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Director KYC

Director KYC is a mandatory for all directors of a company, as per the Companies Act, 2013.

What is FORM DIR-3 KYC?

FORM DIR-3 KYC is a Know Your Customer (KYC) form that requires directors to provide their personal and professional details to the Ministry of Corporate Affairs (MCA).

Who needs to file FORM DIR-3 KYC?

All directors of a company, including:

  1. Existing directors
  2. New directors
  3. Resigned directors (if they have not already filed the form)

What are the requirements for filing FORM DIR-3 KYC?

To file FORM DIR-3 KYC, directors need to provide the following information and documents:

  1. Personal details: Name, date of birth, PAN, Aadhaar, email, and phone number.
  2. Address proof: Utility bills, bank statements, or other government-issued documents.
  3. Identity proof: PAN card, Aadhaar card, passport, or driving license.

How to file FORM DIR-3 KYC?

FORM DIR-3 KYC can be filed online through the MCA website. The form needs to be digitally signed by the director and certified by a Chartered Accountant or Cost Accountant or Company Secretaries.

Due date for filing FORM DIR-3 KYC?

The due date for filing FORM DIR-3 KYC is 30th September of every year.

Consequences of non-filing of FORM DIR-3 KYC

Failure to file FORM DIR-3 KYC can result in:

  1.  Penalty: Rs. 5,000
  2.  Disqualification of director: Up to 5 years
  3.  Deactivation of DIN: Until the form is filed

FREQUENTLY ASKED QUESTION:

 

1. What is FORM DIR-3 KYC?
FORM DIR-3 KYC is a Know Your Customer (KYC) form that requires directors to provide their personal and professional details to the Ministry of Corporate Affairs (MCA).
2. Who needs to file FORM DIR-3 KYC?
All directors of a company, including existing directors, new directors, and resigned directors (if they have not already filed the form).
3. What is the purpose of FORM DIR-3 KYC?
The purpose of FORM DIR-3 KYC is to update the director's personal and professional details with the MCA.
4. How do I file FORM DIR-3 KYC?
FORM DIR-3 KYC can be filed online through the MCA website.
5. What documents are required to file FORM DIR-3 KYC?
The documents required to file FORM DIR-3 KYC include address proof, identity proof, and a digitally signed copy of the form.
6. Can I file FORM DIR-3 KYC manually?
No, FORM DIR-3 KYC can only be filed online through the MCA website.
7. What is the deadline for filing FORM DIR-3 KYC?
The deadline for filing FORM DIR-3 KYC is 30th September of every year.
8. What is the penalty for non-filing of FORM DIR-3 KYC?
The penalty for non-filing of FORM DIR-3 KYC is Rs. 5,000.
9. Can I file FORM DIR-3 KYC after the deadline?
Yes, you can file FORM DIR-3 KYC after the deadline, but you will need to pay a penalty of Rs. 5000.
10. Can I update my details after filing FORM DIR-3 KYC?
Yes, you can update your details after filing FORM DIR-3 KYC by filing a revised form.
11. Is FORM DIR-3 KYC applicable to foreign directors?
Yes, FORM DIR-3 KYC is applicable to foreign directors.
12. Can I file FORM DIR-3 KYC for multiple directors at once?
No, you need to file FORM DIR-3 KYC separately for each director.
13. What is the relationship between DIN and FORM DIR-3 KYC?
DIN is a unique identification number assigned to a director, whereas FORM DIR-3 KYC is a form that requires directors to provide their personal and professional details, including their DIN.
14. Can a director file FORM DIR-3 KYC without a DIN?
No, a director cannot file FORM DIR-3 KYC without a DIN.
15. How do I obtain a DIN?
You can obtain a DIN by filing FORM DIR-3 with the Ministry of Corporate Affairs (MCA).

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Frequently Asked Questions

Chartered Accountants (CAs), Tax Return Preparers, Tax Consultants and Certified Tax Professionals are the experts in India who can guide and file returns.

Private Limited Company set-up process typically takes around 10-12 working days. However, it can vary depending on several factors, such as the speed of document submission, verification, and approval from the authorities.

Selection of suitable entity structure for a startup involves considering several factors such as:

1. Business Goals: Define your startup's mission, vision, and objectives.
2. Ownership: Determine the number of owners (sole proprietorship, partnership, or multiple owners).
3. Liability: Consider the level of personal liability protection needed.
4. Taxation: Think about tax implications.
5. Funding: Will you need to raise capital from investors or lenders?
6. Growth Plans: Consider future expansion, mergers, or acquisitions.
7. Compliance: Evaluate the regulatory requirements and compliance burden.
8. Flexibility: Assess the need for flexibility in decision-making and management.

Common business structures for startups:
1. Sole Proprietorship: Simple, low-cost, but offers no liability protection.
2. Partnership: Shared ownership, but partners have personal liability.
3. Limited Liability Partnership (LLP): Combines partnership benefits with liability protection.
4. Private Limited Company: Offers liability protection, tax benefits, and credibility.
5. Limited Liability Company (LLC): Flexible with liability protection.

The Presumptive Taxation Scheme (PTS) offers several benefits to small businesses and professionals:

1. Simplified Accounting: No need to maintain detailed accounts and records.
2. Estimated Income: Tax is calculated on an estimated income, rather than actual profits.
3. Reduced Compliance: No requirement to get accounts audited.
4. Lower Tax Liability: Tax is calculated at a prescribed rate.
5. Exemption from Tax Audit: No requirement to get tax audit done.
6. Easy Calculation: Profit is calculated on a fixed percentage of gross receipts.

No, you cannot obtain two Director Identification Numbers (DIN) for two companies. DIN is a unique identifier assigned to an individual who is a director or proposed to be a director of a company. If you want to be a director in two companies then you can use the same DIN for both companies.

Yes, it is mandatory to maintain records of all financial transactions for your business. The Companies Act, 2013 and the Income Tax Act, 1961, require businesses to maintain accurate and complete financial records and it should be accurate; up-to-date; easily accessible for inspection by authorities and must be retained for a minimum of 8 years.

Maintaining financial records helps:
1. Track business performance: Accurate records can help you track your business performance, identify opportunities and problems and compare your business to others.
2. Prepare financial statements: Accurate records are needed to prepare financial statements, such as income statements and balance sheets. These statements can help you manage your business and deal with creditors and banks.
3. File tax returns: Accurate records can help you comply with tax laws and avoid penalties.
4. Detect and prevent fraud: Accurate records can help prevent and detect fraud and theft.

Failure to maintain proper financial records can result in penalties, fines, and legal issues.


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