194 IA Governs the provisions of TDS to be deducted on any immovable property transfer.
A person who is purchasing any immovable property (other than agricultural land) from a resident needs to deduct TDS at the rate of 1%.
There is no need to deduct TDS If the property value is less than Rs. 50 lakhs.
In case of 194LA regarding compulsory acquisition, provision of this section 194IA is not applicable.
If the seller is non-resident Indian or NRI then TDS is to be deducted under section 195 on basis of capital gains and not under this section.
For properties which are under construction, TDS will be deducted only on installments paid on or after 1st June, 2013.
TIME OF DEDUCTION:
Time when tax deducted is to be made is at the time of credit of such amount to the account of the payee or at the time of payment whichever is earlier. The date of registration, agreement or contract is not relevant to decide the time of payment of TDS.
When the purchase price of the property exceeds rupees. The TDS will then be deducted from the first installment itself and for all installments. The buyer should not wait for the aggregate instalment amounts to exceed Rs. 50 lakh. It is incorrect to assume that TDS is to be deducted from final instalment or when amount exceeds Rs. 50 lakhs.
If the purchaser has taken bank loan and the bank pays directly to the seller in this case also TDS needs to be deducted on date of such payment to the seller.
In such case, it should be considered that the amount paid by bank is after tds and tds to be paid. For Example: – A bank pays Rs. 400000/- to the seller, so we should consider this as payment after TDS and so the gross payment will be 400000/.99 = 404040.40/- So the purchaser has to pay Rs. 4040 as TDS.
DUE DATE OF TDS PAYMENT AND FORM 26QB
The deductor that is person buying property has to file form 26QB which is a Challan cum declaration statement within 30 days from the end of the month in which payment is made. It is not possible to file a separate TDS return for such deductions. Form 26QB must be submitted online.
• TDS is deducted for each installment payment and you must submit a separate Form 26QB for each deduction.
• Form 26QB is submitted for a combination of one buyer and one seller. As with one buyer and two sellers, if you have two buyers and two sellers, you will submit four forms 26QB (two forms for each buyer) for each deduction.
• You do not need to obtain a tax credit account number (TAN) for those who are required to take a tax credit in this section. Only the buyer’s PAN minus TDS is required to submit Form 26QB.
A major part of India’s GDP is from agriculture and allied products. India being one of the agricultural rich economies has its strong presence and goodwill of agricultural products even overseas. APEDA which is a government registered body working directly under the Ministry of commerce & industry is the apex institution to govern the SOP for APEDA registration in India. APEDA act came into force in 1986 by Agriculture & processed food product export development authority act, 1985 passed by parliament.
Development of agriculture related Industries: By way of providing financial assistance, surveys, research studies, reliefs or subsidy schemes etc.
Registration: Export registration on payment of required fees.
Setting quality standards of the product for exports.
Packaging and marketing of scheduled products.
Training & development of industrial personnel.
Carrying out inspection.
How to get complete guidance about APEDA registration in India?
There are a set of agricultural products specified under the APEDA which are known as scheduled products. The exporters of such products require prior approval from the authorities to export them via. APEDA registration in India.
One of the most opted out methods to get APEDA registration is to hire a consultant who will look after all the registration, documentation & compliance procedures for APEDA registration in India rather than keep a close watch on your operations.
What are the advantages related with APEDA registration in India?
Export of scheduled agricultural product requires APEDA registration
Financial credit assistance scheme of government to promote agricultural products
Helps in brand publicity across borders
Expanded market outreach which will help the exporters to understand various other products and the business environment of the exporting country.
Participate in the training & development programmes organized by APEDA.
What is the procedure for APEDA registration in India?
Sections 12 of APEDA act, 1985 pens down all the rules & regulation compliance which are required for APEDA registration in India. Who is required to have APEDA Registration? It states thatevery person exporting one or more scheduled products shall opt for APEDA registration, before the expiry of one month from the date on which he undertakes such exports or before the expiry of three months from the date this act came into force, whichever is later.
