it would be better for you to take the question with more consiousness rather than foolishness
Rajesh Bhandari
(Querist) 20 February 2013
Financial Asset means all Deposits Investments in Shares, Debentures etc.
Rajesh Bhandari
(Querist) 20 February 2013
I know what is Gross Income in accounting. But I wanted to know what is "Gross Income" for the purpose of the said notification. Apllying the accounting logic, "Income before all expenditure" can be called as Gross Income. But unless the notification is clear, we cant presume or apply logic. Because it is "Law" and not "Logic". Even "Profit Before Tax" also can be called as "Gross Income" in its general meaning.
Anirudh
(Expert) 20 February 2013
Can you tell whether the financial assets of your company are more than 50% per cent of its total assets (netted off by
intangible assets)?
Rajesh Bhandari
(Querist) 20 February 2013
Definition of Gross Income:
As per Business Dictionery:
The amount by which sales revenue exceeds production costs (cost of sales).
As per Finance Dictionery:
An individual or company's income before taxes and deductions.
Mr Dhingra,
Have you considered all this factors before answering my question? If not, then dont call yourself as an "Expert".
Rajesh Bhandari
(Querist) 20 February 2013
Yes Anirudh. Our Financial Asset exceeds 50% of Total Asset. So the doubt is about the Second condition
Raj Kumar Makkad
(Expert) 20 February 2013
It is not good on your part to use such harsh language against such senior member of LCI and still hope to help you.
Guest
(Expert) 20 February 2013
Dear wise Chartered Accountant, Mr. Rajesh,
Thanks for your information about your qualification. In fact, I need not mind my language, rather you need to mind your own language when you have openly abused me by calling me foolish very openly.
Mind it, mere qualification does not guarantee the wisdom of a person, unless he is able to proves his wisdom by practical use of his knowledge, if he really has been able to attain through his qualification. Openly calling me foolish also depicts to what extent you are a wise person!
Anyway, Thinking practically does not mean replying an ideotic and academic question put by a qualified professional of the respective field, as put without appplying his own mind. Had you been a layman, my reply would have been quite different just to enhance your knowledge. But being a CA, you must have a good store of bulky accounts and finance books.
If you knew what gross income is, I don't think you would need to put this question at this forum. Further, if you were knowing what gross income is, have you anywhere stated what is your own understanding about gross income and asked whether the experts were agreeable with your interpretation of the term with reference to the RBI circular RBI circular or have some different interpretation? So, when you failed to write your own interpretation, what was the compulsion for me to presume for you as to what interpretation you would have in your mind and where was the question of my consideration of any fact before answering your question about the general definition, as provided by you now. The question was about your own interpretation, which you failed to provide for getting some definite views of the experts. Do you feel that the experts are here to answer academic type of queries, that too from some qualified professional? You are mistaken, if you think so.
So, you were required to show your own wisdom and would have sought opinions on your doubt, if you had any, about your own interpretation.
Guest
(Expert) 20 February 2013
Makkad ji,
In fact, the querist has provided a sample of the type of his own wisdom at this forum.
Raj Kumar Makkad
(Expert) 20 February 2013
I hate such querists and even those who attend the queries of such selfish and proudy persons. One should be lenient when he is seeking free of cost help of others.
Guest
(Expert) 21 February 2013
Makkad ji,
Some people do have a chronic weakness of finding themselves unable to shun their official egoistic attitude even while dealing with persons of outside world and usually try to impose and thrust their bossism over them also by assuming them as if they are their own paid servants.
Rajesh Bhandari
(Querist) 21 February 2013
Hello Mr Dhingra,
I know what to say and how to say. If u wanted some more clarity about my doubt, you should have asked that. Instead of that you passed some personal comment about my professional qualification and ability. It is none of your business rite? Being a professional you are not suppose to pass such insulting comment about me rite? I asked my doubt politely. But you didnt respect that. You only invited all this by passing such comments. If you are a senior professional, show that in your words and attitude. Dont try to judge others. Either answer my question or keep quite. Who has given the right to comment about my Qualification and Job? Dont you think it is your foolishness?
