FAQ - Why Company Directors DIR-3 KYC is Mandatory ?

Ques. Why do you need to do this DIR3 KYC filing?

Ans. As part of updating its registry, MCA is conducting KYC of all Directors of all companies through the e-form DIR-3 KYC.

Accordingly, every Director or Partner who has been allotted DIN is mandatorily required to file form DIR-3 KYC on or before 30th September, 2020.

Ques. What are the consequences of not filing DIR 3 DIN KYC with MCA?

Ans. -The Government will deactivate your DIN.

-The Company/LLP in which you are Director/Partner cannot file ROC Annual Returns, which may result in striking off of the Company/LLP.

-Director/Partner with non-active DIN cannot incorporate a Company/LLP in future.

-The authenticity of Director/Partner is put at risk during fund raising and loan proposals.

-The de-activated DIN shall be re-activated only after penalty fee of Rs. 5,000 for each director/partner.

Click for Complete your Director KYC

Tax Update June 2020

Income Tax Updates June 2020

The apex body of Income Tax, The central Board of Direct Taxes (CBDT), has again given some relief to the taxpayers by extending time limits for various compliances. They are given below:

1. The time limit for filing Income Tax Returns for FY 2018-19 (AY 2019-20) has been further extended to 31st July, 2020 from earlier 30th June, 2020.

2. Due date for filing of Income Tax Returns for FY 2019-20 (AY 2020-21) has been extended to 30th November, 2020. Tax Audit Reports can be furnished by 31st October, 2020.

3. The time limit for various tax saving investments/ payments for claiming deduction under Chapter VIA-B, to name a few, PPF, LIC, NSC etc u/s 80C, Mediclaim u/s 80D, Donations u/s 80 G has been extended to 31st July, 2020

4. Self-assessment tax with liability up to Rs. 1 Lakh can be paid till 30th November 2020. However no extension has been granted to those taxpayers having tax liability of over Rs. 1 lakh and accordingly delayed payment would attract the applicable rate of interest u/s 234 A.

5. The date for making investment/ construction/ purchase for claiming roll over benefit/ deduction in respect of capital gains under sections 54 to 54GB of the IT Act has also been extended to 30th September, 2020.

6. TDS and TCS returns can now be filed till 31st July, 2020 and accordingly TDS/TCS certificate can be issued by 15th August, 2020 for the FY 2019-20. 

7. The reduced rate of interest of 9% for delayed payment of taxes shall not be applicable for the payments made after June 30, 2020.

8. The PAN Card-Aadhaar Card linking last date has been extended till 31st March, 2021.