CAONWEB being the most trusted Chartered accountants financial firm will help you in providing all sorts of APEDA registration assistance till you get your final RCMC certificate. Apart from APEDA registration we will also help in all your business compliances.
2.) Find the “Register as Member” clickable option on the right side.
2.1. Basic details: IE Code, name of the company, Email ID & contact no.
2.2. OTP Verification: Email ID & registered number; the exporter needs to first verify both of them separately.
3.) Fill the application form and upload the necessary documents.
4.) APEDA registration fees + 18% GST should be paid through online mode/offline mode.
5.) Application number is generated once the payment is made.
6.) Login details will be sent to the registered Email ID & Contact number.
7.) Exporters can view the status of the application by clicking the “Track Application” icon.
8.) In case of any missing information in the application form, the export will need to resubmit the form online.
Hiring an APEDA Registration Consultants will certainly give you an edge over your competitors because of various reasons such as; expert advice, market analysis, eases in APEDA registration, compliance friendly enterprise.
There is a social responsibility of every individual & corporation towards nature, environment & society at large. Therefore for a company registration in India, one must adhere with the CSR guidelines as specified in the companies act, 2013.
Section 135 of Companies Act:
Section 135 Companies act, implies the formation of a corporate social responsibility committee or CSR committee consisting of three or more directors. This CSR committee must ensure that the company is spending the requisite amount of 2% in every financial year on the CSR activities.
Which corporation comes under the ambit of CSR: Section 135 companies act, 2013
Company having a net worth of Rs. 500 Crore; Or
Company with an annual turnover of Rs. 1000 Crore; Or
Company which is having an annual net profit of Rs. 5 Crore.
Section 134 mandates that the committee must file the report
Containing the details of composition of the CSR Committee.
Recommendation of the committee to the company’s board.
Monitor the CSR activities of the company.
How much should one corporation spend on CSR activities?
The minimum amount which a company is bound to spend on their CSR activities is 2% of their average annual net profit of three (3) immediately preceding financial year.
As there is a minimum amount being specified under the companies act, 2013 there is no maximum limit for the same. Companies can also spend more than 2% in case they wish to do so.
In addition to the above mentioned details a company must prioritise their CSR activities in their region of operation since this will signify a sense of responsibility of the company towards the region in which it operates.
What are the benefits attached with CSR activities?
Goodwill & Public relations
CSR helps in improving the public image of the company at large by considering the steps initiated by the company for the betterment of the society and increase the goodwill of the company by positive narrative & word of mouth.
Social Media Visibility
CSR activity brings the organization into the limelight of the social media which increases the media coverage and the social presence of the company.
Enhance the brand value
Building a social media presence and the customers having a strong narrative towards your company then certainly the brand value of your organization will become strong over the time. This brand value will help in growth of your revenues, more customer loyalty, satisfied customers and enhance your relationship with them.
Outshine among your competitors
If your CSR activities are perfect and unique than those which your competitors are opting for then certainly you will see the change in your revenue figures.
This is an opportunity for every business that they can leverage in their favor. Most businesses consider this as an expense or a burden but this is a chance to connect with your potential audience & build an informal connection and then your real side, value & beliefs of your organization.
Micro, small & medium enterprises (MSME) is expected to be the lead contributor in the Indian economic growth and taking it to $5 trillion dollar mark. MSME is one of the fastest-growing sectors not only in India but across the globe. Most of the developed economies such as UK, Germany or USA were having one thing in common that they focused on their MSME Sector and the ways to bring it in the mainstream economy.
There are many functions which are beneficial for an MSME they are outsourced. One of the business management functions which most of the MSME’s outsource is the online bookkeeping services, online accounting services. Online bookkeeping services & accounting services which demands utmost specialization which certain MSME’s lack and this develops the dire need for outsourcing bookkeeping for MSME’s.
How outsourcing bookkeeping services for MSME’s will help?