Rajesh Bhandari
(Querist) 21 February 2013
All those who are supporting him, please read his first reply once again. If you were in my position how you would have felt, if somebody ask you question like "What actually is your finance qualification & experience based on which you have been appointed as an Assistant Manager-Finance in the company." Afterall who is he to decide that?
Rajesh Bhandari
(Querist) 21 February 2013
I dont have any doubt about my interpretation. But since there is scope for adifferent interpretation, i wanted an expert interpretation with strong reason. But you people proved that you are experts in insulting others rather than Interpretation. If you are really a professional, please dont underestimate anyone or dont pass any personal comment about theirjob/qualification. Either answer the question professionally or keep quite. Thats all.
Rajesh Bhandari
(Querist) 21 February 2013
In fact my question was not as simple as you told. If you were a good professional, you would have understood the purpose of my question. You proved what you are. I am not expecting any professional advice from a non professional like you and your supporters. So please stay away from my question. Thank you
Rajesh Bhandari
(Querist) 21 February 2013
I never had any intention or prejudice against anyone to hurt them or to pass any harsh statement. But I cant hide my anger when people unnecessarily start hitting below the belt. I respect people who respects me and not otherwise. Anyways i am sorry if my words hurt you. My intention was clear and honest. Thats what i can say. One kind request to all my dear professionals:
Please dont pass any personal comment/criticism about any querist. Dont forget that the querists also desrves some respect. Answering the question"Free of Cost", is neither a justification nor a consideration for passing any personal comments/crticism. Hope it is clear. Thank you
Raj Kumar Makkad
(Expert) 21 February 2013
We don't require any certificate from you Mr. Rajesh. Keep such certificates with you. You are not our boss and shun such type of language which you are frequently using for the experts and at least learn basics of behaviour.
Rajesh Bhandari
(Querist) 21 February 2013
Mr Raj Kumar,
Neither you are my boss nor I am your boss. And i am not fool to give Cerificate to people like you. I have much better people for that. First of all please read the conversation from the beginning and see who started hitting personally.
Raj Kumar Makkad
(Expert) 21 February 2013
If you have much better people than bring your matter there. Why do you want to take help of we experts for your queries as well as for judging the person who started filthy language. Mr. Dhingra has not used any such language against you as you are claiming and still you are confirming to your abusive and defamatory language.
I even can' imagine such person in profession who even don't know how to pay respect for the elders of the family. Anyway, close this chapter as this is last post from my side.
Rajesh Bhandari
(Querist) 21 February 2013
My elders know my ability and they never insults my like what you people do. And please note that I never used any abusive words here. Anyways you people showed your inability to answer my query. So i dont want to waste my precisious time in arguing with you. Because it doesnt serve my purpose. Let us close this.
Rajesh Bhandari
(Querist) 21 February 2013
Mr Dhingra,
I respect your seniority. But i really felt bad when you asked:
"What actually is your finance qualification & experience based on which you have been appointed as an Assistant Manager-Finance in the company." I could not take that. In fact that was an unnecessary question. You should accept that. Anyways i am sorry if my words hurt you. It is like an echo. If we insult someone, we will get the same. Anyways thank you and sorry for wasting your time.
Guest
(Expert) 21 February 2013
Mr. Rajesh,
Nice boss-like direction for me and even for others through your different posts, in your words, "If u wanted some more clarity about my doubt, you SHOULD HAVE asked that," and "either answer the question professionally or KEEP QUIET. Thats all!
I wonder, what made you feel that I was obliged to ask for clarification about your own doubt, when you, as a finance professional, had never expressed your own views about your own interpretation/doubt. When you have failed, yourself, to demonstrate your own professional skill, it is not understood how and why do you expect others to help you?
On one hand you say, "I don't have any doubt about my interpretation" and on the other you have stated, "If u wanted some more clarity ABOUT MY DOUBT."
BUT, where is your interpretation about the term "gross-income" in the whole of your question, "Can anybody tell me, What is GROSS INCOME? is it the Total Sales + Interest Income/ Gross Profit / Profit Before Tax? For Example Company A is a manufacturing concern. During the year Total Sales is Rs. 500 Crores. Interest Income Rs. 100 Crore. Profit Before Tax Rs. 180 Crore. Whether it is NBFC?"
