I hope everyone reading this post have done DIR 3 KYC recently during the Fin. year 2018-2019. Due to the ambiguity and non availability of new forms most of them formed an opinion that DIR 3 KYC is a one time affair. I have always held the opinion that KYC like in Banks is a repetitive process and its time again to do it.
On 13th of April 2019 MCA also issued a message on its portal stating that DIR 3 KYC is a yearly process and all people who have an active DIN are supposed to be doing the KYC filing every year.
Since the new form has not been deployed in the MCA system the original due date no longer exists now and 30 days from the date of deployment would be the new due date.
So all the Directors of Companies / Partners in LLP / Others holding active DIN Numbers get ready for another round of compliance.
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As part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC to be notified and deployed shortly. Accordingly, every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved’ status, would be mandatorily required to file form DIR-3 KYC on or before 31st August,2018. While filing the form,the Unique Personal Mobile Number and Personal Email ID would have to be mandatorily indicated and would be duly verified by One Time Password(OTP). The form should be filed by every Director using his own DSC and should be duly certified by a practicing professional (CA/CS/CMA). Filing of DIR-3 KYC would be mandatory for Disqualified Directors also.
After expiry of the due date by which the KYC form is to be filed,the MCA21 system will mark all approved DINs (allotted on or before 31st March 2018) against which DIR-3 KYC form has not been filed as ‘Deactivated’ with reason as ‘Non-filing of DIR-3 KYC’. After the due date filing of DIR-3 KYC in respect of such deactivated DINs shall be allowed upon payment of a specified fee only, without prejudice to any other action that may be taken.
Every LLP registered has to file LLP Form 11 within 60 days of end of the Financial Year, hence 30th May will be the due date for filing of this form.
In case of any delay there is an additional fees of Rs.100 per day payable till the day of filing without any upper cap. Since there is no upper cap on the additional fees it is very important to comply with the provisions.
The filing of LLP annual return is very simple and general details about the firm is to be filled up here.
Certification from Company Secretary is required if the total contribution from the partners exceed Rs.5o Lakhs or if the turnover of the LLP exceeds Rs.5 Crores, in other cases only the signature of the Designated partner is sufficient.
To enable effective communication between the tax payer and the income tax department the income tax portal has made certain changes. Anyone logging in to the income tax portal after 22.09.2017 have to fill in a form before accessing any facility in the portal.
Change #1 : Bank Account Details – Data of one of the bank account is now made mandatory.
Change #2: Email Ids & Mobile No : Single Mobile No. or Email Id cannot be used for more than 3 logins which was earlier 10. The problem now is any email id or mobile number which has been used earlier for more than 3 numbers is not being allowed. Hence change of number or email id has become imperative. Hopefully the department will change this requirement to allow atleast registration for 3 ids.
Change #3: OTP verification : it is not just sufficient to fill in the form but now you also need to approve the details of the mobile number / email id by authenticating it using an OTP that will be sent to email / mobile .
To be done by the Board of Director within 30 days of incorporation of the company. If Board fails to appoint auditor then Extra Ordinary General Meeting (EGM) shall be called for within 90 days and auditor shall be appointed.
Tenure shall be from the date of appointment till the end of the First AGM
Appointment of auditor – Subesequent Auditor
To be appointed at the AGM
Tenure shall be for 5 years block period subject to ratification at the AGM
Intimate the auditor regarding the intention of the company to appoint him or her as the statutory auditor of the company and ask whether he is eligible and not disqualified to be appointed as auditor of the company.
Obtain letter of consent for the auditor
Call board meeting
Approve appointment of auditor in the first meeting
Intimate the appointment of first auditor to the MCA within 30 days of board meeting in Form No. ADT 1
Please email any concerns at email@example.com about this posting and take advice of your CA / CS before acting on the content of this blog.
Steps involved in incorporation of a new private limited company – these steps are applicable only if the number of promoters are less than 7.
Step No.1 – Obtain Digital Signature Certificate (DSC) : Every director / shareholder is required to obtain a DSC. There are many vendors available generally DSC will be done through either sify or emudhra.
Step No.2 – Obtain Director Identification Number (DIN) : Every person wishing to act as director in a company should obtain DIN. A Certification from Chartered Accountant or Company Secretary or other authorised professionals will be required to file the same. PAN Card copy, DIR 4 declaration, Photo of the director and an address proof has to be attached with this form. Generally the number gets generated immediately.
Step No.3 – Filing of Name Approval Form (this is an optional step but most of the professionals take this route) : A minimum of 1 name and a maximum of 6 names can be provided in this form in order of priority. The ROC will check the name availability and give an approval generally communicated via email.
Step No.4 – Preparation of documents – Following documents has to be prepared.
Declaration for director
Address Proof and ID proof of the proposed promoters
Most of the documents require certification from a Practising professional like a Chartered Accountant etc. Kindly consult before taking any decisions.