1.Resource planning: Resource is the baseline where every business operates. So proper resource planning should be done with minimal wastage and increase the efficiency of the enterprise because it will make it easy for you to bring economies of scale for your business.
2.Capital adequacy measurement: Not just MSME registration, a business how big or small requires some sort of capital influx. Arranging capital is the most difficult phase and many dream of an MSME registration ends here. But now the environment has changed and even the government is planning to make MSME the phase of Indian economy.
3.Managing accounts books: Online bookkeeping services will make it easy to maintain and manage your company’s books of accounts. Since the bookkeeping is the mandatory requirement under different statutory laws which need to be fulfilled such as:
I. Companies act, 2013
Section 128 of the companies act, 2013 specifically mentions the books of accounts for a period of 8 years immediately preceding the current year.
Section 25 companies that are solely formed as “Non-profit companies” are required to keep books of accounts for a period of not less than 4 years.
II. Income tax act, 1961
If the turnover from business/profession is more than INR 25, 00,000 or the income from business/profession exceeds INR 2, 50,000 in any of the 3 preceding financial years, then it is mandatory on the part of the assessee to maintain the records.
Section 6F specifies the list of various books that need to be maintained as per the Income tax act, 1961 viz. Cashbook, general ledger, copy of bills & receipts.
The books should be maintained for a period of 6 years from the relevant preceding year.
4. Improves decision making: With proper analysis of the accounts comes better decision making power. If you does not possess the books of account of your business then it might hamper your decision making power which will you and your business to grow. Hence your decision making also depends on the bookkeeping. Professional bookkeeping service will help improve the quality of accounts you maintain and makes the analysis easy.
5. Ease in reporting: Investors want to know the company’s financial results to be able to measure its investment value. Exactly this is what financial statements do. The balance sheet, statement of sales, and statement of cash flow all display the importance of your company.
Financial statements are the result of bookkeeping. Bookkeeping helps investors to keep the details up-to-date and available. Investors should be able to make smarter, well-educated choices that are essentially for bookkeeping purposes. Bookkeeping is not only about existing investors but also about potential investors.
Online bookkeeping & accounting services are the need of the hour not just for MSME but it is an essential service for every company which needs to comply with different statutory laws in India.
How CAonWEB can help you in online bookkeeping & accounting services
Outsourcing bookkeeping & accounting services with CAonWEB will include different packages according to your business needs and your accounts will be reviewed by bookkeeping & accounting experts.
Outsourcing bookkeeping & accounting services cut your capital expense as you no longer need to bear the overhead cost which is associated with in-house bookkeeping & accounting services.
Outsourcing bookkeeping & accounting services will increase your time management efficiency as you no longer have to maintain full-time staff for the same.
Outsourcing bookkeeping & accounting services deliver real-time accounting which is much more accurate.
Constraints in outsourcing bookkeeping & accounting services-
Reliability and trust
CAonWEB makes all these constraints our strength; we have happy & satisfied clientele which is associated with us since 2012 and increasing day by day; our costing for bookkeeping & accounting services is much less than having an in-house bookkeeping & accounting department since we offer different types of packages which will suit your business;
Income Tax Act in India contains provisions which say that donors get the tax benefit when they support NGOs financially. NGOs and other nonprofitable organizations in order to provide tax benefits to donors needs to get itself registered under 12A and 80G.
Overview of 80G and 12A Registrations
As NGO and the nonprofitable organization attracts a large number of individual and corporate businesses for charity purposes who are looking to save taxes, therefore it is important for NGOs to get 80G and 12A registration. Let’s understand these provisions one by one
So why does an NGO need 80G and 12A registration?
avail income tax exemption by getting itself registered and fulfilling certain
other formalities, but such registration does not provide any benefit to the
person making donations.
2. To provide income Tax benefits to the “donors”, all NGO’s must apply for 80G & 12A certification. If an NGO gets itself registered under section 80G & 12A then the person or the organization making a donation to the NGO will get a deduction of 50% of donation amount from taxable income.