About your statement, "but since there is a scope for adifferent interpretation, i wanted an expert interpretation with strong reason. A straight question for you about that is, just intimate one and all here where comes the question of scope of different interpretation and strong reason, when you failed to provide your own interpretation with any reason?"
Anyone can see that you had put a very straight question, without adding your own interpretation, as if some unqualified and unprofessional novice asks an academic query from some school teacher. Do you feel, I was your paid servant and you expected me to be obliged to seek your clarification, when being a Chartered Accountant and finance professional you did not use even your commonsense in putting the question, while you were supposed to know what the gross-income should be. Had you any specific doubt about your own interpretation with particular reference to the RBI Circular, you MUST have included your interpretation also in the question.
So, the reason to raise doubt on your qualification and professionalism was quite obvisous. Naturally, if such type of question is raised by a qualified professional, anybody can get doubt about his qualification and professional appointment, as if achieved by use of unfair means.
Further, you have stated, "I know what to say and how to say," but I find that you don't even have a commonsense and etiquette where to say what, like on a public forum. I did not use any abusive language for you while raising my finger about your qualification and professionalism, but you openly used the words "foolish" and "foolishness" in your post, as if you are wisest person on earth. Tis instance also clearly shows that you even don't have any commonsense and etiquette how to behave with seniors in your age.
You have not spared even others to insult, when you stated, "but YOU PEOPLE PROVED that you are experts in insulting others rather than Interpretation." STILL YOU EXPECT HELP FROM ALL OF THEM?
In fact, by putting forth several of your totally contradictory posts/replies, you have not only fully exposed yourself on the forum of LCI, but also confirmed my doubt about your professional qualification, as if to be without using unfair means.
Guest
(Expert) 21 February 2013
Mr. Rajesh,
About your last post where you expressed, "am sorry if my words hurt you," I can only say that after posting so many derrogatory remaks, your sorry can't serve as a disaster control measure on your part when you have already led the situation to a disasterous level against yourself only.
The question arises, why not to take initial stage precautions for which you would have to feel sorry later. I feel, you are still a novice in management functions and need a lot to learn.
Had you misbehaved like such with some senior in your own organisation, your sorry would not have served any purpose to avoid losing your job. A management professional has to weigh properly before utterance of any word.
At this stage, I can only wish that you may not become a source of debacle in your own professional career in any organisation due to your own attitude!
Rajesh Bhandari
(Querist) 21 February 2013
Mr Dhingra,
It is better if you can stop arguing with me. I still reiterate that you dont have any right to comment about my professional qualification or job. I didnt force you to answer my question. If you felt that my question was silly for you, you would kept quite. Who has given the right to comment about my professional qualifiaction or job? Even i have a doubt if you are really an advocate or fake for your un professional comments. You better shut your mouth.
Rajesh Bhandari
(Querist) 21 February 2013
I know what i am. I dont want to prove anything to people like you. If you are really a professional, you would not have commented about my profession and job. It is none of your business. Give respect and take respect. You are not the only person here to answer queries. Did i ask you to answer my question?
Rajesh Bhandari
(Querist) 21 February 2013
If you are really a professional and if you respect your profession, please dont argue. Just stop it.
Rajesh Bhandari
(Querist) 21 February 2013
I know how to manage my profession and job. And i have so many better people than you to teach me all that. You please mind your business.
ajay sethi
(Expert) 21 February 2013
mr Bhandari
you should not address senior Expert like Dhingraji in such fashion . considering his age and experience it is in bad taste to create aspersions on Mr Dhingraji professional qualifications .
may i request you to kindly close this thread at this juncture . in the event i have hurt your feelings please accept my apologies .
Rajesh Bhandari
(Querist) 21 February 2013
Dear Ajay Sir,
I never use such words to people who talk properly. But Mr Dhingra unnecessarily commented badly about my qualification and job. So i had to use such words. He may be senior. But he showed his immaturity.
Rajesh Bhandari
(Querist) 21 February 2013
Even I dont want to waste my time in arguing with him. But unless and untill he stops, i wont stop. Please tell him not to argue anymore.
Rajesh Bhandari
(Querist) 21 February 2013
I have so many seniors in my life who guided me, encouraged me, corrected me. I never argued or disrespected them. Because they never underestimated me like this. Senior should guide the juniros and motivate them. Instead of that Mr Dhingra, just underestimated me by asking " Who has given you Asst. Manager job" and by doubting my qualification. Was that necessariy?
ajay sethi
(Expert) 21 February 2013
i will request Mr Dhingraji also to close this chapter .
prabhakar singh
(Expert) 21 February 2013
I seek pardon of every body to say that we exchanged here before only civics and the process the BASIC QUERY GOT LEFT.
EVEN Mr. Rajesh Bhandari whose query this was perhaps missed to read the query Mr. Anirudh raised before he gives his answer to original query.
Some thing not fortunate developed which we all should forget with a promise to our self not to let it happen any more.
Besides being a law graduate,I am a commerce graduate too.But simply B.com,
and not having any experience of practice in company law,I did not try to answer as I was anxious to know what those having experience in the field have to offer as answer.But I proved unlucky to my self.
However, meanwhile I was preparing if I can answer?
Any way Mr. Bhandari!
THE PROBLEM POSED BEFORE YOU IS NOT A NUMERICAL ONE.HAD IT BEEN SO YOU(,being a C.A.) WERE MORE ADEPT THAN US TO SOLVE THAT.
I am attempting to answer your query as to my best I can offer on my part without knowing it would be of help to you or not.
First I wish to state What does the circular you refer really means in law;as it is this aspect that is teasing you not that what GROSS INCOME IS?
It is section 451 of the RBI Act that defines a NBFC.
Where the company is principally engaged in business of non- financial nature like real estate, agriculture etc. it is called a non-banking non-financial company.
In case of companies exclusively engaged in financial activity, the nature of “principal business” is evident.
However, where a company carries on multiple businesses, both financial
and non-financial, in varied proportion, in the absence of the definition of “principal
business” what probably should be the guiding factor?
In terms of the Act ,the definition of a NBFC is an exclusive definition in the sense that all non-banking companies carrying on some sort of financial business are NBFCs except when carrying on any non-financial business as principal business.
Under the Companies Act, 1956, Section 372A, an investment company has been
defined in a similar way as a company whose principal business is the acquisition of
shares, stock, debentures or other securities. No criteria have been laid down in the Act for determining the meaning of the term “principal business”.
There are judicial pronouncements which emphasize on the fact that “principal business” is not something that can be quantified in absolute terms with reference to the figures stated in the financial statement of a company(say Balance sheet).
It is the intention of the party to carry on a business activity as its primary activity.
Principal Business – criteria laid down by the RBI :In Press Release : 1998-99/1269 dated April 8, 1999(referred by You), RBI came out with announcing that in order to
identify a particular company as a non-banking financial company, both the assets and the income pattern as evidenced from the last audited balance sheet of the company will be considered to decide its principal business. As per this Press Release, principality of business has been given a numerical dimension If the financial assets of a company are more than 50 per cent of its total assets (netted off by intangible assets) and income from financial assets is more than 50 per cent of the gross income,then the company will be a NBFC. The criteria of income/assets are cumulative, that is, both the tests are required to be satisfied simultaneously as the determinant factor for principal business of a company.(I visited RBI site locate this circular and found that there is yet an other circular in 2006(DNBS (PD) C.C. No. 81/03.05.002/2006-07 dated October 18, 2006 ) by RBI.
It is implicit that the term “principal business” was quantified by RBI to provide an exit route to those companies which are not required to hold CoR(certificate of registration) initially granted by RBI and hence, need not carry out the long-drawn compliances prescribed for NBFC.
However, in course of time the 1999 Circular has been given an altogether different color than what was intended. The asset-income criteria have become a tool in the hands of the RBI to deprive the companies of their NBFC status on extraneous grounds.