3. An NGO is applicable for government funding only if it is registered under 80G & 12A.
newly registered NGO can also apply for 80G & 12AG registration.
does not have to pay tax for the entire lifetime if it gets registered under
section 80G & 12A.
NGO can apply for 12A certification and 80G certifications just after the registration
of an NGO.
– Is an 80G certification required for your NGO to attract more donors.
registration process may take time up to 3 to 4 months. The Registration done
once is valid for a lifetime.
is 80G Registration for an NGO?
Under the Income Tax Act, some donations are eligible for a tax deduction under Section 80G. NGOs or other non-profits must have 80G certificates in order to qualify as an organization that can pass on tax benefits.
The application is carefully checked by the IT Department before being granted such a certification. It is obvious due to the fact that fake claims might come up by fraudulent organizations. Registration under 80G is processed by the Commissioner of Income Tax. The registration process may take time up to 3 to 4 months. The Registration done once is valid for a lifetime
for 80G Certification
Not all NGOs non-profit making organizations eligible for 80G certification. There are certain rules which need to be followed to obtain it. So here are some important criteria:
1. As a non-profit organization, if the entity is involved in any profit-making activities, it will have to segregate the profit-making and nonprofit making activities.
2. Charities with one community-focused or certain religious or business purpose are not granted 80G certification. Also, gifts made to trusts operating outside India (a foreign trust) are not eligible for a tax deduction.
3. The donations received should not be misused on any account or used for any other purpose other than for the charitable purpose as prescribed in the rule of NGO, not even to be used within the organization but only for the charitable purpose, it shall be used. Proper accounting of receipts and expenditure, auditing is done in the process of granting registration.
So make sure you have the right Chartered Accountant who is helping you. If your CA has prior experience in NGO work, then only go for it.
4. As mentioned in the above point, the accounting books and all transactions should be kept accurate as proof before applying for an 80G certificate.
These documents will be scrutinized by the IT department thoroughly before 80G certification is issued. Therefore having an experienced chartered accountant is this process is crucial.
Documents Required for 80G
1. A detailed list of welfare
2. PAN card of NGO and Certificate
3. Form 10G
4. Memorandum of Association, (if
Society or Section 8 company)
5. Trust Deed (if trust), List
of Board of Trustees
6. Copy of utility bills (Water
/ Electricity/ House Tax Receipt-not
older than 3 months)
7. NOC (No-Objection
Certificate) from the property owner, if the office is located on a rented
8.List of donors along with
their PAN and complete address;
registration of NGO
In order to avail exemptions under Income Tax Laws, NGOs and non-profit making organizations must have a 12A certificate. So the purpose of the registration is to avail exemption from the payment of income tax. Section 8 company, Trust or society, must apply for a 12A certificate in order to claim tax exemption as provided by income tax laws.
Eligibility for 12A Registration
If an NGO is carrying on activities related to profit-making activities then the benefits granted under this section are restricted. In such cases, registration is granted exclusively if the receipts from the trade activity are less than twenty percent of the total receipts of the organization
Also, it may be noted that 12A Registration is not applicable for Private or Family Trusts. The activities of the NGO should be genuinely for the benefit of the public.
The accounting books and all transactions should be kept accurate as proof before applying for an 80G certificate. These documents will be scrutinized by the IT department thoroughly before 80G certification is issued. Therefore having an experienced chartered accountant is this process is crucial
Documents Required for 12A Registration
Memorandum of Association, (if
Society or Section 8 company)
Trust Deed (if trust), List of
Board of Trustees
A detailed list of welfare
PAN card of NGO and Certificate of
Annual financial statements for three
preceding financial years
Copy of utility bills (Water /
Electricity/ House Tax Receipt-not older
than 3 months)
7. NOC (No-Objection Certificate) from the property owner, if the office is located on a rented property
Frequently Asked Questions
What are the eligibility criteria for any NGO to obtain 12A and 80G certificates?
1. NGO income or assets shall be exclusively for the purpose of charity.
Proper books of accounts of the
NGO should be maintained, including all receipts and expenditures.
NGO should not be formed with
the benefit of a specific religious community or caste.
4. NGO should have the core objective of charitable purposes, and the whole income should be from donations. If in case, NGO has a business income then the trustee of the NGO should maintain separate books of accounts to ensure that NGO should not divert donations received
What is the 80G Registration Procedure?
certificate application is submitted to the Commissioner of Income Tax for
2. Once the applicant submits the form and the required documents for 80G registration, the next step is the on-the-premise inspection of the Income Tax department. During the inspection process, income tax department officials might ask for additional documents and evidence.
3. On successful verification and scrutinizing of documents and evidence, the 80G certificate is granted
What are the documents required for 80G Certificate & 12A Registration?
1. Copy of PAN Card of the organization.
filled in Form – 10G.
3. Trust Deed or COI depending on the type of NGO
of donors along with their address and PAN.
5. List of the governing board of trustee’s members along with their contact details
6. Address proof of Registered office
Can 80G and 12A be
Yes, You can simply get in touch with CAonWEB and get everything done online at the best price with experienced CA’s in India.
For some online ITR filing is more like a stressful issue while for some it is not. Ever wondered why? The only thing which differentiates both is the income tax consultant, a financial expert who is guiding you throughout your financial year. Finding the best CA Services online was a difficult task up till now, but now it’s pretty much easy to find an income tax consultant in your area and get your online ITR filing done, before the due dates dodging every scope for non-filing of income tax return on time.
DUE DATES OF ONLINE ITR FILING:
Income tax return is done via a prescribed form which specifies the income earned throughout the financial year and taxes paid on it thereafter. This information on income tax return filing must be provided in the format prescribed to the income tax department before the due dates. Since income tax return filing requires calculations to be done, therefore it’s a sheer possibility that there are some miscalculations or some over or underestimations made. This is when you will have to focus on online ITR filing.
filing is an electronic mode of ITR filing which through which a taxpayer can
carry forward they lose or claim refunds from the income tax department. There
are different ITR filing forms which are associated with different
having income from salary, House property & other sources
income up to 50 lacs.
not carrying business or profession under proprietorship.
earning income from proprietorship
for Presumptive tax scheme
Firm, Trust, Co-operative society etc.
covered under ITR-7 shall not fill this form.
other than those claiming exemption under section 11 of Income tax act.
(person or company) required to furnish details u/s 139 [4A, 4B, 4C, 4D, 4E]
of Income tax act, 1961
You can make your IT Return filing much more effective and less burdening process if you follow the checklist: (1) Don’t forget the due date of online ITR filing. (2) Plan your investments beforehand. (3) Find Online CA Service. (4) E-Verification of IT Return. (5) ITR Form which you are eligible for. (6) Documents required for online Income tax return filing. (7) Check your online ITR filing status.
6. Fill in your details such as PAN card number, Acknowledgment number & Captcha.
7. Click “Submit”
Q What are the documents required for
Income tax return filing?
PAN Card: PAN is a ten-digit alphanumeric
number which is issued to an individual by the income tax department.
issued by the employer: Form
16 is divided in 2 parts viz. Part-A & B. Part-A contains the details of
tax deducted/deposited in the central government account. Part-B contains the
details of the salary paid and any other income tax deducted.
Bank statement, Interest statement on fixed deposits, TDS Certificate & any
other form which specifies the interest income which you have earned in the
Form 26AS: 26AS is an annual consolidated
credit statement which contains all information of tax being deducted on your
income throughout year. This is an auto generated form which an individual can
download from the income tax website.
required to claim the expenses:
Certain deduction depends on the actual expenditure being done on the same
therefore keeping the track of these expenses is needed such as:
· Other documents: Interest on housing loan, education loan and stock trading statement which will specify your tax on capital gains.