A circular is an executive action, and not a part of the statute. It does not carry the force of the law. It is not even a rule/regulation which is delegated legislation, and requires tabulation before the Parliament.
A circular is merely an administrative order sent to multiple recipients and does not have the force of law. However, it is quite likely that administrative machinery at the RBI might use the circular for deciding whether a particular non-banking company is a NBFC or not. Hence, it is important to understand the legality & practicality of the circular.
IN PRACTICE THE FOLLOWING POINTS MAY ARISE
THAT NEEDS ATTENTION:
1.A company can have control over assets, but not income – the circular
requires both income and assets to be more than 50% of the total income and assets.
A business entity has control over its assets – it may deploy a major part of its money into financial assets. However,
income is the result of such deployment, which is not entirely within the control of the entity. For example, a company is engaged in the business of both investments in shares and securities and real estate,
investment in shares being its principal business. However, it may so happen that due to difficult market conditions, the business of investment in shares and securities is badly affected.. On the other hand, prices of real estate are on the rise. In such a situation, the company’s Balance Sheet will show the majority of financial assets being securities; in
contrast, the Profit & Loss Account will show majority income from real estate. What shall be the nature of the company in such a scenario???
2. There can be case where a company runs several businesses, and the income asset attributable to none of the business is over 50% - say, a company has business X, 30%, business Y, 30% and business Z 40%.
Z is a financial business. As per RBI circular, this company does not
have principal financial business. Does that mean the company does not have any principal business at all?
3.Further,it is quite natural that the income of a company cannot be stable year
after year. Income may fluctuate year by year, the income in a particular
year may falls below 50% – strictly by the circular, a temporal decline
in the income below the required threshold disqualifies an NBFC from carrying on business as such. What implications will such de-registration&disqualification have? Will the company stop what it was
doing? Will the company be required to surrender its CoR? But that is
not the intent of the company. If doing what the company was doing required registration as an NBFC, then there is no question of de -registration. If doing what the company was doing did not require registration, and hence, the RBI itself opted to de-register the company,there should be no objection to the company doing what it was already doing.
4. Let us imagine , the next year the income level of the company rises
above 50%. Does that mean the company should apply for registration
all over again? This sounds patently unreasonable.
Thus, there is no ambiguity in the fact that it is the primary activity
carried on by the company which gives it a character and although the figures reported in the balance sheet reflects the business activity of the company, but the same cannot be the sole criteria to determine the character of a company. Judicially also, the Courts have put weightage on the primary activity carried on by the company rather than its assets and income to determine its true character.
After having looked upon the practical aspect let us look in to legal aspects with help of some judicial decisions in this aspect as what does courts say:......??
In D.C. Kothari and Another vs Assistant Registrar of Companies , the Chennai High Court observed that regarding the term "Principal business" though there is no definition under the Act as commonly understood, principal business means the prime business carried on by the company at the relevant point of time and the major source of income, etc.
The Income Tax Appellate Tribunal – Ahmedabad in Barkha Investments And Trading Co. Pvt. Ltd. vs Income-Tax Officer has
considered the expression "wholly or mainly in the dealing in or holding of
investment" close to and somewhat akin to “principal business” and cited from CIT v.
Distributors (Baroda) P. Ltd
3, wherein the Supreme Court said that, in the expression, "wholly or mainly in the dealing in or holding of investments", the word " mainly" in that clause must necessarily take its color from the word "wholly" preceding that word in those provisions. In other words, the company which comes within the scope of those provisions must be one whose primary business must be in the dealing in or holding of investments. If a company engages itself in two or more equally or nearly equally important business activities, then it cannot be said that the
company's business consists wholly or mainly in the dealing in a particular thing. Further, even in a case where a company has more than one business activity and one of its activities is more substantial than the others, unless that activity is the primary activity of the company, it cannot be said that that company is engaged in wholly or mainly in any one of its business activities.