Income tax department has released an advisory for all the income taxpayers that they must validate their mobile numbers & E-Mail ID before online ITR filing. This advisory came up in the wake of many online ITR filing being declined rather they were not submitted properly. It is much to your convenience because Mobile & E-Mail ID validation before online ITR filing will help in smooth functioning of your business with any hurdle. You will receive all income tax updates on time, Notifications, Due dates, Circulars/Notice etc.
What is ITR Filing?
Income tax return (ITR) is form in which the assessee furnishes the information related to his Income in the previous year to the Income Tax Department. ITR should be filed before the due date or else you will miss on to your Income tax return. There are different ITR Forms which an individual needs to fill depending on the source of Income of the assessee.
Individuals having income from salary, House property & other sources Total income upto 50 lacs.
Individuals/HUF not carrying
business or profession under proprietorship.
Individuals/HUF earning income from
Opting for Presumptive tax scheme
LLP, Firm, Trust, Co-operative
Those covered under ITR-7 shall not
fill this form.
Companies other than those claiming
exemption under section 11 of Income tax act.
Why the need of Mobile & E-Mail ID validation before online ITR Filing Arise?
Income tax department has identified various cases where the default Mobile & E-Mail ID of the chartered accountants were provided instead of the actual income taxpayers because of which they are unaware of the government scheme, notifications, updates, notice & circulars. Since the access of the Income tax account is being held by their Chartered accountants the actual income taxpayers remains unaware.
Company registration in India has now become very easy and convenient. Just need to follow the 4 simple steps:
1- Acquire your Digital Signature Certificate(DSC) within the stipulated time. 2- Get your Director Identification Number (DIN) at the earliest. 3- Register your entity on the MCA Portal as New user registration. 4- Get the Certificate of Incorporation delivered at your doorstep.
With this, we have tried to cover all the basics of how to register a company. If you still need any assistance on company registration, don’t stress over it, and let our team of experts guide you.
improve the ease of doing business in India, Ministry of corporate affairs
(MCA) has recently come out with a new and updated version of SPICe form viz.
SPICe+ (SPICe plus form). This new MCA form will help the new companies by
making the complete process of company registration easy & convenient for
will be applicable from 15th February 2020.
Spice+ Is Different From The Older Version?
SPICe+ offers a bucket of 10 services with an integration of 3 central government ministries & departments viz. Ministry of corporate affairs (MCA), Ministry of Labour & Ministry of finance and Government of Maharashtra. It helps in limiting the procedural constraints for company registration in India and ultimately saving onto time & cost involved in new company registration. SPICe plus form also helps in ease of doing business in India
1. Integrated web form.
2. SPICe+ form is divided in two parts
viz. Part-A & Part-B.
3. Part-A: Reservation of Name (for new
4. Part-B: offering multiple Services
Director identification number (DIN)
Tax deduction/collection account number (TAN)
Permanent account number (PAN)
Employee provident fund organization (EPFO) Registration
Employee state insurance corporation (ESIC) Registration
Professional tax registration (Maharashtra)
Compulsory opening of the company’s bank account
GST Identification Number (GSTIN)
5. Users have the complete liberty of filling Part-A first, reserve the name for their company and complete Part-B afterward OR user can file Part-A & B together at one go for new company registration.
6. Under SPICe+, a new User-friendly dashboard is created for the convenience of the users.
7. A new Reserve unique name (RUN) service option will be applicable from 15th February 2020 (Only for existing company)
8. On-screen filing and real-time data for new company registration
9. Information entered is saved and can be modified in the future (in case of error).
10. Once SPICe+ the form is filled online, it has to be converted into PDF for affixing Digital signature certificate (DSC).
11. Digitally the signed application must be uploaded back on the portal, with the linked forms.
Ans. SPICe+ (Simplified proforma for incorporating a company electronically) is a comprehensive & integrated web form, which is a new initiative by the MCA, Government of India for ease of doing business in India.
Q Who can file SPICe+ form?