What now comes as conclusion is that the criteria lay down by the RBI to determine the principal
business based on asset-income has been applied in a manner which could not have
been the intention. The Circular has specified such classification as guidance to the
companies who are not required to hold CoR due to non-continue of financial
business as a principal business. It cannot be used as a weapon to de-register and disqualify companies from holding their CoR based on a particular year’s financial statement. The circular, in any case, is only a guidance issued by the RBI and cannot have the force of law. It must be interpreted in a manner to uphold “substance over form” and not to create hindrances in the business activity of the
company on the basis of their yearly results.
As regards to What "gross profit" is every
profit & loss a/c shall speaks itself if prepared according to standard norms of accounting,Balance sheet shall accordingly
speak about all assets and liabilities of every kind,which you definitely know many more times better than me.
Hope you stand guided,if not excuse me for time i consumed of your's for going through
all this.
C. P. CHUGH
(Expert) 24 February 2013
Dear Xperts,
I feel unnecessary heat has been created for a patently wrong question. As per my knowledge the following is the definition of NBFC, their categories etc. Merely having Financial Assets does not qualify any company to be NBFC unless registered u/s 45 of the RBI Act. Such assets may be held for investment purposes also.
"Non-bank financial companies (NBFCs) are financial institutions that provide banking services without meeting the legal definition of a bank, i.e. one that does not hold a banking license. These institutions are not allowed to take deposits from the public. Nonetheless, all operations of these institutions are still exercised under bank regulation.[1] However this depends on the jurisdiction, as in some jurisdictions, such as New Zealand, any company can do the business of banking, and there are no banking licenses issued. If an organisation in New Zealand intends to describe itself as a bank and intends to use the word bank in its title it must first receive approval and official registration and thus licence from the nation's central bank, the Reserve Bank of New Zealand.
Services provided
NBFCs offer most sorts of banking services, such as loans and credit facilities, private education funding, retirement planning, trading in money markets, underwriting stocks and shares, TFCs(Term Finance Certificate) and other obligations. These institutions also provide wealth management such as managing portfolios of stocks and shares, discounting services e.g. discounting of instruments and advice on merger and acquisition activities. The number of non-banking financial companies has expanded greatly in the last several years as venture capital companies, retail and industrial companies have entered the lending business. Non-bank institutions also frequently support investments in property and prepare feasibility, market or industry studies for companies.
However they are typically not allowed to take deposits from the general public and have to find other means of funding their operations such as issuing debt instruments.
Categories of NBFC
Based on their Liability Structure, NBFCs have been divided into two categories. 1. Category ‘A’ companies (NBFCs accepting public deposits or NBFCs-D), and 2. Category ‘B’ companies (NBFCs not raising public deposits or NBFCs-ND).
NBFCs-D are subject to requirements of Capital adequacy, Liquid assets maintenance, Exposure norms (including restrictions on exposure to investments in land, building and unquoted shares), ALM discipline and reporting requirements; In contrast, until 2006 NBFCs-ND were subject to minimal regulation. Since April 1, 2007, non-deposit taking NBFCs with assets of `1 billion and above are being classified as Systemically Important Non-Deposit taking NBFCs (NBFCs-ND-SI), and prudential regulations, such as capital adequacy requirements and exposure norms along with reporting requirements, have been made applicable to them. The asset liability management (ALM) reporting and disclosure norms have also been made applicable to them at different points of time.
Depending upon their nature of activities, non- banking finance companies can be classified into the following categories:
1.Development finance institutions
2.Leasing companies
3.Investment companies
4.Modaraba companies
5.House finance companies
6.Venture capital companies
7.Discount & guarantee houses
8.Corporate development companies
Thanks and regards
Rajesh Bhandari
(Querist) 28 February 2013
Excellent sirs,
This is what i was looking for. Thanks a lot Prabhakar Singh.
Rajesh Bhandari
(Querist) 28 February 2013
This is not a wrong question. It is a valid doubt.
prabhakar singh
(Expert) 28 February 2013
Most welcome Mr.Rajesh !
I do not guess you still have doubts.
Guest
(Expert) 28 February 2013
Rightness of question and valid doubt about gross income of manufacturing concern vs NBFC????? Dil ko behlane ke liye Ghalib khyal achcha hai!