Ans. Following types of companies need to fill SPICe plus form before new company registration:
Private limited company
Public limited company
One person company
Section (8) companies
Any other company
Q When one should file SPICe+ form?
Ans. One must file SPICe+ form before company incorporation and it is applicable from 15th February 2020.
As per the Ministry of Corporate Affair’s announcement, any director who has been allotted a DIN on or before 31st of March 2020 and whose DIN is in approved status, will have to submit his KYC details to the MCA. The purpose of filing form DIR-3 KYC is to ensure those correct particulars of an individual holding DIN is available with the Ministry of Corporate Affairs. It is mandatory compliance that needs to be fulfilled by all the directors.
The Due Date to File this form for FY -2019-20 is 30th September 2020.
For instant filing call us at +91-7065818801
WHAT IS DIR-3 KYC?
the General circular issued by the Ministry of corporate Affairs dated
Every person who has already filed DIR-3 KYC can complete the KYC through a simplified web-based verification form as the data will be prefilled as per their records with the Ministry.
HOW CAN ONE FILE DIR-3 KYC?
E-Form DIR-3 KYC can be submitted only when there is no change in the erstwhile filed details of the Director. The webform is a pre-filled form using the particulars filed in DIR KYC and can be filed by providing the OTP on the respective mobile and email id of the director.
If there is any change in the particulars filed with the Ministry the same needs to be updated by filing Form DIR- 6 once the form is approved one can file E-form DIR KYC.
WHAT IS DIRECTOR IDENTIFICATION
DIRECTOR IDENTIFICATION NUMBER is a unique identification
number. This is a one-time process. Any person who intends to become a director
in a Company has to obtain a Director Identification Number.
LIST OF DOCUMENTS REQUIRED:
The following documents are required for filing your DIR 3 -KYC form:
Account Number (PAN)
Identity card/ Driving License
(mandatory if DIN holder is a foreign national)
Signature of director (applicant)
The above-mentioned documents need to be attested from Practicing Professionals like Chartered Accountant, Company Secretary or Cost Accountants. In the case of Foreign Nationals, the above-mentioned documents need to be apostilled/ attested by the prescribed authority.
WHAT HAPPENS IF KYC IS NOT FILED WITHIN THE DUE DATE
case, the director who is supposed to file the e-Form DIR KYC does not file it
by the end of the due date, the department will mark the DIN of such director
as ‘Deactivated’ with the reason of ‘Non-filing of DIR-3 KYC’. The director’s data will not be prefilled
in the e-forms required to be filed with ROC and can lead to non- compliance.
penalty of Rs. 5000/- will be levied for late filing of DIR KYC.
any queries and services related to this, you can visit our website
of caonweb and contact
our team of experts.
FAQs – Director KYC
Question:- Time period
for validity of OTP?
Answer:- OTP sent on
email and Mobile shall be valid for 15 minutes.
director resident in Indian can use Indian Mobile No.?
Answer:-Yes, if a foreign
director is resident in India, can use Indian Mobile No.
Question:-What is the due date of DIR-3 KYC is for FY 2019-20?
Answer:-Due date of filing of DIR-3KYC is 30th Sep 2020.
What are the consequences of not
filing DIR KYC?
The DIN of the director shall be
deactivated due to non- filing of KYC.
KYC is mandatory for Disqualified directors?
Answer:- Yes, this
procedure is mandatory for Disqualified directors too.
Question:-What is the late
fees of filing DIR-3KYC after the due date
Answer:-The late fees of
filing DIR-3KYC is
Whether DIR KYC has to be filed
by the person who had already filed the form last year?
Answer:- The director can file DIR KYC by providing Email and mobile OTP only in cases where there is no change in particulars.
Question: A person has Din but is not associated with any
Company or LLP is he required to file DIR KYC?
Answer: YES, every person who has DIN needs to file DIR 3 KYC irrespective of the fact whether the person holds directorship or not in the Company or LLP.